Lower My Tax Now Blog

IRS suggests using tax refund for bonds

If you’re receiving a tax refund this year, the IRS reminds you that you can use it to buy U.S. savings bonds directly from the IRS. Here are the details.

* You may purchase up to $5,000 in U.S. Series I savings bonds.

* The total amount of bonds you purchase…

Who needs an “Employer Identification Number”?

If you do any of the following, you will need an Employer Identification Number (EIN) from the IRS:

If you operate your business as a corporation or partnership.

If you file reports for employment taxes, excise tax, or alcohol, tobacco and firearms.

If you have even one employee.

If you have a self-employed…

What to do if you can’t meet the filing deadline

If you can’t file your 2013 tax return by the April 15 deadline, file for an extension to get until October 15, 2014, to file. You can request the extension on paper, by phone, or online. You don’t need to explain why you need more time, but be aware…

Who must file a 2013 income tax return?

The rules for filing 2013 tax returns are straightforward for most people. Marital status, age, and income level are generally the determining factors. Here’s a quick overview of the income levels at which a 2013 return is required.

*Single individual…..$10,000

*Single individual, 65 or older…..$11,500

*Married individual, separate return, regardless of age…..$3,900

*Married…