Did you know that almost everything you own and use for personal or investment purposes is a capital asset? Capital assets include a home, household furnishing, and stocks and bonds held in a personal account. When a capital asset is sold, the difference between the amount you paid for the asset and the amount you sold it for is a capital gain or capital loss.

Here are ten facts from the IRS about gains and losses and how they can affect your Federal income tax return.

There are many reasons why you may need a copy of your tax return information from a prior year. Transcripts are free and available for the most current tax year after the IRS has processed the return. You can also get them for the past three tax years. If you don’t have your copy, the IRS can help. Here are the types of transcripts to choose from:

• Tax Return Transcript.  A return transcript shows most line items from your tax return just as you filed it. It also includes any forms and schedules you filed with your return. However, it does not reflect changes made to the return after you filed it. If you are applying for a mortgage, most mortgage companies require a tax return transcript and participate in our Income Verification Express Service program. If you are applying for financial aid, you can use the IRS Data Retrieval Tool
• Tax Account Transcript.  This transcript shows any adjustments made by you or the IRS after you filed your return. It shows basic tax return data, like marital status, type of return, adjusted gross income and taxable income, and other transactions such as payments you made.

When you file your taxes, you have options on how to receive your refund. The best way to get it is by direct deposit. Eight out of 10 taxpayers get their refunds by direct deposit. Here are six good reasons why you should do the same in 2016:

IRS Direct Deposit:

This year, you may receive one or more forms that provide information about your 2015 health coverage you had in 2015.  These forms are 1095-A, 1095-B and 1095-C.

Form 1095-B, Health Coverage, provides you with information about your health care coverage if you, your spouse or your dependents enrolled in coverage through an insurance provider or self-insured employer last year.

Here are the answers to questions you’re asking about Form 1095-B:

The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment for months without coverage or an exemption when you file your federal income tax return.

You, your spouse, or your dependents may be eligible to claim an exemption from the requirement to have coverage and are not required to make a payment. .For any month that you do not qualify for a coverage exemption, you will need to have minimum essential coverage or make a shared responsibility payment.

You can claim most exemptions when you file your tax return. However, you must apply for certain exemptions in advance through the Health Insurance Marketplace, You may be exempt if:

You can prepare and electronically file your federal taxes for free using IRS Free File. It is fast, safe and easy to use. IRS Free File does the hard work for you with either brand-name tax software or online fillable forms.

Here are six facts that you should know about Free File:

Each year, people fall prey to tax scams. That’s why the IRS sends a list of its annual “Dirty Dozen.” Stay safe and be informed – don’t become a victim.

If you get involved in illegal tax scams, you can lose money or face stiff penalties, interest and even criminal prosecution. Remember, if it sounds too good to be true, it probably is. Be on the lookout for these scams:

The Internal Revenue Service (IRS) requires you to make quarterly estimated tax payments for calendar year 2015 if both of the following apply:

    
• you expect to owe at least $1,000 in federal tax for 2015, after subtracting federal tax withholding and credits, and
    
• you expect federal withholding and credits to be less than the smaller of:
          
  • 90% of the tax to be shown on your 2015 federal tax return, or
          
  • 100% of the tax shown on your 2014 federal tax return (only applies if your 2014 tax return covered 12 months - otherwise refer to 90% rule above only).

To calculate your federal quarterly estimated tax payments, you must estimate your adjusted gross income, taxable income, taxes, deductions, and credits for the calendar year 2015. Form 1040-ES includes an Estimated Tax Worksheet to help you calculate your federal estimated tax payments.