2021

Families can now report income changes using the Child Tax Credit Update Portal

COVID Tax Tip 2021-167, November 10, 2021 The IRS recently launched a new feature in its Child Tax Credit Update Portal, allowing families receiving monthly advance child tax credit payments to update their income. Families should enter changes by November 29, so the changes are reflected in the December payment. Once the update is made, the …

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Here’s how businesses can deduct startup costs from their federal taxes

IRS Tax Tip 2021-166, November 9, 2021 When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business. Generally, the business can recover costs for assets through depreciation deductions. For costs paid or incurred after September 8, 2008, …

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Taxpayer Advocate Service: Helping taxpayers navigate their IRS issues or concerns

IRS Tax Tip 2021-165, November 8, 2021 The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayers’ rights. They can offer help when tax problems cause a financial difficulty. When the taxpayer has tried and been unable to resolve their issue with the IRS, or a taxpayer believes an …

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IRS help for employers wanting to rehire retirees or keep them after retirement age

COVID Tax Tip 2021-163, November 3, 2021 The IRS reminds employers they generally won’t jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who have reached age 59 ½ or the plan’s normal retirement age. With the COVID-19 pandemic, many employers, including governmental …

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People can stay connected to the IRS through social media and e-news subscriptions

IRS Tax Tip 2021-162, November 2, 2021 Taxpayers can stay in the know on all things tax-related by following the IRS verified social media accounts and subscribing to the agency’s e-news services. Here are some details about these valuable information resources. IRS social media platforms Twitter: Taxpayers, businesses and tax professionals can follow the IRS handles for up to the minute announcements, …

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Understanding taxpayer rights: The right to retain representation

IRS Tax Tip 2021-161, November 1, 2021 Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation. This is one of the fundamental rights of all taxpayers as outlined …

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Small business advertising and marketing costs may be tax deductible

IRS Tax Tip 2021-159, October 27, 2021 The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising …

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Taxpayers can find legitimate charities using the Tax Exempt Organization Search tool

IRS Tax Tip 2021-158, October 26, 2021 When taxpayers decide to support a cause they care about, they want their donation to do as much good as possible. Doing some research can help ensure donations go to legitimate and qualified charities and help donors avoid scams. The IRS’s Tax Exempt Organization Search tool, is a great place …

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