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IRS to Parents: Don’t Miss Out on These Tax Savers

 

Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return:

Dependents. In most cases, you can claim your child as a dependent. You can deduct $3,950 for each dependent you are entitled to claim. You must reduce this amount if your income is above certain limits. For more on these rules, see Publication 501, Exemptions, Standard Deduction and Filing Information.

Choose the Right Filing Status

 

It’s important that you use the correct filing status when you file your tax return. Your status can affect the amount of tax you owe for the year. It may even affect whether you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole tax year. Sometimes more than one filing status may apply to you. If that happens, choose the one that allows you to pay the lowest tax.

Ten Great Reasons to Visit IRS.gov

 

No matter when you need tax help or information, your best option is to visit IRS.gov. Our website has many tools and services, which make getting help from the IRS just a click away. Here are ten great reasons to visit IRS.gov, night or day:

Get Tax Help the Easy Way, Use IRS Social Media

 

It’s easy to get help from the IRS with social media. If you have a smartphone, we have a free app with many uses. If you like YouTube, we have lots of videos to help you file. If you’re on Twitter, follow the IRS for the latest tax news and information.

Here are easy ways to get what you need from the IRS, when and how you want it:

IRS2Go. With this free mobile app from the IRS you can:

o Get your refund status.
o Watch IRS YouTube videos.
o Get tax news updates.
o Follow the IRS.

What You Should Know if You Get Tipped at Work

 

If you get tips on the job, you should know some things about tips and taxes. Here are a few tips from the IRS to help you file and report your tip income correctly:

• Show all tips on your return. You must report all tips you receive on your federal tax return. This includes the value of tips that are not in cash. Examples include items such as tickets, passes or other items.

• All tips are taxable. You must pay tax on all tips you received during the year. This includes tips directly from customers and tips added to credit cards. It also includes your share of tips received under a tip-splitting agreement with other employees.

Six Tips on Who Should File a 2014 Tax Return

 

Most people file their tax return because they have to, but even if you don’t, there are times when you should. You may be eligible for a tax refund and not know it. This year, there are a few new rules for some who must file. Here are six tax tips to help you find out if you should file a tax return:

Ten IRS Tips to Help You Choose a Tax Preparer

 

Many people pay to have their taxes prepared. You need to be careful when you pick a preparer to do your taxes. You are legally responsible for all the information on the tax return even if someone else prepares it. Here are 10 IRS tax tips to help you choose a tax preparer:

1. Check the preparer’s qualifications. All paid tax preparers are required to have a Preparer Tax Identification Number or PTIN. The IRS will soon offer a new Directory of Federal Tax Return Preparers with Credentials and Select Qualifications on IRS.gov. You will be able to use this tool to help you find a tax return preparer with the qualifications that you prefer. The Directory will be a searchable and sortable listing of certain preparers with a valid PTIN for 2015. It will include the name, city, state and zip code of: