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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 »
IRS Tax Tip 2020-100, August 11, 2020 Now is a good time for people to begin thinking about next year’s tax return. While it may seem early to be preparing for 2021, reviewing your recordkeeping now will pay off when it comes time to file again. Here are some suggestions to help taxpayers keep good …
Good recordkeeping is an essential element of tax planning Read More »
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 …
Financial safety is an important part of disaster preparedness Read More »
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 …
Here’s what taxpayers need to know about the home office deduction Read More »
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 …
Dirty Dozen part 2: Thieves are constantly coming up with ways to scam taxpayers Read More »
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 …
Dirty Dozen part 1: Taxpayers should be on the lookout for these scams Read More »
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 …
What taxpayers should do if they get a letter or notice from the IRS Read More »
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. …
Employers should consider filing payroll taxes electronically Read More »