Relevant, timely, professional services and products
IRS Tax Tip 2020-83, July 9, 2020 Taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. Otherwise, they may end up owing even more because penalties and interest can cause a taxpayer’s debt to grow. If a taxpayer owes taxes, but can’t pay by the July 15, 2020 …
Taxpayers should file on time even if they can’t pay their full tax bill Read More »
IRS Tax Tip 2020-82, July 8, 2020 Generally, income received from any source, including tips, is taxable. Here’s some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes: Tips directly from …
Taxpayers should report tip income on their tax return Read More »
COVID Tax Tip 2020-81, July 7, 2020 Taxpayers who live and work abroad have until Wednesday, July 15, 2020 to file and pay their 2019 federal income taxes. U.S. citizens and resident aliens generally have the same filing and payment requirements regardless of where they live. The July 15 postponed deadline also applies to nonresident …
The postponed federal tax deadline applies to taxpayers living overseas Read More »
IRS Tax Tip 2020-80, July 6, 2020 There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally, payers must file Form 1099-NEC by January 31. For 2020 tax …
How to report nonemployee compensation and backup withholding Read More »
COVID Tax Tip 2020-79, July 2, 2020 As part of its response to COVID-19, the IRS has postponed several tax deadlines until Wednesday, July 15, 2020. These postponements generally apply to all taxpayers with a filing or payment deadline between April 1 and July 15, 2020. This relief includes individual and corporate quarterly estimated tax payments. Any taxpayer …
Deadline for estimated tax payments postponed until Wednesday, July 15 Read More »
IRS Tax Tip 2020-78, July 1, 2020 The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer most questions and avoid long waits …
Taxpayers can get last minute filing tips on IRS.gov Read More »
COVID Tax Tip 2020-77, June 30, 2020 While many people are required to file a tax return, it’s a good idea for everyone to determine if they should file. Some people with low income are not required to file but will need to do so to get a tax refund. The Interactive Tax Assistant – Do …
Tax Tip 2020-76, June 25, 2020 Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are taxable depends on the taxpayer’s …
Don’t forget, Social Security benefits may be taxable Read More »
IRS Tax Tip 2020-75, June 24, 2020 The gig economy, also called sharing or access economy, is activity where taxpayers earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. While there are many types of sharing economy businesses, ride-sharing and home rentals are two of …
COVID Tax Tip 2020-74, June 23, 2020 People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. For security reasons, the IRS …
Keep Economic Impact Payment notice with other tax records Read More »