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IRS News

Parents and Students: College Tax Benefits for 2013 and Years Ahead

Parents and students now is a good time to see if you qualify for either of two college education tax credits or any of several other education-related tax benefits. In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible …

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Six Important Facts about Dependents and Exemptions

While each individual tax return is unique, there are some tax rules that affect every person who files a federal income tax return. These rules involve dependents and exemptions. The IRS has six important facts about dependents and exemptions that will help you file your 2012 tax return.   1. Exemptions reduce taxable income.  There are …

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The IRS Dirty Dozen

Every year The Internal Revenue Service issues its top scams, frauds and schemes which are called the IRS Dirty Dozen. make sure you rtead this report “Taxpayers should be wary of anyone peddling scams that seem too good to be true,” IRS Commissioner Doug Shulman said. “The IRS fights fraud by pursuing taxpayers who hide …

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