

Tax Tips
Tax Tips for Individuals:
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Tax Incentives for Higher Education
The tax code provides a variety of tax incentives for families who are paying higher education costs. You may be able to claim an American Opportunity Credit/Hope Credit or Lifetime Learning Credit for the students in your family who are enrolled in eligible educational institutions based on amounts paid for qualified tuition and related expenses.
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Check Withholding to Avoid a Tax Surprise
If you owed tax last year or received a large refund you may want to adjust your tax withholding. Owing tax at the end of the year could result in penalties being assessed.
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5 Tips For Early Preparation
Earlier is better when it comes to working on your taxes. The IRS encourages everyone to get a head start on tax preparation. Not only do you avoid the last-minute rush, early filers also get a faster refund.
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Amended Returns
Oops! You've discovered an error after your tax return has been filed. What should you do? You may need to amend your return.
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Ayuda en Espanol
If you need federal tax information, the IRS provides free Spanish language products and services. Pages on the IRS.gov, tax topics, refund information, tax publications and toll-free telephone assistance are all available in the Spanish-language.
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Filing an Extension
If you can't meet the April 15 deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS. The extension will give you extra time to get the paperwork in to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid less than 90 percent of your total tax by that date.
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Car Donations
The IRS reminds taxpayers that specific rules apply for taking a tax deduction for donating cars to charities.
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Charitable Contributions
When preparing to file your federal tax return, don't forget your contributions to charitable organizations. Your donations can add up to a nice tax deduction if you itemize on IRS Form 1040, Schedule A.
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Clean Vehicle Credit
Internal Revenue Code Section 30D provides a credit for new Clean Vehicles. Internal Revenue Code Section 25E provides a credit for previously owned Clean Vehicles and Section 45W provides a credit for Qualified Commercial Clean Vehicles.
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Earned Income Tax Credit for Certain Workers
Millions of Americans forgo critical tax relief each year by failing to claim the Earned Income Tax Credit (EITC), a federal tax credit for individuals who work but do not earn high incomes. Taxpayers who qualify and claim the credit could pay less federal tax, pay no tax or even get a tax refund.
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Refinancing Your Home
Taxpayers who refinanced their homes may be eligible to deduct some costs associated with their loans.
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Credit for the Elderly or Disabled
You may be able to take the Credit for the Elderly or the Disabled if you were age 65 or older at the end of last year, or if you are retired on permanent and total disability, according to the IRS.
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Selling Your Home
If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return.
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Foreign Income
With more and more United States citizens earning money from foreign sources, the IRS reminds people that they must report all such income on their tax return, unless it is exempt under federal law. U.S. citizens are taxed on their worldwide income.
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Deductible Taxes
Did you know that you may be able to deduct certain taxes on your federal income tax return? The IRS says you can if you file Form 1040 and itemize deductions on Schedule A. Deductions decrease the amount of income subject to taxation.
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Gift Giving
If you gave any one person gifts valued at more than $16,000 for 2022 or $17,000 for 2023, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift.
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Marriage or Divorce
Newlyweds and the recently divorced should make sure that names on their tax returns match those registered with the Social Security Administration (SSA). A mismatch between a name on the tax return and a Social Security number (SSN) could unexpectedly increase a tax bill or reduce the size of any refund.
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Filing Deadline and Payment Options
If you're trying to beat the tax deadline, there are several options for last-minute help. If you need a form or publication, you can download copies from the IRS Forms page under Tax Tools on our website. If you find you need more time to finish your return, you can get a six month extension of time to file using Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. And if you have trouble paying your tax bill, the IRS has several payment options available.
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Refund, Where's My Refund?
Are you expecting a tax refund from the Internal Revenue Service this year? If you file a complete and accurate paper tax return, your refund should be issued in about six to eight weeks from the date IRS receives your return. If you file your return electronically, your refund should be issued in about half the time it would take if you filed a paper return even faster when you choose direct deposit.
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Ten Ways to Avoid Problems at Tax Time
Looking for ways to avoid the last-minute rush for doing your taxes? The IRS offers these tips.
