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Six Facts about Choosing the Standard or Itemized Deductions

2011-03-11T13:21:00.000-08:00

When filing your federal income tax return, taxpayers can choose to either take the standard deduction or to itemize their deductions. The IRS has put together the following six facts to help you choose the method that gives you the lowest tax.

Whether to itemize deductions on your tax return depends on how much you spent on certain expenses last year. Money paid for medical care, mortgage interest, taxes, charitable contributions, casualty losses and miscellaneous deductions can reduce your taxes. If the total amount spent on those categories is more than your standard deduction, you can usually benefit by itemizing.

Taxhead.com is perfect for people using the generous Standard Deduction

1. Standard deduction amounts are based on your filing status and are subject to inflation adjustments each year. For 2010, they are:

Single $5,700
Married Filing Jointly $11,400
Head of Household $8,400
Married Filing Separately $5,700
Qualifying Widow(er) $11,400

2. Some taxpayers have different standard deductions The standard deduction amount depends on your filing status, whether you are 65 or older or blind and whether an exemption can be claimed for you by another taxpayer. If any of these apply, you must use the Standard Deduction Worksheet on the back of Form 1040EZ, or in the 1040A or 1040 instructions. The standard deduction amount also depends on whether you plan to claim the additional standard deduction for a loss from a disaster declared a federal disaster or state or local sales or excise tax you paid in 2010 on a new vehicle you bought before 2010. You must file Schedule L, Standard Deduction for Certain Filers to claim these additional amounts.

3. Limited itemized deductions Your itemized deductions are no longer limited because of your adjusted gross income.

4. Married Filing Separately When a married couple files separate returns and one spouse itemizes deductions, the other spouse cannot claim the standard deduction and therefore must itemize to claim their allowable deductions.

5. Some taxpayers are not eligible for the standard deduction They include nonresident aliens, dual-status aliens and individuals who file returns for periods of less than 12 months due to a change in accounting periods.

6. Forms to use The standard deduction can be taken on Forms 1040, 1040A or 1040EZ. If you qualify for the higher standard deduction for new motor vehicle taxes or a net disaster loss, you must attach Schedule L. To itemize your deductions, use Form 1040, U.S. Individual Income Tax Return, and Schedule A, Itemized Deductions.

Get Credit for Your Retirement Savings Contributions

2011-02-22T11:29:00.000-08:00

You may be eligible for a tax credit if you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement.

Taxhead.com supports retirement contributions. Free to try.

Here are six things the IRS wants you to know about the Savers Credit:

1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals with a filing status and income of:

Single, married filing separately, or qualifying widow(er), with income up to $27,750
Head of Household with income up to $41,625
Married Filing Jointly, with incomes up to $55,500

2. Eligibility requirements To be eligible for the credit you must have been born before January 2, 1992, you cannot have been a full-time student during the calendar year and cannot be claimed as a dependent on another person’s return.

3. Credit amount If you make eligible contributions to a qualified IRA, 401(k) and certain other retirement plans, you may be able to take a credit of up to $1,000 or up to $2,000 if filing jointly. The credit is a percentage of the qualifying contribution amount, with the highest rate for taxpayers with the least income.

4. Distributions When figuring this credit, you generally must subtract the amount of distributions you have received from your retirement plans from the contributions you have made. This rule applies to distributions received in the two years before the year the credit is claimed, the year the credit is claimed, and the period after the end of the credit year but before the due date - including extensions - for filing the return for the credit year.

5. Other tax benefits The Retirement Savings Contributions Credit is in addition to other tax benefits which may result from the retirement contributions. For example, most workers at these income levels may deduct all or part of their contributions to a traditional IRA. Contributions to a regular 401(k) plan are not subject to income tax until withdrawn from the plan.

6. Forms to use To claim the credit use Form 8880, Credit for Qualified Retirement Savings Contributions.

For more information, review IRS Publication 590, Individual Retirement Arrangements (IRAs), Publication 4703, Retirement Savings Contributions Credit, and Form 8880. Publications and forms can be downloaded at http://www.irs.gov or ordered by calling 800-TAX-FORM (800-829-3676).

How to Get Your Prior Year Tax Information from the IRS

2011-01-19T12:01:00.000-08:00

Taxpayers who need certain prior year tax return information can obtain it from the IRS. Here are nine things to know if you need federal tax return information from a previously filed tax return.

