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IRS Tax Tip 2020-109, August 26, 2020 All taxpayers should review their withholding annually. They can use the IRS Tax Withholding Estimatorto check and make sure they’re not having too little or too much federal tax withheld. This tool offers workers, retirees and self-employed individuals a step-by-step method to help figure out if they should adjust …

Tips for taxpayers who need to file a new W-4 Read More »

IRS Tax Tip 2020-108, August 25, 2020 Whether it’s something they’ve been doing for years or something they just started to make extra money, taxpayers must report income earned from hobbies in 2020 on next year’s tax return. What the difference between a hobby and a business? A business operates to make a profit. People …

Earning side income: Is it a hobby or a business? Read More »

COVID Tax Tip 2020-107, August 24, 2020 The deadline to file and pay heavy highway vehicle use tax is Monday, August 31. All taxpayers who file Form 2290 are encouraged to do so electronically. Those with 25 or more taxed vehicles must e-file. All the information needed to file is on the Trucking Tax Center. Taxpayers who e-file …

Deadline to file and pay heavy highway vehicle use tax is Aug. 31 Read More »

IRS Tax Tip 2020-106, August 20, 2020 October 15 is almost here. That’s the last day to file for most people who requested an extension for their 2019 tax return. These taxpayers can file any time before Thursday, October 15 if they have all their required tax documents. They can also pay part or all …

Important things all extension filers should remember Read More »

IRS Tax Tip 2020-105, August 19, 2020 The latest tax information and tips are just a click away. IRS.gov provides taxpayer assistance 24/7 and is regularly updated to reflect the most current tax information for most tax-related questions. The agency encourages the public to visit IRS.gov to: Get answers to tax questions. The Interactive Tax Assistant asks a …

A taxpayer’s first option: IRS.gov Read More »

IRS Tax Tip 2020-104, August 18, 2020 Information a taxpayer gives the IRS won’t be shared with outside parties, unless allowed by the taxpayer or by law. This is the right to confidentiality; one of ten rights known collectively as the Taxpayer Bill of Rights. The right to confidentiality means: The IRS won’t give any information …

All taxpayers have the right to confidentiality Read More »

IRS Tax Tip 2020-103, August 17, 2020 Whether it’s online, in-person, part-time or full-time, higher education can be expensive. The good news is there are tax credits that can help offset these costs. These credits reduce the amount of tax someone owes. If the credit reduces tax to less than zero, the taxpayer could even …

Tax credits can help offset the cost of higher education Read More »

IRS Tax Tip 2020-102, August 13, 2020 A taxpayer may owe money when they complete and file their tax return. They have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one of ten rights known collectively …

Taxpayers must pay no more than the correct amount of tax Read More »

COVID Tax Tip 2020-101, August 12, 2020 Using the IRS Tax Withholding Estimatorcan help taxpayers have the right amount of tax withheld and avoid surprises when filing next year. Income taxes are pay-as-you-go. By law, taxpayers are required to pay most of their tax as income is received. There are two ways to do this: Through withholding …

Using the Tax Withholding Estimator will help taxpayers avoid surprises next year Read More »