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COVID Tax Tip 2021-177, December 1, 2021 There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022. They can start by visiting the Get Ready page on IRS.gov. Here are some other things they should do to prepare to …
What taxpayers can do now to get ready to file taxes in 2022 Read More »
IRS Tax Tip 2021-176, November 30, 2021 Giving Tuesday is the kickoff of the season of charitable giving. The IRS encourages taxpayers to research charities before donating and to familiarize themselves with the expanded tax benefits that may come with giving to causes that mean something to them. Taxpayers may be able to deduct donations …
Important charitable giving reminders for taxpayers Read More »
COVID Tax Tip 2021-175, November 29, 2021 The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has …
Some important things all taxpayers should do before the tax year ends Read More »
IRS Tax Tip 2021-174, November 24, 2021 One of the IRS’s top priorities is protecting the privacy of America’s taxpayers. The agency takes this so seriously that the right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action …
Understanding taxpayer rights: The right to privacy Read More »
IRS Tax Tip 2021-173, November 23, 2021 Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small businesses can depreciate property when …
What small business owners should know about the depreciation of property deduction Read More »
IRS Tax Tip 2021-172, November 22, 2021 Individual taxpayers and business owners can use the IRS’s Offer in Compromise Booklet PDF or the new how-to video series to learn how an offer in compromise works and decide if it could help them resolve their tax debt. Taxpayer’s can use pre-qualifier tool see if they are eligible for an offer in compromise. An offer …
COVID Tax Tip 2021-171, November 18, 2021 The IRS has a variety of resources to help members of the military, veterans and their families navigate the unique and complex circumstances that come with filing taxes while in the military. Reviewing these resources is a good way to get ready for the upcoming tax filing season. Here’s a …
Resources to make tax time easier for U.S. service members and veterans Read More »
IRS Tax Tip 2021-170, November 17, 2021 Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes …
IRS announces changes to retirement plans for 2022 Read More »
COVID Tax Tip 2021-169, November 16, 2021 Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be able …
Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items Read More »
IRS Tax Tip 2021-168, November 15, 2021 As taxpayers get ready for the upcoming filing season, It’s important for them to know their correct filing status. A taxpayer’s filing status defines the type of tax return form they should use when filing their taxes. Filing status can affect the amount of tax they owe, and it may …
Why it’s important that taxpayers know and understand their correct filing status Read More »