If you used Taxhead.com, they keep copies of your tax returns for you.

There are three options for obtaining free copies of your federal tax return information – on the web, by phone or by mail.
The IRS does not charge a fee for transcripts, which are presently available for the current tax year as well as the past three tax years.
A tax return transcript shows most line items from your tax return as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes made after the return was filed.
A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data – including marital status, type of return filed, adjusted gross income and taxable income.
To request either transcript online, go to http://www.irs.gov and look for our new online tool called Order A Transcript.
To request a 1040, 1040A or 1040EZ tax return transcript through the mail, complete IRS Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses, partnerships and individuals who need transcript information from other forms or need a tax account transcript must use the Form 4506T, Request for Transcript of Tax Return.
If you order online or by phone, you should receive your tax return transcript within 5 to 10 days from the time the IRS receives your request. Allow 30 calendar days for delivery of a tax account transcript if you order by mail using Form 4506T or Form 4506T-EZ.
If you still need an actual copy of a previously processed tax return, it will cost $57 for each tax year that you order. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current year as well as the past six years. Please allow 60 days for actual copies of your return.
Visit http://www.irs.gov to determine which form will meet your needs. Forms 4506, 4506T and 4506T-EZ can be found at http://www.irs.gov or by calling the IRS forms and publications order line at 800-TAX-FORM (800-829-3676).

Tax Software and Online Forms Available Today

2011-01-14T19:30:00.000-08:00

IRS e-File opens today, Jan. 14, to start its ninth year of helping make taxes a little less taxing.

Everyone can use eFile, the way to prepare and e-file federal taxes either through brand-name tax software.

Taxhead.com offer free tax preparation and IRS eFile for one low price - guaranteed.

Errors to Avoid at Tax Time on Your Income Tax Return

2010-03-16T19:56:00.000-07:00

Errors made on tax returns may delay the processing of your tax return, which in turn, may cause your refund to arrive later.

Taxhead.com tax software provides a list of any errors reported by the IRS, usually the same day you e-file your taxes. SO you can file taxes easily and get a refund fast.

Here are nine common errors the IRS wants you to avoid to help guarantee your refund arrives on time:

Incorrect or missing Social Security Numbers When entering SSNs for anyone listed on your tax return, be sure to enter them exactly as they appear on the Social Security cards.
Incorrect or misspelling of dependent’s last name When entering a dependent’s last name on your tax return, ensure they are entered exactly as they appear on their Social Security card.
Filing status errors Make sure you choose the correct filing status for your situation. There are five filing statuses: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) With Dependent Child. See Publication 501, Exemptions, Standard Deduction, and Filing Information to determine the filing status that best fits your needs.
Math errors When preparing paper returns, review all math for accuracy. Remember, when you file electronically, the software takes care of the math for you!
Computation errors Take your time. Many taxpayers make mistakes when figuring their taxable income, withholding and estimated tax payments, Earned Income Tax Credit, Standard Deduction for age 65 or over or blind, the taxable amount of Social Security benefits, and the Child and Dependent Care Credit. Tax software does the math for you.
Incorrect bank account numbers for Direct Deposit If you are due a refund and requested direct deposit, be sure to review the routing and account numbers for your financial institution.
Forgetting to sign and date the return An unsigned tax return is like an unsigned check – it is invalid. IRS e-File uses electronic signatures - -it's safe and easy.
Incorrect Adjusted Gross Income information Taxpayers filing electronically must sign the return electronically using a Personal Identification Number. To verify their identity, taxpayers will be prompted to enter their AGI from their originally filed 2008 federal income tax return or their prior year PIN if they used one to file electronically last year. Taxpayers should not use an AGI amount from an amended return, Form 1040X, or a math error correction made by IRS.
Claiming the Making Work Pay Tax Credit Taxpayers with earned income should claim the Making Work Pay Tax Credit by attaching a Schedule M, Making Work Pay and Government Retiree Credits to their 2009 Form 1040 or 1040 A. Taxpayers who file Form 1040-EZ will use the worksheet for Line 8 on the back of the 1040-EZ to figure their Making Work Pay Tax Credit. The credit is worth up to $400 for individuals and $800 for married couples filing jointly. Many people who worked during 2009 are slowing down the processing of their tax return by not properly claiming this credit.

