Friday, August 12, 2022

Consejo en video del IRS: Campamento diurno y otros gastos por cuidado de hijos

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Edición Número: Campamento diurno y otros gastos por cuidado de hijos

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Aquí un consejo en video del IRS:

Campamento diurno y otros gastos por cuidado de hijos Español | Inglés | ASL

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IRS video tax tip: Day Camp and Other Child Care Expenses

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Issue Number:  Day Camp and Other Child Care Expenses


Here is a video tax tip from the IRS:

Day Camp and Other Child Care Expenses English | Spanish | ASL
 
Subscribe today: The IRS YouTube channels provide short, informative videos on various tax related topics in English, Spanish and ASL.

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Thursday, August 11, 2022

Estudiantes universitarios deben estudiar dos créditos tributarios

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Consejo Tributario del IRS 2022-123SP

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Estudiantes universitarios deben estudiar dos créditos tributarios

Cualquiera que persiga una educación superior, incluida la capacitación laboral especializada y la escuela de posgrado, sabe que puede ser costoso. Los contribuyentes elegibles que pagaron costos de educación superior para sí mismos, su cónyuge o dependientes en 2021 pueden aprovechar dos créditos tributarios de educación (en inglés). El Crédito tributario de la oportunidad americana (en inglés) y el Crédito perpetuo de aprendizaje (en inglés) pueden ayudar a compensar los costos de educación al reducir la cantidad de impuestos adeudados. Si el Crédito tributario de la oportunidad americana reduce el impuesto a cero, el contribuyente podría recibir un reembolso de hasta $1,000.

Para ser elegible para reclamar cualquiera de estos créditos, un contribuyente o un dependiente debe haber recibido un Formulario 1098-T, Declaración de matrícula (en inglés), de una institución educativa elegible. Sin embargo, hay excepciones para algunos estudiantes. Para reclamar cualquiera de los créditos, los contribuyentes deben completar el Formulario 8863, Créditos de educación (en inglés), y presentarlo con su declaración de impuestos.

Los contribuyentes deben saber lo siguiente acerca de estos créditos:

El Crédito tributario de la oportunidad americana:

  • Provee un beneficio máximo de hasta $2,500 por estudiante elegible.
  • Disponible solo durante los primeros cuatro años en una universidad elegible o escuela vocacional.
  • Para estudiantes que buscan un título u otra credencial reconocida de educación.
  • El crédito es parcialmente reembolsable. Se puede recibir hasta $1,000 de reembolso.

El Crédito perpetuo de aprendizaje:

  • Provee un beneficio máximo de hasta $2,000 por declaración de impuestos, por año, sin importar cuántos estudiantes califiquen.
  • Disponible para todos los años de educación postsecundaria y para cursos para adquirir o mejorar destrezas laborales.
  • Disponible para un número indefinido de años tributarios.

Contribuyentes pueden usar la herramienta Asistente Tributario Interactivo (en inglés) en IRS.gov para verificar si son elegibles para alguno de estos créditos.

Información adicional:

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Tax Tip 2022-123: College students should study up on these two tax credits

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Issue Number: Tax Tip 2022-123


College students should study up on these two tax credits

Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing the amount of tax they owe. If the American opportunity tax credit reduces the tax to zero, the taxpayer could receive a refund up to $1,000.

To be eligible to claim either of these credits, a taxpayer or a dependent must have received a Form 1098-T, Tuition Statement, from an eligible educational institution. However, there are exceptions for some students. To claim either credit, taxpayers must complete Form 8863, Education Credits, and file it with their tax return.

Here are some key things taxpayers should know about each of these credits.

The American opportunity tax credit is:

  • Worth a maximum benefit of up to $2,500 per eligible student
  • Only available for the first four years at a post-secondary or vocational school
  • For students pursuing a degree or other recognized education credential
  • Partially refundable; Taxpayers could get up to $1,000 back

The lifetime learning credit is:

  • Worth a maximum benefit of up to $2,000 per tax return, per year, no matter how many students qualify
  • Available for all years of postsecondary education and for courses to acquire or improve job skills
  • Available for an unlimited number of tax years

Taxpayers can use the Interactive Tax Assistant tool on IRS.gov to figure out if they're eligible for either of these credits.

More information:
Compare Education Credits
Publication 970, Tax Benefits for Education


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Wednesday, August 10, 2022

IR-2022-149: IRS: Missouri storm, flooding victims now eligible for tax relief; Oct. 17 deadline, other dates extended to Nov. 15

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Issue Number:    IR-2022-149

Inside This Issue


IRS: Missouri storm, flooding victims now eligible for tax relief; Oct. 17 deadline, other dates extended to Nov. 15

WASHINGTON — Storm victims in parts of Missouri now have until Nov. 15, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.

The IRS is offering relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, individuals and households that reside or have a business in the Independent City of St. Louis, as well as St. Charles, Montgomery and St. Louis counties in Missouri, qualify for tax relief. The same relief will be available to any other locality added later by FEMA. The current list of eligible localities is always available on the disaster relief page on IRS.gov.

The tax relief postpones various tax filing and payment deadlines that occurred starting on July 25, 2022. As a result, affected individuals and businesses will have until Nov. 15, 2022, to file returns and pay any taxes that were originally due during this period.

This means individuals who had a valid extension to file their 2021 return due to run out on Oct. 17, 2022, will now have until Nov. 15, 2022, to file. The IRS noted, however, that because tax payments related to these 2021 returns were due on April 18, 2022, those payments are not eligible for this relief. 

The Nov. 15, 2022 deadline also applies to quarterly estimated income tax payments due on Sept. 15, 2022, and the quarterly payroll and excise tax returns normally due on Aug. 1 and Oct. 31, 2022. Businesses with an original or extended due date also have the additional time including, among others, calendar-year partnerships and S corporations whose 2021 extensions run out on Sept. 15, 2022 and calendar-year corporations whose 2021 extensions run out on Oct. 17, 2022.    

In addition, penalties on payroll and excise tax deposits due on or after July 25, 2022 and before Aug. 9, 2022, will be abated as long as the deposits were made by Aug. 9, 2022.

The IRS disaster relief page has details on other returns, payments and tax-related actions qualifying for the additional time.

The IRS automatically provides filing and penalty relief to any taxpayer with an IRS address of record located in the disaster area. Therefore, taxpayers do not need to contact the agency to get this relief. However, if an affected taxpayer receives a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, the taxpayer should call the number on the notice to have the penalty abated.

In addition, the IRS will work with any taxpayer who lives outside the disaster area but whose records necessary to meet a deadline occurring during the postponement period are located in the affected area. Taxpayers qualifying for relief who live outside the disaster area need to contact the IRS at 866-562-5227. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.

Individuals and businesses in a federally declared disaster area who suffered uninsured or unreimbursed disaster-related losses can choose to claim them on either the return for the year the loss occurred (in this instance, the 2022 return normally filed next year), or the return for the prior year (2021). Be sure to write the FEMA declaration number – DR-4665-MO − on any return claiming a loss. See Publication 547 for details.

The tax relief is part of a coordinated federal response to the damage caused by these storms and is based on local damage assessments by FEMA. For information on disaster recovery, visit disasterassistance.gov.

 

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