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Each year, the IRS compiles a list of tax scams as a way to warn taxpayers not to fall for them. Here are the top 5 on this year’s list: Identity theft. Scammers obtain taxpayer filing informati...

Only a taxpayer, or a representative with a taxpayer’s permission, can obtain copies of previously filed tax returns. Ask your parents to take action: They can request a free copy of a transcrip...

MyRAs, which are a type of “mini-Roth IRA,” began in a pilot program in 2014 and went nationwide in 2015. However, due to the lack of interest and high cost to U.S. taxpayers in MyRAs, at the of J...

In response to Hurricanes Harvey, Irma, and Maria, which impacted people in Texas, Louisiana, Florida, Georgia, Puerto Rico, and the U.S. Virgin Islands, the IRS has provided various types of tax reli...

Achieving a Better Life Experience (ABLE) Accounts was added to the law in 2014 to enable tax-free savings accounts to be set up for people with disabilities that occur or occurred before age 26 that ...

The president’s budget proposal for the government’s 2015 fiscal year contains a measure to expand the earned income tax credit (EITC). This credit is fully refundable, so low- and moderate-income...

If you receive a letter in the mail from the IRS that’s marked “CP 2000,” it isn’t an audit notice. The IRS sends it because the Service has identified that the information on your return does...

If you buy an electric drive car, you may qualify for a tax credit of up to $7,500. However, the credit is reduced once the manufacturer has sold more than 200,000 cars in the U.S. Tesla reported that...

Congress and the IRS have been busy on changing tax rules to help individuals and businesses get through the economic disaster triggered by COVID-19. The changes impact 2019 returns, as well as return...

The annual exclusion for 2013 is $14,000 per recipient. This amount is doubled if you are married and your spouse consents to split the gift. If your children are married, you can effectively multiply...