Ten Facts about Claiming the Child Tax Credit

2010-03-05T08:16:00.000-08:00

The Child Tax Credit is a valuable credit that can significantly reduce your tax liability. Here are 10 important facts from the IRS about this credit and how it may benefit your family.

Taxhead.com online tax software supports the Child Tax Credit.

Amount - With the Child Tax Credit, you may be able to reduce your federal income tax by up to $1,000 for each qualifying child under the age of 17.
Qualification - A qualifying child for this credit is someone who meets the qualifying criteria of six tests: age, relationship, support, dependent, citizenship, and residence.
Age Test - To qualify, a child must have been under age 17 – age 16 or younger – at the end of 2009.
Relationship Test - To claim a child for purposes of the Child Tax Credit, they must either be your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister or a descendant of any of these individuals, which includes your grandchild, niece or nephew. An adopted child is always treated as your own child. An adopted child includes a child lawfully placed with you for legal adoption.
Support Test - In order to claim a child for this credit, the child must not have provided more than half of their own support.
Dependent Test - You must claim the child as a dependent on your federal tax return.
Citizenship Test - To meet the citizenship test, the child must be a U.S. citizen, U.S. national, or U.S. resident alien.
Residence Test - The child must have lived with you for more than half of 2009. There are some exceptions to the residence test, which can be found in IRS Publication 972, Child Tax Credit.
Limitations - The credit is limited if your modified adjusted gross income is above a certain amount. The amount at which this phase-out begins varies depending on your filing status. For married taxpayers filing a joint return, the phase-out begins at $110,000. For married taxpayers filing a separate return, it begins at $55,000. For all other taxpayers, the phase-out begins at $75,000. In addition, the Child Tax Credit is generally limited by the amount of the income tax you owe as well as any alternative minimum tax you owe.
Additional Child tax Credit - If the amount of your Child Tax Credit is greater than the amount of income tax you owe, you may be able to claim the Additional Child Tax Credit.

Taxhead.com online tax software supports the Child Tax Credit. For more information, see IRS Publication 972, Child Tax Credit, available at the IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Taxes: Seven Facts About Social Security Benefits

2010-02-16T09:33:00.000-08:00

If you received Social Security benefits in 2009, you need to know whether or not these benefits are taxable. Here are seven facts the Internal Revenue Service wants you to know about Social Security benefits so you can determine whether or not they are taxable to you.

Taxhead.com supports Social Security Income reporting, if the benefits are non-taxable

1. How much – if any – of your Social Security benefits are taxable depends on your total income and marital status.

2. Generally, if Social Security benefits were your only income for 2009, your benefits are not taxable and you probably do not need to file a federal income tax return.

3. If you received income from other sources, your benefits will not be taxed unless your modified adjusted gross income is more than the base amount for your filing status.

4. Your taxable benefits and modified adjusted gross income are figured on a worksheet in the Form 1040A or Form 1040 Instruction booklet.

5. You can do the following quick computation to determine whether some of your benefits may be taxable:

First, add one-half of the total Social Security benefits you received to all your other income, including any tax exempt interest and other exclusions from income.
Then, compare this total to the base amount for your filing status. If the total is more than your base amount, some of your benefits may be taxable.

6. The 2009 base amounts are:

$32,000 for married couples filing jointly.
$25,000 for single, head of household, qualifying widow/widower with a dependent child, or married individuals filing separately who did not live with their spouses at any time during the year.
$0 for married persons filing separately who lived together during the year.

7. For additional information on the taxability of Social Security benefits, see IRS Publication 915, Social Security and Equivalent Railroad Retirement Benefits. Publication 915 is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676).

Tax Tip: Five Ways to Offset Education Costs

2010-02-12T08:09:00.000-08:00

College can be very expensive. To help students and their parents, the IRS offers the following five ways to offset education costs.

Taxhead.com supports education credits and offers IRS eFile.

