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IRS Tax Tip 2020-160, November 24, 2020 Living with a disability can come with additional expenses. Achieving a Better Life Experience accounts are authorized tax-advantaged 529A accounts that help disabled people pay qualified disability-related expenses. Here are some key things people should know about these accounts. Annual contribution limit The limit remains $15,000 in 2020. Certain employed …

ABLE accounts are a valuable benefit for taxpayers with disabilities Read More »

COVID Tax Tip 2020-159, November 23, 2020 There are steps people can take now to make sure their tax filing experience goes smoothly in 2021. First, they can visit the Get Ready page on IRS.gov. Here are a few other things people can do now: Check their withholding and make any adjustments soon Since most taxpayers typically only have …

Here’s what taxpayers can do now to Get Ready to file taxes in 2021 Read More »

COVID Tax Tip 2020-158, November 19, 2020 The IRS reviewed its collection activities to see how it could provide relief for taxpayers who owe taxes but are struggling financially because of the pandemic. The agency is expanding taxpayer options for making payments and other ways to resolve tax debt. Taxpayers who owe taxes always had …

Taxpayer Relief Initiative aims to help those financially affected by COVID-19 Read More »

COVID Tax Tip 2020-157, November 18, 2020 Employers who are filing Form 941, Employer’s Quarterly Federal Tax Return and claiming an employer tax credit should read the instructions carefully and take their time when completing the form to avoid mistakes. Using a reputable tax preparer including certified public accountants, enrolled agents or other knowledgeable tax professionals can also help avoid errors. …

Common errors businesses should avoid when claiming employer tax credits Read More »

IRS Tax Tip 2020-156, November 17, 2020 The IRS is here to serve and support all of America’s taxpayers including, those who use assistive technology. The agency’s Alternative Media Center (AMC) provides resources and accessibility services to taxpayers with disabilities. Tax-related content is available in a variety of formats for use with assistive technology such as screen …

Here’s how visually impaired taxpayers can access IRS resources and information Read More »

IRS Tax Tip 2020-155, November 16, 2020 Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or an eligible educator. They must complete Form 2106, Employee Business Expenses, to …

Here’s who qualifies for the employee business expense deduction Read More »

COVID Tax Tip 2020-154, November 13, 2020 Any eligible self-supporting college student who doesn’t need to file a tax return should register using the Non-Filers tool by 3:00 p.m. ET November 21 to receive an Economic Impact Payment before the end of this year. Generally, a self-supporting student who registers will receive a $1,200 payment if they are single …

Self-supporting college students may qualify for an Economic Impact Payment Read More »

COVID Tax Tip 2020-153, November 12, 2020 Whether taxpayers are supporting natural disaster recovery, COVID-19 pandemic aid or another cause that’s personally meaningful to them, their charitable donations may be tax deductible. These deductions basically reduce the amount of their taxable income. Here’s how the CARES Act changes deducting charitable contributions made in 2020: Previously, …

How the CARES Act changes deducting charitable contributions Read More »

IRS Tax Tip 2020-152, November 10, 2020 The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their …

Taxpayers have the right to representation when working with the IRS Read More »

IRS Tax Tip 2020-152, November 10, 2020 The IRS grouped all of the rights taxpayers have under the law into the Taxpayper Bill of Rights. Included in the list is the right to retain representation. Here’s what the right to retain representation means to taxpayers: Taxpayers have the right to retain an authorized representative of their …

Taxpayers have the right to representation when working with the IRS Read More »