March Outreach Corner
Internal Revenue Service (IRS) sent this bulletin at 03/01/2012 12:59 AM EST
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Issue Number: 2012- 3Inside This Issue Outreach Corner
1. Should I itemize or take the standard deduction? When preparing your federal tax return, you have the option of either taking the standard deduction, or itemizing if you think you may have more qualified expenses than the standard deduction provides. Full story 2. Need more time to file your income taxes? Consider an extension --- These days, life can really be hectic and something is bound to be forgotten in the shuffle, particularly filing your income tax return. If you can’t get it completed by April 17, you can file for an automatic extension of time to file to give yourself something very precious — time. Full story 3. New Form 1099K affects certain taxpayers The Form 1099-K for merchant card and third party network payments is a new IRS information return designed to improve voluntary tax compliance. If you receive a Form 1099-K, the information must be reported on your 2011 tax return. Full story 4. Use the IRS Data Retrieval tool when applying for a student loan If you are a student or parent you can now access your IRS tax return information using the 2012-2013 IRS Data Retrieval Tool. This is an easy and secure way to access and transfer your tax return information directly into your Free Application for Federal Student Aid form. Full story 5. Your kids might be able to earn you some credit — at least with your taxes Believe it or not, your kids don’t always have to separate you from your money. Sometimes they can actually help you keep some — especially at tax time. Before you file your tax return, read below and find out if you qualify for one or more of these tax credits. Full story 6. Attention Veterans: Tell employers about possible tax credits for hiring you If you’re a military veteran and have been recently hired by a for-profit or tax-exempt company, your employer might be eligible to receive thousands of dollars in tax credits. Full story Thank you for subscribing to Outreach Corner, an IRS e-mail service. If you know someone who might want to subscribe to this mailing list, please forward this message to them so they can subscribe. This message was distributed automatically. Please Do Not Reply To This Message. |