Employers must withhold federal, state, local, and Federal Insurance Contributions Act (FICA) taxes from their employees’ paychecks. FICA includes Medicare and Social Security taxes. An employee’s completed Form W-4, Employee’s Withholding Certificate, determines how much is withheld from their paycheck. Independent contractors are not employees, and businesses...
WASHINGTON — As the May 15 filing deadline approaches for tax-exempt organizations, the Internal Revenue Service highlights important forms and topics to ensure successful and timely filing. The annual filing due date for certain returns filed by tax-exempt organizations is the 15th day of the 5th month after the...
WASHINGTON — The Internal Revenue Service reminds taxpayers that proper tax withholding now is key to avoiding surprises when they file their tax return next year. Making any needed adjustments earlier in the year means taxpayers won’t have to make a big change later in the year...
Health savings accounts or HSAs are a tax-favored account, similar to a savings or investment account, owned by the individual. One of the most attractive features of an HSA is the special tax rules that apply. Federal Taxes HSAs enjoy what is known as a triple...
WASHINGTON — The Internal Revenue Service issued a series of guidelines to speed taxpayer refunds and avoid errors on their federal tax returns. Collect all tax-related paperwork Taxpayers should gather all documents including W-2s, 1099s and other information returns, as well as any supporting paperwork for tax deductions...
With the tax filing deadline just around the corner, it’s important to make sure your return is accurate and submitted on time. Here are some helpful tax tips to guide you through the process: Tip #1: File Electronically - The IRS e-file system is available to all...
Many taxpayers file their federal tax returns and then eagerly anticipate details about their refund. The best way to check the status of a refund is through the Where's My Refund? tool, the IRS2Go app, or by signing in to the taxpayer’s IRS Online Account. But many people...
WASHINGTON — The Internal Revenue Service announced it’s making it easier for taxpayers to file their taxes by adding information return documents to their IRS Individual Online Account, helping consolidate important tax records into one digital location. The first information returns to be added are Form...
WASHINGTON — As millions of people file their 2024 tax returns, the Internal Revenue Service reminded taxpayers to use the Where’s My Refund? tool on IRS.gov to confirm receipt of their return and track a refund. Taxpayers who file electronically can typically use the Where’s My...
Taxpayers should be aware of gift card scams and take steps to protect themselves. Scammers may target taxpayers by asking them to pay a fake tax bill with gift cards. People should remember that the IRS never asks for or accepts gift cards as payment...