The IRS on Friday released a draft of Schedule 1-A (Form 1040), Additional Deductions, which includes sections for calculating four deductions allowed under H.R. 1, P.L. 119-21, commonly known as the ...

The Internal Revenue Service (IRS) requires employers and employees alike to use specific tax forms to accurately record wages, benefits paid, taxes withheld, and other essential financial information ...

Tax season is well underway, with many people who have already filed eagerly anticipating their return. However, if you haven ...

Janet Berry-Johnson, CPA, is a freelance writer with a background in accounting and income tax planning and preparation for individuals and small businesses. Her work has appeared in Business Insider ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

People who don’t normally file a tax return could be leaving their part of nearly $1 billion in tax refunds on the table, the Internal Revenue Service (IRS) said. But you only have until May 17 to ...

As tax filing season comes to an end on Monday, April 15, you may find yourself scrambling to get your tax return completed. But don’t worry. You might be allowed another six months to complete your ...

Here’s a way for saving, potentially, thousands in taxes on IRAs, including on those that you inherit: To get started, learn all about the IRS Form 8606. This article lays out the purpose of the Form ...

The Internal Revenue Service (IRS) announced this week that more than a million taxpayers are running out of time to submit their tax returns and get unclaimed tax refunds from 2021. More than 1.1 ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...