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The Tax Advocate Service, Provided by the IRS
Have you tried everything to resolve a tax problem with the IRS but are still experiencing delays? Are you facing what you consider to be an economic burden or hardship due to IRS collection or other actions? If so, you can seek the assistance of the Taxpayer Advocate Service.
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Tips and Taxes
Do you work at a hair salon, barber shop, casino, golf course, hotel or restaurant or drive a taxicab? The tip income you receive as an employee from those services is taxable income, advises the IRS.
Tax Tips for Businesses:
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Organizational and Start Up Costs
Have you just started a new business? Did you know that some organizational and start up expenses incurred before a business begins operations are not allowed as current deductions?
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Business or Hobby?
It is common knowledge that people prefer to make a living doing something they like. A hobby is an activity for which a profit is not expected. If you are not carrying on your business or investment activity to make a profit, there is a limit on the deductions you can take.
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Business Eligibility for Schedule C-EZ
Your business may be eligible to use the abbreviated Schedule C-EZ instead of the longer Schedule C when reporting business profit and loss on your federal income tax return, according to the IRS.
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Deductible Home Offices
Whether you are self-employed or an employee, the portion of your home that you use exclusively and regularly for business purposes may be able to be taken as a home office deduction.
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Filing Deadline and Payment Options
If you're trying to meet the tax deadline, there are several options for last-minute help. If you find you need more time to finish your return, you can get a five or six month extension of time to file, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. Moreover, if you have trouble paying your tax bill, the IRS has several payment options available.
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Refund, Where's My Refund?
If you file a tax return electronically, your refund should be issued in about half the time it would take for a complete and accurate paper tax return filing.
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Your Appeal Rights
Are you in disagreement with the IRS? All taxpayers have a guaranteed right to appeal. If you disagree with the IRS about the amount of your tax liability or proposed collection actions, you have the right to ask the IRS Appeals Office to review your case.
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Information About IRS Notices
It's a moment every taxpayer dreads. An envelope arrives from the IRS that is not a refund check. Don't panic, many IRS letters can be dealt with simply and painlessly.
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Charitable Contributions
When preparing to file your federal tax return, you can include your contributions to charitable organizations. Your donations are limited to 10% of taxable income however, they can add up to a nice tax deduction for your corporation.
Tax Tips for Finance:
Tax Saving Techniques
Some generally recognized financial planning tools that may help you reduce your tax bill.
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Deducting Mortgage Interest
If you own a home, you may want to claim a deduction for the interest paid. In order to deduct the interest the amounts paid must be on a loan secured by your main home or a second home. The loan types include a first or second mortgage, a home improvement loan, or a home equity loan.
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Capital Gains and Losses
Almost everything you own and use for personal purposes, or investment is a capital asset. The IRS maintains that when you sell a capital asset, such as stocks, the difference between the amount you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. Even though you must report all capital gains, you may deduct only your capital losses on investment property, not personal property.
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Coverdell Savings Accounts
A Coverdell Education Savings Account (ESA) is a savings account that the tax code provides for as an incentive to help parents and students save for education expenses.
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IRA Contributions
If you haven't contributed funds to an Individual Retirement Arrangement (IRA) for the last tax year, or if you've put in less than the maximum allowed, you may still have time to do so. You can contribute to either a traditional or Roth IRA until the April 15th due date for filing your tax return, not including extensions.
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ROTH IRA Contributions
You or your spouse, if filing jointly, can contribute to a Roth IRA if you have taxable compensation and your gross income is below certain limits.
Due Dates
All due dates assume that the date falls on a business day. If the due date falls on a holiday or weekend, the due date will be the next business day.
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1/1/2025 Beneficial ownership information reporting to FinCEN is currently on hold due to a court injunction.
1/15/2025 4th Qtr 2024 estimated tax payments - individuals.
1/15/2025 Trusts, calendar-year estates pay 2024 estimated tax in full.
1/31/2025 4th Qtr 2024 employers Quarterly federal tax return due.
1/31/2025 2024 employer’s annual FUTA return due.
1/31/2025 Employers file Form 945 to report backup withholding.
