Home » 2014 (Page 97)
Yearly Archives: 2014
IRS Tax Tip 2014-30: Help Yourself: Visit IRS.gov
IRS Tax Tip 2014-30, March 11, 2014
No matter when you need tax help, the IRS website has you covered. It’s easy to use and provides you with the information you want, when you want it. Here are eight good reasons to visit IRS.gov:
- Help Yourself Anytime. IRS.gov is available 24/7. Bookmark 1040 Central for all your federal tax needs. You can download forms or publications or get answers when you need them. Use theInteractive Tax Assistant tool and the IRS Tax Map for help with many of your tax law questions. Many IRS tools and products are also available in Spanish.
- Take Advantage of IRS e-file. Whether you do your own taxes or hire a preparer, IRS e-file is the safest, easiest and most popular way to file a complete and accurate tax return. And combining e-file with direct deposit is the fastest way for you to get your refund. The IRS issues most refunds in less than 21 days. If you owe taxes, e-file gives you options to file early and pay by the tax deadline.
- Use Free File. You can prepare and e-file your federal taxes for free with IRS Free File. Offered only at IRS.gov, Free File does the hard work for you. If you made $58,000 or less, you can use free tax software. If your income is more than $58,000 and you’re able to prepare your own tax return, use Free File Fillable Forms. This option has the electronic versions of IRS paper forms.
- Check Refund Status. You can track your refund using the ‘Where’s My Refund?’ tool. It’s quick, easy and secure. You can check the status of your return within 24 hours after the IRS has received your e-filed return. If you file a paper return, you can check your refund status four weeks after you mail it. Once IRS approves your refund, ‘Where’s My Refund?’ will give you a date to expect it.
- Pay Taxes Online. Electronic payments are a convenient and safe way to pay taxes. You can authorize an electronic funds withdrawal, use a credit or debit card or enroll in the U.S. Treasury’s Electronic Federal Tax Payment System. If you can’t pay all your taxes in full, you may be able to use the Online Payment Agreement Application to request an installment agreement.
- Use the EITC Assistant. The Earned Income Tax Credit is for working people who earned less than $51,567 in 2013. The credit can be worth up to $6,044. Find out if you’re eligible by using the EITC Assistant tool. You may be among the millions of eligible workers who get the EITC this year.
- Figure Your Withholding. The IRS Withholding Calculator tool can help you avoid having too much or too little income tax withheld from your pay. You can use it anytime throughout the year to stay on target.
- Get the Latest Changes. Learn about tax law changes that may affect your tax return. Special sections of the website highlight changes that affect individual and business taxpayers.
The official IRS website is IRS.gov. Don’t be fooled by other sites that claim to be the IRS, but end in .com, .net, or .org. Some scams use phony websites to get your personal and financial information. Thieves also use the information to commit identity theft or steal your money. Only visit IRS.gov for tax help from the IRS.
IRS YouTube Videos:
- Welcome to Free File – English
- Help Yourself! – English | Spanish
- All About IRS.gov – English | Spanish | ASL
- How to Get 1040 Forms – English | Spanish | ASL
- Earned Income Tax Credit – English | Spanish
IRS Podcasts:
HCTT 2014-08. Small Business Health Care Tax Credit
The Small Business Health Care Tax Credit helps small businesses and tax-exempt organizations pay for health care coverage they offer their employees.
A small employer is eligible for the credit if it has fewer than 25 employees who work full-time, or a combination of full-time and part-time. For example, two half-time employees equal one employee for purposes of the credit.
For 2013, the average annual wages of employees must be less than $50,000, and the employer must pay a uniform percentage for all employees that is equal to at least 50% of the premium cost of the insurance coverage.
The maximum credit is 35 percent of premiums paid for small business employers and 25 percent of premiums paid for small tax-exempt employers such as charities.
If you are a small business employer who did not owe tax during the year, you can carry the credit back or forward to other tax years.
For small tax-exempt employers, the credit is refundable, so even if you have no taxable income, you may be eligible to receive the credit as a refund so long as it does not exceed your income tax withholding and Medicare tax liability.
More information
Find out more about the small business health care tax credit at IRS.gov/aca.
The Small Business Health Care Tax Credit Estimator can help you find out whether you’re eligible for the Small Business Health Care Credit and how much you might receive.
Find out more about the health care law at HealthCare.gov.
Stacie's Tax Stuff 