Karen Connelly
  • Female
  • Colorado Springs, CO
  • United States
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Karen Connelly posted a blog post

IRS Has $16.8 Million for Coloradoans Who Have Not Filed a 2009 Tax Return

Refunds totaling just over $917 million nationwide and $16.8 million in Colorado may be waiting for taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.The IRS estimates that half the potential refunds for 2009 are more than $500. Some people may not have filed because they had too little income to require filing a tax return…See More
Mar 15
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Karen Connelly posted a blog post

Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits.In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible student. Eligible students include the primary taxpayer, the taxpayer’s spouse or a dependent of the…See More
Feb 25
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Karen Connelly posted a blog post

New IRS Tumblr Site Helps with Tax Season

Tax issues can touch a wide range of people who need information in many different ways. For that reason, the IRS has added Tumblr to its list of social media platforms it is using to share IRS news and information.The new Tumblr platform at www.internalrevenueservice.tumblr.com provides another way for taxpayers to get current tax information when and where they want it. Tumblr is a micro-blogging site where users can…See More
Feb 14
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Karen Connelly posted a blog post

IRS Offers Tax Tips for 'The Season of Giving'

December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning: Contribute to Qualified Charities.  If you plan to take an itemized charitable deduction on your 2012 tax return, your donation must go to a qualified charity by Dec. 31. Ask the charity about its…See More
Dec 6, 2012
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Karen Connelly posted a blog post

Ten Reasons Why You Should Become a Trained and Certified Tax Volunteer

 The Internal Revenue Service is seeking community volunteers to provide free tax help to qualified individuals during the tax filing season.Managed by the IRS, the Volunteer Income Tax Assistance (VITA) and the Tax Counseling for the Elderly (TCE) programs are community based partnerships that provide free tax return preparation for low-to-moderate income taxpayers, seniors, people with disabilities and those with limited English skills. If you are looking for a way to help in your community,…See More
Aug 27, 2012
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Karen Connelly posted a blog post

Six Tips for Charitable Taxpayers

Contributing money and property are ways that you can support a charitable cause, but in order for your donation to be tax-deductible, certain conditions must be met.  Read on for six things the IRS wants taxpayers to know about deductibility of donations.Tax-exempt status. Contributions must be made to qualified charitable organizations to be deductible. Ask the charity about its tax-exempt status, or look for it on IRS.gov in the Exempt Organizations Select Check, an online search tool that…See More
Aug 20, 2012
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Karen Connelly posted a blog post

Automated IRS System Helps College-Bound Students with Financial Aid Application Process

College-bound students and their parents sometimes face last minute requests to complete or provide additional information for financial aid applications.   The Internal Revenue Service wants to help by minimizing time spent on the completion of the Department of Education’s Free Application for Federal Student Aid (FAFSA). By using the IRS Data Retrieval Tool, applicants can automatically transfer required tax data from their federal tax returns directly to their FAFSA form. This IRS tool is a…See More
Aug 16, 2012
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Karen Connelly posted a blog post

Don’t Overlook the Benefits of Miscellaneous Deductions

If you are able to itemize your deductions on your tax return instead of claiming the standard deduction, you may be able to claim certain miscellaneous deductions. A tax deduction reduces the amount of your taxable income and generally reduces the amount of taxes you may have to pay. Here are some things you should know about miscellaneous tax deductions:Deductions Subject to the 2 Percent Limit. You can deduct the amount of certain miscellaneous expenses that exceed 2 percent of your adjusted…See More
Aug 13, 2012
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Karen Connelly posted a blog post

Ten Tax Tips for Individuals Selling Their Home

The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income. Here are 10 tips from the IRS to keep in mind when selling your home.In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.If you…See More
Aug 9, 2012
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Karen Connelly posted a blog post

Eleven Tips for Taxpayers Who Owe Money to the IRS

Most taxpayers get a refund from the Internal Revenue Service when they file their tax returns. For those who don’t get a refund, the IRS offers several options to pay their tax bill.Here are eleven tips for taxpayers who owe money to the IRS.Tax bill payments  If you get a bill from the IRS this summer that shows you owe late taxes, you are expected to promptly pay the tax owed including any penalties and interest. If you are unable to pay the amount due, it may be better for you to get a loan…See More
Aug 3, 2012
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Karen Connelly posted a blog post

IRS Can Help When Starting a Small Business

If you are opening a new business this summer, the IRS has some basic federal tax information to help you get started. Here are some things to consider when starting a business:Type of Business  One of the first decisions you need to make is what type of business you are going to establish. The most common types of businesses are sole proprietorship, partnership, corporation, S corporation, and Limited Liability Company. The type of business you establish determines which tax forms you will…See More
Aug 2, 2012
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Karen Connelly posted a blog post