The American Opportunity Credit This credit can help parents and students pay part of the cost of the first four years of college. The American Recovery and Reinvestment Act modifies the existing Hope Credit for tax years 2009 and 2010, making it available to a broader range of taxpayers. Eligible taxpayers may qualify for the maximum annual credit of $2,500 per student. Generally, 40 percent of the credit is refundable, which means that you may be able to receive up to $1,000, even if you owe no taxes.
The Hope Credit The credit can help students and parents pay part of the cost of the first two years of college. This credit generally applies to 2008 and earlier tax years. However, for tax year 2009 a special expanded Hope Credit of up to $3,600 may be claimed for a student attending college in a Midwestern disaster area as long as you do not claim an American Opportunity Tax Credit for any other student in 2009.
The Lifetime Learning Credit This credit can help pay for undergraduate, graduate and professional degree courses – including courses to improve job skills – regardless of the number of years in the program. Eligible taxpayers may qualify for up to $2,000 – $4,000 if a student in a Midwestern disaster area – per tax return.
Enhanced benefits for 529 college savings plans Certain computer technology purchases are now added to the list of college expenses that can be paid for by a qualified tuition program, commonly referred to as a 529 plan. For 2009 and 2010, the law expands the definition of qualified higher education expenses to include expenses for computer technology and equipment or Internet access and related services.
Tuition and fees deduction Students and their parents may be able to deduct qualified college tuition and related expenses of up to $4,000. This deduction is an adjustment to income, which means the deduction will reduce the amount of your income subject to tax. The Tuition and Fees Deduction may be beneficial to you if you do not qualify for the American opportunity, Hope, or lifetime learning credits.

You cannot claim the American Opportunity and the Hope and Lifetime Learning Credits for the same student in the same year. You also cannot claim any of the credits if you claim a tuition and fees deduction for the same student in the same year. To qualify for an education credit, you must pay post-secondary tuition and certain related expenses for yourself, your spouse or your dependent. The credit may be claimed by the parent or the student, but not by both. Students who are claimed as a dependent cannot claim the credit.

For more information, see Publication 970, Tax Benefits for Education, which can be obtained online at IRS.gov or by calling the IRS at 800-TAX-FORM (800-829-3676).

Links:

Taxhead.com online tax software with IRS eFile
Form 8863, Education Credits (PDF 82K)
Publication 970, Tax Benefits for Education (PDF 368K)
Tax Topic 605

YouTube Video:

Education Credits - English | Spanish

Seven Things You Need to Know About the Government Retiree Credit

2010-01-29T18:39:00.000-08:00

Certain government retirees who receive a government pension or annuity payment in 2009 may be eligible for the Government Retiree Credit. The American Recovery and Reinvestment Act of 2009 provides this one-time credit of $250 for certain federal and state pensioners.

Taxhead.com supports this tax credit.

Here are seven things the IRS wants you to know about the Government Retiree Credit:

You can take this credit if you receive a pension or annuity payment in 2009 for service performed for the U.S. Government or any U.S. state or local government and the service was not covered by social security.
Recipients of the Making Work Pay Credit will have that credit reduced by any Government Retiree Credit they receive.
The credit is $250 for individuals and $500 if married filing jointly and both you and your spouse receive a qualifying pension or annuity.
You must have a valid social security number to claim the credit. If married filing jointly, both spouses must have a valid social security number to each claim the $250 credit.
You cannot take the credit if you received a $250 economic recovery payment in 2009.
This is a refundable credit, which means it may give you a refund even if you had no tax withheld from your pension.
To claim the credit, you must complete Schedule M, Making Work Pay and Government Retiree Credits, and attach it to your Form 1040A or 1040.

Links:

The American Recovery and Reinvestment Act of 2009
Schedule M, Making Work Pay and Government Retiree Credits

Get Your Tax Refund Fast with Direct Deposit

2010-01-28T12:21:00.001-08:00

Get Your Refund Faster - Choose Direct Deposit

If you want to get your refund as quickly as possible, just tell the IRS to deposit your refund directly into your bank account. By choosing Direct Deposit, you can get your refund much sooner than if you chose to have a paper check mailed to you.

Taxhead.com offers direct deposit for your tax refund.

Here are the main reasons 73 million taxpayers chose Direct Deposit in 2009:

Security Thousands of paper checks are returned to the IRS by the U.S. Post Office every year as undeliverable mail. Direct Deposit eliminates the possibility you won’t receive your check and prevents your refund from being stolen.
Convenience The money goes directly into your bank account. You won’t have to make a special trip to the bank to deposit the money yourself.
Ease When you’re preparing your return, simply follow the instructions on your return. Make sure you enter the correct bank account and bank routing numbers on your tax form and you’ll receive your refund quicker than ever.

Five Ways to Obtain IRS Forms and Publications

2010-01-21T11:50:00.000-08:00

The Internal Revenue Service has free tax forms and publications on a wide variety of topics. If you need IRS forms, here are five easy methods for getting the information you need.

