Boost Your Tax Knowledge with a Free Learning Program from the IRS

The IRS has a free program for anyone who wants to learn about taxes. “Understanding Taxes” is available 24/7 on IRS.gov. It was designed by the IRS and teachers to help you learn the “how’s” and “why’s” of taxes. The program can make learning about federal taxes as easy as A-B-C.

• Accessible (web-based)
• Brings learning to life
• Comprehensive

Here are six more reasons to study up on it:

1.     Lessons on IRS.gov.  Teachers and students will find that the nearly 40 lessons on IRS.gov are easy, relevant and fun!  

2.     User friendly site map.  You can quickly look through the program and skip to the part you want.

3.     Tutorials, tests and more.  A series of tax tutorials guide you through the basics of tax preparation. Another feature is a chance to test your knowledge through tax trivia. There’s also a glossary of tax terms.

4.     Customize to fit your style.  If you’re a teacher, you can make the interactive program fit your style. Use your own lesson plans and plan your own activities. It’s easy to add to your school’s curriculum.

5.     No need to register.  You don’t need to register or login to use the program. You can take a break and return to where you left off whenever you choose. Just take note of the page and lesson number before you leave the page. 

6.     The how’s and why’s of taxes.  Learn the basic concepts of taxes. Self-paced modules offer a step-by-step approach to tax preparation. The lessons are also a great way to learn about the history and theory of taxes in the USA.

You may use the program anytime during the year. Visit IRS.gov and type “Understanding Taxes” in the search box. The application contains lessons and practice problems based on 2014 tax law.

For more current tax law training, visit Link and Learn Taxes on IRS.gov. The IRS will update this program later this year. The Web address is http://apps.irs.gov/app/vita/. You can also find it if you type “Link and Learn” in the search box.

Each and every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. These are your Taxpayer Bill of Rights. Explore your rights and our obligations to protect them on IRS.gov.

Submit a Mutilated Currency Claim and Get Your Money's Worth

Currency can be damaged in many ways, whether it’s by fire, water, chemicals, animals or simple deterioration. Mutilated currency includes any type of damage that makes its value questionable.

Did you know that the U.S. Treasury Department's Bureau of Engraving and Printing examines and redeems mutilated currency at no cost to you?
If you have damaged currency that you inherited or found in your backyard, don’t throw it away - you could be losing money! Learn more about mutilated currency and how to submit a claim. Keep in mind that the standard wait time for processing is 6 to 36 months. 

What Do We Mean By Mutilated Currency?

Mutilated currency is currency which has been damaged to the extent that:

·        Its condition is such that its value is questionable and the currency must be forwarded to the Bureau of Engraving and Printing for examination by trained experts before any redemption is made. One example of mutilated currency may be bills missing relevant security features.

Currency can become mutilated in any number of ways. The most common causes are: fire, water, chemicals, and explosives; animal, insect, or rodent damage; and petrification or deterioration by burying.

Free Public Service

The BEP redeems mutilated currency as a free public service.  Lawful holders of mutilated currency may receive a redemption at full value when:

·        Clearly more than 50 percent of a note identifiable as United States currency is present, along with sufficient remnants of any relevant security feature and clearly more than one-half of the original note remains; or,

·        Fifty percent or less of a note identifiable as United States currency is present and the method of mutilation and supporting evidence demonstrate to the satisfaction of the Treasury that the missing portions have been totally destroyed. 

Every year the Treasury Department handles approximately 30,000 claims and redeems mutilated currency valued at over $30 million. Your money is important. However, please know that heavy volume and the precise nature of the work may result in lengthy wait times. Please follow the submission instructions carefully to help us process your claim in the most efficient manner.

Source: http://www.bep.gov/services/currencyredemption.html

Content Clean-Up

The word “audit” has the power to send shivers down the spines of even the most stoic business folks. It’s one of those unfortunate words that usually indicates you’re about to go through an amazingly unpleasant experience. But, an audit of your website—well, that’s a good thing. And everyone should do it.

Just because you know something on your website is no longer applicable doesn’t mean search engines do, and they will serve up bad or erroneous information to potential customers—which no business owner wants. Your website’s job is to inform and offer a great user experience. That’s why you need regular audits.

Set aside time every year (or even twice a year) to investigate and inventory all the content you’ve compiled on your website. If you find information that is outdated, misleading or otherwise confusing—update it or remove it. Tidying up your content house makes for happier customers and increases your credibility.

Source: http://www.manta.com/resources/tip-of-the-day/content-clean-up/?utm_medium=Email_Marketing&utm_source=Newsletter&utm_campaign=TOTD&utm_content=TOTD_NewDesign2015&utm_term=17740&su=hq344mgu9vl41l

File As Soon As Possible to Maintain Eligibility for Advance Payments of the Premium Tax Credit

The IRS is sending letters to taxpayers who received advance payments of the premium tax credit in 2014, but who have not yet filed their tax return. You must file a tax return to reconcile any advance credit payments you received in 2014 and to maintain your eligibility for future premium assistance. If you do not file, you will not be eligible for advance payments of the premium tax credit in 2016. 

If you receive a Letter 5591, 5591A, or 5596, you are being reminded to file your 2014 federal tax return along with Form 8962, Premium Tax Credit.  The letter encourages you to file within 30 days of the date of the letter to substantially increase your chances of avoiding a gap in receiving assistance with paying Marketplace health insurance coverage in 2016.

Here’s what you need to do if you received a 5591 or 5591A letter:

·         Read your letter carefully.

·         Review the situation to see if you agree with the information in the letter.

·         Use the Form 1095-A that you received from your Marketplace to complete your return. If you need a copy of your Form 1095-A, log in to your HealthCare.gov or state Marketplace account or call your Marketplace call center.

·         File your 2014 tax return with Form 8962 as soon as possible, even if you don’t normally have to file.

·         If you have already filed your 2014 tax return with Form 8962, you can disregard the letter.

Here’s what you need to do if you received a 5596 letter:

·         Read your letter carefully.

·         Review the situation to see if you agree with the information in the letter.

·         Use the Form 1095-A that you received from your Marketplace to complete Form 8962. If you need a copy of your Form 1095-A, log in to your HealthCare.gov or state Marketplace account or call your Marketplace call center.

·         File your 2014 tax return with Form 8962 as soon as possible, even though you have an extension until October 15, 2015, to file.

·         If you have already filed your 2014 tax return with Form 8962, please disregard this letter.

Source: http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/File-As-Soon-As-Possible-to-Maintain-Eligibility-for-Advance-Payments-of-the-Premium-Tax-Credit

Key Tax Tips on the Tax Effects of Divorce or Separation

Income tax may be the last thing on your mind after a divorce or separation. However, these events can have a big impact on your taxes. Alimony and a name change are just a few items you may need to consider. Here are some key tax tips to keep in mind if you get divorced or separated.

·         Child Support.  If you pay child support, you can’t deduct it on your tax return. If you receive child support, the amount you receive is not taxable.

·         Alimony Paid.  If you make payments under a divorce or separate maintenance decree or written separation agreement you may be able to deduct them as alimony. This applies only if the payments qualify as alimony for federal tax purposes. If the decree or agreement does not require the payments, they do not qualify as alimony.

·         Alimony Received.  If you get alimony from your spouse or former spouse, it is taxable in the year you get it. Alimony is not subject to tax withholding so you may need to increase the tax you pay during the year to avoid a penalty. To do this, you can make estimated tax payments or increase the amount of tax withheld from your wages.

·         Spousal IRA.  If you get a final decree of divorce or separate maintenance by the end of your tax year, you can’t deduct contributions you make to your former spouse's traditional IRA. You may be able to deduct contributions you make to your own traditional IRA.

·         Name Changes.  If you change your name after your divorce, notify the Social Security Administration of the change. File Form SS-5, Application for a Social Security Card. You can get the form on SSA.gov or call 800-772-1213 to order it. The name on your tax return must match SSA records. A name mismatch can delay your refund.  

Health Care Law Considerations

·         Special Marketplace Enrollment Period.  If you lose your health insurance coverage due to divorce, you are still required to have coverage for every month of the year for yourself and the dependents you can claim on your tax return. Losing coverage through a divorce is considered a qualifying life event that allows you to enroll in health coverage through the Health Insurance Marketplace during a Special Enrollment Period.

·         Changes in Circumstances.  If you purchase health insurance coverage through the Health Insurance Marketplace you may get advance payments of the premium tax credit in 2015. If you do, you should report changes in circumstances to your Marketplace throughout the year. Changes to report include a change in marital status, a name change and a change in your income or family size. By reporting changes, you will help make sure that you get the proper type and amount of financial assistance. This will also help you avoid getting too much or too little credit in advance.

·         Shared Policy Allocation. If you divorced or are legally separated during the tax year and are enrolled in the same qualified health plan, you and your former spouse must allocate policy amounts on your separate tax returns to figure your premium tax credit and reconcile any advance payments made on your behalf. Publication 974, Premium Tax Credit, has more information about the Shared Policy Allocation.