Internal Revenue Service
The Internal Revenue Service, known as the IRS, is the Treasury Department agency that collects federal taxes and enforces the tax laws Congress passes. It processes returns, issues refunds, audits taxpayers, collects unpaid taxes, and oversees tax-exempt groups.
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All Articles on Internal Revenue Service
How the Earned Income Tax Credit Can Boost Your Refund
The Earned Income Tax Credit (EITC or EIC) is a significant federal tax benefit designed for working individuals and families with low to moderate…
The Tax Benefits of Health Savings Accounts (HSAs)
Health Savings Accounts (HSAs) represent a valuable, tax-advantaged tool authorized by the federal government, designed specifically to help individuals enrolled in certain types of…
Mortgage Interest Deduction vs Standard Deduction: Which Saves More?
Owning a home represents a significant financial milestone for many Americans. Beyond the personal benefits, homeownership can also unlock substantial federal tax advantages, potentially…
The Tax Impacts of Getting Married
This guide walks newlyweds and those planning marriage through the essential federal tax changes and considerations that come from this life event.
The Tax Consequences of Big Lottery Wins
Winning a major lottery jackpot is a life-altering event, bringing immense financial change. However, it's crucial to understand from the outset that these winnings…
Amending Your Tax Return to Correct Filed Mistakes
Making an error on a federal tax return is a common occurrence, and thankfully, the Internal Revenue Service (IRS) provides a clear pathway for…
Navigating Taxes for Deceased Relatives
Dealing with the financial affairs of a loved one who has passed away is challenging, and tax obligations are a critical part of those…
Child Tax Credit: Guide to Eligibility, Benefits, and How to Claim
The Child Tax Credit is one of the most significant federal tax benefits available to American families, designed to help offset the substantial costs…
Creating an IRS Payment Plan
Facing a tax bill you can't immediately pay can be stressful, a situation many taxpayers encounter unexpectedly. Fortunately, the Internal Revenue Service (IRS) offers…
Understanding Dependents for Tax Purposes
Figuring out who counts as a dependent on your U.S. federal tax return is essential. It can affect your filing status, the tax credits…