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Internal Revenue Service Archives

Make sure the standard deduction is the best option

With the deadline for filing federal income tax returns pushed to July 15, some Boston residents may breathe a sigh of relief that they have one less issue to deal with right now. However, at some point, they will need to turn their attention to getting their federal returns filed, especially if they are expecting a refund. One of the biggest strategic questions when filling out tax forms is whether it would be more advantageous to use the standard deduction or itemize.

How far back will the IRS go during an audit?

Boston residents share one big question with others across the country: how long should they retain their federal income tax returns and their supporting documents. Answering this question may not be as simple as people think. However, the IRS generally only goes back three years for an audit, but that could be extended depending on a person's circumstances.

IRS deadlines change once again

In recent weeks, life has changed across the country. It is hard to find any one unaffected by recent events, including here in Massachusetts. Trying to keep up with the changes may seem like an uphill battle. For instance, IRS deadlines that most taxpayers used to rely on have changed dramatically recently.

News stories are confusing. Don't miss important IRS deadlines

With everything that is going on across the country right now, the federal government is making certain concessions to help the public. One of them has to do with the IRS and income taxes. The news reports may not have been clear enough, and as a result, taxpayers here in Massachusetts and elsewhere could end up in trouble with the IRS.

The first tax year dealing with the IRS as a newly single person

Married couples do enjoy certain advantages when it comes to federal income taxes. The exemptions and deductions are often more, which greatly lowers the taxable income they have. The first tax year afterward may cause some shocking revelations when Massachusetts residents divorce. The way they deal with the IRS changes now that they are newly single.

The IRS says some are missing out on the earned income tax credit

It can be challenging for Massachusetts residents to know what credits and deductions they can and cannot take at tax time. One credit that the IRS says many people are missing out on is the earned income tax credit. The agency estimates that one out of every five who qualify for this credit fail to take advantage of it.

A tax time reminder about installment agreements

As many Boston residents start preparing their tax returns, finding out they owe money may come as a surprise. Preparing their returns now could give them the time to save up the money owed, but then again, it may not. Many taxpayers' budgets are stretched enough without adding a tax bill into it. Under those circumstances, they could enter into installment agreements.

The IRS may not impose tax on discharged student loans

Not every college experience works out as Boston residents plan. Any number of things can happen that cause a individual not to complete a degree program at a certain institution. In some cases, any student loans taken out could be discharged by the Department of Education and the IRS may not require the student to count it as taxable income.

What's the deal with box 3 on IRS Form 1099-MISC?

Income can be earned in different ways, which means it will be reported in different ways at tax time. For instance, miscellaneous income is reported in boxes 1 through 10 on Form 1099-MISC and must be reported to the IRS. However, Boston taxpayers may actually benefit from the information entered into box 3.

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