Beware of Fake Charity Scams Relating to Hurricane Harvey
From the IRS | IR-2017-137 | August 29, 2017
The Internal Revenue Service today issued a warning about possible fake charity scams emerging due to Hurricane Harvey and encouraged taxpayers to seek out recognized charitable groups for their donations.
Reduce Certain Summertime Costs with the Child and Dependent Care Tax Credit
From the IRS | IRS Summer Tax Tip 2017-05 | July 12, 2017
Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able to claim it on their taxes in 2018 if they paid for day camp or for someone to care for a child, dependent or spouse during 2017.
Helpful Tips to Know About Gambling Winnings and Losses
From the IRS | IRS Summertime Tax Tip 2017-15 | August 4, 2017
Taxpayers must report all gambling winnings as income. They must be able to itemize deductions to claim any gambling losses on their tax return. Taxpayers who gamble may find these tax tips helpful:
City of Philadelphia Department of Revenue Announces Wage Tax Reduction for July 1, 2017
The City of Philadelphia has reduced the City Wage Tax rate effective July 1, 2017. The new Wage Tax rate for residents of Philadelphia is 3.8907% (previously 3.9004%). The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4654% (previously 3.4741%).
How Does the IRS Contact Taxpayers?
From the IRS | IRS Summertime Tax Tip 2017-14 | August 2, 2017
When the IRS needs to contact a taxpayer, the first contact is normally by letter delivered by the U.S. Postal Service. The IRS doesn't normally initiate contact with taxpayers by email, nor does it send text messages or contact through social media channels.
Tips to Know for Deducting Losses from a Disaster
From the IRS: Summertime Tax Tip 2017-01 | July 5, 2017
The IRS wants taxpayers to know it stands ready to help in the event of a disaster. If a taxpayer suffers damage to their home or personal property, they may be able to deduct the loss they incur on their federal income tax return. If their area receives a federal disaster designation, they may be able to claim the loss sooner.
Ordinarily, a deduction is available only if the loss is major and not covered by insurance or other reimbursement.
Here are 10 tips taxpayers should know about deducting casualty losses: