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IRS Tax Tip 2019-63, May 21, 2019 All taxpayers have fundamental rights when working with the IRS. The agency outlines them on IRS.gov and in Publication 1. To help taxpayers understand their rights, here is a list of them with a brief description of each one: The right to be informed. Taxpayers are entitled to clear explanations of the …
IRS Tax Tip 2019-62, May 20, 2019 With summer almost here, many students will turn their attention to making money from a summer job. Whether it’s flipping burgers or filing documents, the IRS wants student workers to know some facts about their summer jobs and taxes. Not all the money they earn will make it …
It’s summertime… and these tips can help make livin’ easy for teens with jobs Read More »
IRS Tax Tip 2019-61, May 16, 2019 The IRS reminds tax professionals to sign up for this summer’s 2019 IRS Nationwide Tax Forums. Tax professionals attending can earn up to 19 continuing education credits. The forums are three-day events featuring presentations by tax experts from the IRS and association partners. Topics on important tax issues …
Tax Preparers: Register for 2019 IRS Nationwide Tax Forums Read More »
IRS Tax Tip 2019-60, May 15, 2019 The IRS has some good news for taxpayers who are selling their home. When filing their taxes, they may qualify to exclude all or part of any gain from the sale from their income. Here are some things that homeowners should think about when selling a home: Ownership and …
Tax tips for taxpayers to consider when selling their home Read More »
IRS Tax Tip 2019-59, May 14, 2019 As summer approaches, so do storm and other natural disasters. Whether it’s a hurricane, fire, flood or tornado, it’s important for people to be prepared. One way to get ready is for taxpayers to know what to do about important documents and paperwork that might be lost after …
Disaster resources can help taxpayers weather the storm Read More »
IRS Tax Tip 2019-58, May 13, 2019 The IRS continues to highlight many resources available to help small business owners and self-employed individuals understand and meet their tax obligations. Here’s a recap of key topics covered in IRS Tax Tips during this year’s Small Business Week. How small businesses can connect with the IRS over …
Recapping highlights from National Small Business Week 2019 Read More »
IRS Tax Tip 2019-57, May 10, 2019 Businesses that use a car or other vehicle may be able to deduct the expense of operating that vehicle on their taxes. Businesses generally can use one of the two methods to figure their deductible vehicle expenses: Standard mileage rate Actual car expenses For 2019, here are the …
Small businesses can benefit from deducting vehicle costs on their taxes Read More »
IRS Tax Reform Tax Tip 2019-56, May 9, 2019 Businesses should know the tax rules for deducting depreciation on certain property. This deduction can benefit eligible business taxpayers. The Tax Cuts and Jobs Act made changes to the rules around depreciation that will affect many businesses. First off, businesses should remember they can generally depreciate tangible property, …
Businesses should review depreciation deductions rules Read More »
IRS Tax Tip 2019-55, May 8, 2019 Business owners who file payroll and employment taxes using paper forms should consider filing these electronically. Here are some of the forms employers can e-file: Form 940, Employer’s Annual Federal Unemployment Tax Return Employers use this form to report annual Federal Unemployment Tax Act tax. Form 941, Employer’s …
It pays for employers to file payroll taxes electronically Read More »
IRS Tax Tip 2019-54, May 7, 2019 Small business owners should keep good records. This applies to all businesses, whether they have a couple dozen employees or just a few. Whether they install software or make soft-serve. Whether they cut hair or cut lawns. Keeping good records is an important part of running a successful …
Taking care of business: recordkeeping for small businesses Read More »