On the Internet You can access forms and publications on the IRS Web site 24 hours a day, seven days a week, at IRS.gov.
By Phone You can call 1-800-TAX-FORM (800-829-3676) Monday through Friday 7:00 am to 10:00 pm local time – except Alaska and Hawaii which are Pacific time – to order current year forms, instructions and publications as well as prior year forms and instructions. You should receive your order within 10 days.
At Convenient Locations in Your Community During the tax filing season, many libraries and post offices offer free tax forms to taxpayers. Some libraries also have copies of commonly requested publications. Many large grocery stores, copy centers and office supply stores have forms you can photocopy or print from a CD.
By Mail Order your tax forms and publications from the IRS National Distribution Center at 1201 N. Mitsubishi Motorway, Bloomington, IL, 61705-6613. You should receive your products 10 days after receipt of your order.
Taxpayer Assistance Centers There are 401 TACs across the country where IRS offers face-to-face assistance to taxpayers, and where taxpayers can pick up many IRS forms and publications. Visit IRS.gov and go to Contact My Local Office on the Individuals page to find a list of TAC locations by state. On the Contact My Local Office page, you can also select TAC Site Search and enter your zip code to find the IRS walk-in office nearest you as well as a list of the services available at specific offices.

Links:

Taxhead.com offers IRS forms for printing
Publication 910, Guide to Free Tax Services (PDF 636K)
Publication 2053A, Quick and Easy Access to IRS Tax Help and Forms (PDF 40K)
Order Publication 1796, Federal Tax Products on CD-ROM, from NTIS — the National Technical Information Service.
State tax forms

Five Tips to Avoid Tax Time Stress

2009-03-13T12:37:00.000-07:00

Are you looking for ways to avoid the last-minute rush for doing your taxes? Here are some stress-relieving tips to help you.

Don’t Procrastinate – Resist the temptation to put off your taxes until the very last minute. Your haste to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.
Visit the IRS Online – In 2008, there were more than 330 million visits to IRS.gov. Anyone with Internet access can find tax law information and answers to frequently asked tax questions.
File Your Return Electronically – Nearly 90 million taxpayers filed their returns electronically in 2008 with sites like Taxhead.com. Aside from ease of filing, IRS e-file is the fastest and most accurate way to file a tax return. If you’re due a refund, the waiting time for e-filers is half that of paper filers.
Don’t Panic if You Can’t Pay – If you cannot pay the full amount of taxes you owe by the April deadline, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. You also should contact the IRS to discuss your payment options at 1-800-829-1040. The agency may be able to provide some relief such as a short-term extension to pay, an installment agreement or an offer in compromise. More than 75 percent of taxpayers eligible for an Installment Agreement can apply using the Web-based Online Payment Agreement application available on IRS.gov. To find out more about this simple and convenient process type “Online Payment Agreement” in the search box on the IRS.gov homepage.
Request an Extension of Time to File – But Pay on Time If the clock runs out, you can get an automatic six month extension of time to file to October 15. However, this extension of time to file does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax by that date. See IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return for a variety of easy ways to apply for an extension. Form 4868 is available at IRS.gov or by calling 800-TAX-FORM (800-829-3676). Taxpayers needing Form 4868 should act soon to be sure they have the item in time to meet the April deadline.

IRS Earned Income Tax Credit (EIC) Could Mean Bigger Tax Refund for Millions of Taxpayers

2009-01-30T08:51:00.000-08:00

The Internal Revenue Service and community partners nationwide today kicked off Earned Income Tax Credit (EITC) Awareness Day to promote a tax credit that could be a critical financial lifeline to many Americans this year.

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Online tax site www.Taxhead.com offers free tax preparation and free IRS eFile for EIC filers.
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The agency also announced many of its Taxpayer Assistance Centers will be open on some Saturdays in February to help taxpayers who are eligible for the Earned Income Tax Credit. Last year, nearly 24 million taxpayers received approximately $48 billion from EITC. The average EITC amount was $2,000.

Difficult economic times may mean more people are eligible for EITC because of reductions in their income last year. The amount of the EITC, the government’s largest tax benefit program for working families and individuals, is determined by earned income and family size.

“Many Americans experienced financial hardships last year. People may be eligible for EITC for the first time and really should check out their eligibility. This is a significant credit that can make their lives a little easier,” said IRS Commissioner Doug Shulman. “EITC can provide a real dollars and cents boost when it’s needed most.”