1/31/2025 Employers furnish employees Forms W-2 and 1099-R, Form W-3 to be filed with Social Security Administration.
1/31/2025 Information returns - annual statements must be issued to recipients, i.e., Forms 1099-B, 1099-C, 1099-DIV, 1099-INT, 1099-K, 1099-MISC, 1099-NEC, 1099-OID, 1099-PATR, 1099-R, 1098, 8300 and 8308.
2/15/2025 Employees resubmit W-4s for exemption from withholding.
2/15/2025 Forms 1099-S, Proceeds from Real Estate Transactions and 1099-MISC Gross proceeds paid to an attorney are due to recipients.
2/28/2025 Businesses file paper 1096s and 1099s with the IRS.
2/28/2025 Forms W-2G and 1099-R for 2024 (together with Form 1096 if paper filing) must be filed with the IRS.
3/17/2025 Partnerships, LLCs and S corporations issue partners, members and shareholders K-1s and file 2024 calendar year tax return.
3/17/2025 Last day for U.S. partnerships and S-Corp’s to file Form 7004, automatic extension to file.
3/17/2025 File Forms 1042 and 1042-S to report withholding from nonresident aliens, foreign corporations, and foreign partnerships.
3/31/2025 Forms 1099 (Except 1099-NEC) and 1098, due date for filing with the IRS, if filed electronically.
4/15/2025 2024 FinCEN Form 114 (FBAR) deadline.
4/15/2025 2024 individual federal income tax returns due Forms 1040, 1040NR, 8854.
4/15/2025 Last day for filing Form 4868 for automatic six-month extension to file for individuals.
4/15/2025 Last day for individuals to file amended income tax returns with 1040-X for 2021.
4/15/2025 Payment of first installment of 2025 Form 1040-ES estimated income taxes by calendar year individuals.
4/15/2025 IRA and HSA contribution deadline for 2024.
4/15/2025 1st Qtr. 2025 estimated tax payment – corporations.
4/15/2025 C corporations file 2024 calendar year tax return.
4/15/2025 Last day for calendar year C corporations to file Form 7004 for automatic extension of 2024 returns.
4/15/2025 Form 5471 Individual information return with respect to foreign corporations, should be filed with Form 1040.
4/15/2025 Last day for corporations to amended income tax returns with 1120X for calendar year 2021.
4/15/2025 Trusts and Estates file Form 1041 for calendar year 2024. Last day for Form 7004 automatic extension, last day for Form 1041 amendments for calendar year 2021 and, last day for first calendar year 2025 estimated tax payment with Form 1041-ES.
4/30/2025 1st Qtr. 2025 employer’s quarterly federal tax return due.
6/16/2025 2nd Qtr. 2025 estimated tax payment – individuals and corporations.
6/16/2025 Last day for calendar year foreign corporation without office or place of business in the US to file 1120-F for 2024.
7/31/2025 2nd Qtr. 2025 employer’s quarterly federal tax return due.
7/31/2025 Applicable self-insured health plans report and pay annual fee on 2nd qtr. Form 720.
9/15/2025 3rd Qtr. 2025 estimated tax payment – individuals and corporations.
9/15/2025 S corporations and partnership 2024 calendar year tax return extension deadline.
9/30/2025 Last day for calendar year Trusts and Estates for filing 2024 Form 1041.
10/15/2025 2024 FinCEN form 114 (FBAR) extension deadline.
10/15/2025 2024 individual federal income tax return extension deadline Forms 1040, 1040NR, 8854.
10/15/2025 C Corporation 2024 calendar year tax return extension deadline.
10/31/2025 3rd Qtr. 2025 employer’s quarterly federal tax return due.
12/15/2025 4th Qtr. 2025 estimated tax payment – corporations.
12/31/2025 Deduction deadline for 2025.
1/15/2026 4th Qtr 2025 estimated tax payment – individuals.
1/15/2026 Trusts and Estates final installment of estimated taxes with Form 1041-ES for calendar year filers.
1/31/2026 4th Qtr. 2025 employer’s quarterly federal tax return due.
1/31/2026 2025 employer’s annual FUTA return due.
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