Six Social Media Tools to Help You Get Free Tax Information

The IRS uses a variety of technologies to help you get the tax information you need. Here are six ways the IRS uses social media to share information on tax changes, initiatives, products and services:IRS2Go 2.0  IRS’s smartphone application allows you to check your refund status, get tax updates and follow the IRS via Twitter. IRS2Go 2.0 is available in the Apple App store for iPhone or iPod touch devices and in the GooglePlay store for Android devices.YouTube IRSvideos  YouTube Channel offers…See More
Jul 27, 2012
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Karen Connelly posted a blog post

Federal Tax Credits Aid College-Bound

Now that school has been out for the summer awhile, many college students are anticipating the upcoming fall semester and new high school graduates are preparing to pursue higher education for the first time. Tax credits, deductions and savings plans can help taxpayers with these expenses.Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify for a tax credit, the American Opportunity Tax Credit, to pay for college expenses.The American Opportunity Tax…See More
Jul 11, 2012
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Karen Connelly posted a blog post

Start Planning Now for Next Year's Tax Return

The tax deadline may have just passed but planning for next year can start now. The IRS reminds taxpayers that being organized and planning ahead can save time, money and headaches in 2013.Here are eight things you can do now to make next April 15 easier.1. Adjust your withholding — Why wait another year for a big refund? Now is a good time to review your withholding and make adjustments for next year, especially if you'd prefer more money in each paycheck this year. If you owed at tax time,…See More
Apr 30, 2012
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Karen Connelly posted a blog post

Tax filing tips for last-minute filers

The Internal Revenue Service has some tips for those hurrying to finish their tax forms — double-check your return for accuracy, use the free IRS resources if you need tax help, consider electronic options for filing and paying, and don't miss the filing deadline — Tuesday, April 17."Resist the temptation to put off your taxes until the very last minute," recommends Karen Connelly, IRS spokesperson in Denver. "Rushing to meet the filing deadline may cause you to overlook potential sources of…See More
Apr 2, 2012
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Karen Connelly posted a blog post

Six Tips for Reducing Tax-Time Stress

Tax preparation doesn't need to give you a headache. There are several ways to make it easier on yourself.The IRS offers six tips to help make your tax-filing experience a breeze this year.1. Don’t procrastinate — Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.2. Visit the IRS website. More than 322 million visits were made…See More
Mar 23, 2012
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Karen Connelly's Blog

IRS Has $16.8 Million for Coloradoans Who Have Not Filed a 2009 Tax Return

Posted on March 15, 2013 at 10:51am 0 Comments

Refunds totaling just over $917 million nationwide and $16.8 million in Colorado may be waiting for taxpayers who did not file a federal income tax return for 2009, the Internal Revenue Service announced today. However, to collect the money, a return for 2009 must be filed with the IRS no later than Monday, April 15, 2013.

The IRS estimates that half the potential refunds for 2009 are more than $500. Some people may not have filed because they had too little income to require filing a…

Continue

Parents and Students: Check Out College Tax Benefits for 2012 and Years Ahead

Posted on February 25, 2013 at 11:01am 0 Comments

The Internal Revenue Service today reminded parents and students that now is a good time to see if they qualify for either of two college education tax credits or any of several other education-related tax benefits.

In general, the American opportunity tax credit, lifetime learning credit and tuition and fees deduction are available to taxpayers who pay qualifying expenses for an eligible…

Continue

New IRS Tumblr Site Helps with Tax Season

Posted on February 14, 2013 at 12:42pm 0 Comments

Tax issues can touch a wide range of people who need information in many different ways. For that reason, the IRS has added Tumblr to its list of social media platforms it is using to share IRS news and information.

The new Tumblr platform at www.internalrevenueservice.tumblr.com provides another way for taxpayers to get current tax information when and where they want it. Tumblr is a micro-blogging site where…

Continue

IRS Offers Tax Tips for 'The Season of Giving'

Posted on December 6, 2012 at 12:03pm 0 Comments

December is traditionally a month for giving generously to charities, friends and family. But it’s also a time that can have a major impact on the tax return you’ll file in the New Year. Here are some “Season of Giving” tips from the IRS covering everything from charity donations to refund planning:

 

  • Contribute to Qualified Charities.  If you plan to take an itemized charitable deduction on your 2012 tax return, your donation must go to a qualified charity by Dec.…
Continue

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