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Online tax site www.Taxhead.com offers free tax preparation and free IRS eFile for EIC filers.
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For the 2008 tax year, the maximum credit is $4,824 for a family with two or more children; $2,917 for a family with one child and $438 for a childless taxpayer.

Generally, earned income and adjusted gross income must each be less than:

$38,646 ($41,646 married filing jointly) with two or more qualifying children;
$33,995 ($36,995 married filing jointly) with one qualifying child;
$12,880 ($15,880 married filing jointly) with no qualifying children.

The maximum amount of investment income is $2,950 for tax year 2008. For families, there also are certain requirements for child residency and relationship that must be met. Also, unemployment benefits are considered in Adjusted Gross Income (AGI) calculations but are not considered earned income.

Even in better times, IRS research indicates that one in four eligible taxpayers fails to claim EITC each year. Eligibility requirements can be complex. Those missing out include people who have earned income but may not have a filing requirement, non-English speakers, non-traditional families, the homeless, childless workers and rural residents.

For example, people over age 65 usually are not eligible. However, if they are raising a grandchild who meets certain requirements, they may be eligible for EITC. Workers who do not have a child or who do not live with their own child may be unaware that they still are eligible for a credit. Military families also have the options of calculating combat pay or leaving out, which ever may be more beneficial.

Community coalitions and IRS partners across the nation marked EITC Awareness Day with a series of local news conferences or news releases promoting this refundable tax credit for low-wage taxpayers. These organizations operate thousands of free tax preparation sites for low-income individuals, for seniors and for other eligible taxpayers in every state.

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Online tax site www.Taxhead.com offers free tax preparation and free IRS eFile for EIC filers.
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“The IRS wants all eligible taxpayers to claim this important tax credit. We also want people to know that free help is available. There are thousands of volunteers staffing free tax-help sites nationwide. And, many professional tax preparers also donate their time and services to low-income taxpayers,” said Shulman. “The IRS will do its part by opening its doors on some Saturdays to help EITC taxpayers.”

The credit was created in 1975 in part to offset the burden of Social Security taxes and to serve as a work incentive. The amount of the credit varies but it is generally determined by income and family size. Some states also have a local version of EITC also can increase a taxpayer’s refund.

Se’ Habla Español? – Tax Information Available in Spanish

2009-01-21T12:31:00.000-08:00

If you need federal tax information, the IRS provides free Spanish language products and services. Pages on the Internal Revenue Service’s Web site, pre-recorded tax topics, refund information, tax publications and toll-free telephone assistance are all available in the Spanish language.

The Spanish language page (El IRS en Español) on the IRS Web site is located at IRS.gov/espanol. You will find links to tax related information like forms and publications, warnings about tax scams that victimize taxpayers, information on the Earned Income Tax Credit, Child Tax Credit, various other tax credits and more.
TeleTax is a toll-free, automated telephone service available in English and Spanish. TeleTax provides helpful pre-recorded tax topic messages and refund information. You can find a list of over 150 TeleTax topics in the instructions for Form 1040, 1040A or 1040EZ. TeleTax can also help if at least four weeks have passed since you filed your tax return and you want to check on the status of your federal refund. Having a copy of the tax return handy will help you respond to the prompts on the automated system. TeleTax is available 24 hours a day, 7 days a week at 800-829-4477.
Spanish Publications are available by calling 800-TAX-FORM (800-829-3676) or on the IRS Web site, IRS.gov.
Toll-Free Telephone Assistance is available from Spanish-speaking IRS representatives by calling the IRS customer service line at 800-829-1040.

Remember that for the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.

Links:

El IRS en Espanol
Publication 1SP, Derechos del Contribuyente (Your Rights as a Taxpayer) (PDF 26K)

Tax year 2006-2007 Updates

2006-11-15T10:32:00.000-08:00

What's new for 2006 tax returns?

People who file tax form 1040-EZ or 1040-A can expect the following changes to the tax form:

New Credits and Deductions:
Credit for federal telephone excise tax paid
Alternative minimum tax (AMT) exemption amount increased
Credit for jury duty pay to your employer
Changes to Earned Income Credit (EIC)
Deduct penalty for early withdrawl of savings
IRS deduction expanded

The following tax benefits have expired (no longer offered):
Deduction for educator expenses
Tuition and fees deduciton