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Financial safety is an important part of disaster preparedness

2020, Tax Tips / By

IRS Tax Tip 2020-99, August 10, 2020 Before a natural disaster strikes, taxpayers are encouraged to prepare, if possible. This includes developing evacuation plans, putting together kits of essential supplies and putting financial safety measures in place.  To help protect their financial safety in a disaster situation, taxpayers should: Update emergency plans. A disaster can strike at …

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Here’s what taxpayers need to know about the home office deduction

2020, Individual, Tax Tips / By

IRS Tax Tip 2020-98, August 6, 2020 The home office deduction allows qualifying taxpayers to deduct certain home expenses on their tax return. With more people working from home than ever before, some taxpayers may be wondering if they can claim a home office deduction when they file their 2020 tax return next year. Here are some things to …

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Dirty Dozen part 2: Thieves are constantly coming up with ways to scam taxpayers

2020, Individual, Tax Tips / By

COVID Tax Tip 2020-97, August 5, 2020 This is the second of two tips exploring the IRS Dirty Dozen tax scam list. Tax scams tend to rise during tax season or during times of crisis. Scam artists are using the COVID-19 pandemic to try to steal money and information from taxpayers. Taxpayers should watch out for these …

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Dirty Dozen part 1: Taxpayers should be on the lookout for these scams

2020, Individual, Tax Tips / By

COVID Tax Tip 2020-96, August 4, 2020 All tax scams put taxpayers at risk. This is the first of two tips taking a closer look at the IRS Dirty Dozen tax scam list. This year, taxpayers should be especially, watchful for aggressive schemes related to COVID-19 relief, including Economic Impact Payments. Here is a recap of the …

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What taxpayers should do if they get a letter or notice from the IRS

2020, Tax Tips / By

IRS Tax Tip 2020-95, August 3, 2020 Every year the IRS mails letters or notices to taxpayers for many different reasons. Here are some do’s and don’ts for taxpayers who receive one: Don’t ignore it. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and …

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Employers should consider filing payroll taxes electronically

2020, Small Business, Tax Tips / By

IRS Tax Tip 2020-94, July 29, 2020 Business owners can make taxes a little easier on themselves by filing payroll and employment taxes electronically. There are several benefits to filing these forms electronically: It saves time. It’s secure and accurate. The filer gets an email to confirm the IRS received the form within 24 hours. …

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Attention teachers: Those school expenses might be tax deductible

2020, Tax Tips / By

IRS Tax Tip 2020-92, July 27, 2020 School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Who is considered an eligible educator: The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal or aide. They …

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How taxpayers can troubleshoot common after-tax-day issues

2020, Individual, Tax Tips / By

IRS Tax Tip 2020-91, July 23, 2020 While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues. Here are some tips for taxpayers handling some of the most common after-tax-day issues. Check the status of a refund Taxpayers can check on their …

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All taxpayers should know the telltale signs of common tax scams

2020, Tax Tips / By

IRS Tax Tip 2020-90, July 22, 2020 Every year scammers add new twists to well-known tax-related scams and 2020 is no exception. Taxpayers should remember that the IRS generally first mails a bill to a taxpayer who owes taxes. There are special circumstances when the IRS will call or come to a home or business. Here are some …

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