Flexible Offer in Compromise Terms
The IRS announced another expansion of its “Fresh Start” initiative by offering terms that are more flexible to its Offer in Compromise (OIC) program that will enable some financially distressed taxpayers to quickly clear up their tax problems.
In certain circumstances, the changes announced include:
Revising the calculation for the taxpayer’s future income.
Allowing taxpayers to repay their student loans.
Allowing taxpayers to pay state and local delinquent taxes.
Expanding the Allowable Living Expense allowance category and amount.
More details can be found in IR-2012-53.
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10 Overlooked Tax Breaks
The goal of every taxpayer is to make sure the IRS gets as little as possible. For that to happen, you need to take every tax deduction, credit or other income adjustment you can.
Here are 10 tax breaks -- some for itemizers only, others that any filer can claim -- that often get overlooked but that could save you some tax dollars.
1. Additional charitable gifts
Everyone remembers to count the monetary gifts they make to their favorite charities. But expenses incurred while doing charitable work often aren't counted on tax returns.
You can't deduct the value of your time spent volunteering, but if you buy supplies for a group, the cost of that material is deductible. Similarly, if you wear a uniform in doing your good deeds, for example as a hospital volunteer or youth group leader, the costs of that apparel and any cleaning bills also can be counted as charitable donations.
Read more: 10 overlooked tax breaks
Taxpayers who itemize have to wait until February to file
(USA Today) - Taxpayers who itemize on their federal tax returns will have to wait until at least mid-February to file, the IRS said Thursday.
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