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IRS Tax Tip 2021-65, May 11, 2021 With the filing deadline around the corner, the IRS reminders members of the military that they may qualify for special tax benefits. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to …
COVID Tax Tip 2021-64, May 10, 2021 Employers filing employment tax returns and claiming an employer tax credit should read the instructions for Form 941 and carefully complete the form to avoid mistakes. Using a reputable tax preparer including a certified public accountant, enrolled agent or other knowledgeable tax professional can also help avoid errors. Mistakes can result in a processing delay or …
Common but costly errors employers should avoid when filing taxes or claiming credits Read More »
IRS Tax Tip 2021-63, May 6, 2021 The gig economy allows people to earn income by using technology to arrange transactions. This could include performing rideshare services or deliveries, renting out property, selling goods online, or providing freelance work. Often, customers and providers of goods or services are brought together through a digital platform on an app or website. …
COVID Tax Tip 2021-62, May 5, 2021 For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file. Taxpayers must request an extension to file by May 17, or they may face a failure to …
Filing season reminder: An extension to file is not an extension to pay taxes Read More »
COVID Tax Tip 2021-61, May 4, 2021 Taxpayers, businesses, tax professionals and others can follow the agency’s official social media accounts and email subscription lists to get urgent information on Economic Impact Payments and other tax information. These platforms provide the latest alerts and information on various tax topics, including tax relief related to COVID …
IRS Tax Tip 2021-60, May 3, 2021 Individual taxpayers and business owners can use the IRS’s recently updated Offer in Compromise Booklet PDF to learn how an offer in compromise works and decide if it could help them resolve their tax debt. An offer in compromise is an agreement between a taxpayer and the IRS that settles a tax debt …
An offer in compromise may help some taxpayers settle their tax bill Read More »
Tax Tip 2021-59, April 29, 2021 The IRS mobile app – IRS2Go – provides taxpayers with quick access to helpful IRS tools on their mobile devices. The app is free to download on any iOS or Android device, and it’s available in English and Spanish. IRS2Go can be used to check on refunds, make payments, find free …
IRS2Go mobile app is a quick way to access IRS tools and services Read More »
COVID Tax Tip 2021-58, April 28, 2021 After each of the three Economic Impact Payments is issued, the IRS is required to mail a notice to each recipient’s last known address. The notice provides information about the amount of the payment, how it was made and how to report any payment that wasn’t received. Some …
Here’s why some people got more than one notice about their Economic Impact Payments Read More »
COVID Tax Tip 2021-57, April 27, 2021 The IRS urges low- and moderate-income individuals and families, especially those who don’t normally file a tax return because they are not required to by law, to use IRS Free File. Filing a tax return is the only way for taxpayers to claim a refund or claim benefits like …
Tax Tip 2021-56, April 26, 2021 Now that many taxpayers have filed their federal tax returns, they’re eager for details about their refund. When it comes to refunds, there are several common myths that can mislead taxpayers. Getting a refund this year means there’s no need to adjust withholding for 2021 To help avoid a …
Taxpayers shouldn’t believe these myths about federal tax refunds Read More »