2022

IRS Tax Tip 2022-91, June 14, 2022 The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages …

Here’s what businesses need to know about the enhanced business meal deduction Read More »

IRS Tax Tip 2022-90, June 13, 2022 By law, everyone must pay tax as they earn income. Generally taxpayers must pay at least 90 percent of their taxes throughout the year through withholding, estimated or additional tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty when …

What taxpayers need to know about making 2022 estimated tax payments Read More »

IRS Tax Tip 2022-89, June 9, 2022 Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit. This is one of ten basic rights — known collectively as …

Understanding taxpayer rights: Everyone has the right to finality Read More »

IRS Tax Tip 2022-88, June 8, 2022 Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from …

When the lemonade stand makes bank: Young entrepreneurs and taxes Read More »

IRS Tax Tip 2022-87, June 7, 2022 The IRS recently rolled out a new and improved Where’s My Refund tool. This updated tool allows taxpayers to check the status of their refunds for the 2021, 2020, and 2019 tax years. To use the tool, taxpayers will need their Social Security number or ITIN, filing status and expected …

The Where’s My Refund tool is now better than ever Read More »

COVID Tax Tip 2022-86, June 6, 2022 The IRS reminds taxpayers who have not yet filed their 2021 tax return, they should file a complete and accurate return electronically when they are ready rather than wait until the October 17, 2022, extension deadline. Taxpayers who owe tax – including those who did not request an …

IRS Free File and other resources available until Oct. 17 for 2021 tax returns Read More »

IRS Tax Tip 2022-85, June 2, 2022 The IRS encourages all taxpayers to review their federal withholding at least once a year to make sure they’re not having too little or too much tax withheld. Taxpayers whose employers withhold federal income tax from their paycheck can use the IRS Tax Withholding Estimator to help decide if they …

Taxpayers should check their federal withholding to decide if they need to give their employer a new W-4 Read More »

IRS Tax Tip 2022-84, June 1, 2022 Identity Protection PINs stop identity thieves from filing fraudulent tax returns. When a taxpayer chooses to participate in this program, the IRS assigns them a six-digit number which the taxpayer uses to prove their identity when they file their tax return. This extra layer of protection provides peace …

People can protect themselves from tax-related identity theft with an Identity Protection PIN Read More »

IRS Tax Tip 2022-83, May 31, 2022 Before the IRS can choose to authorize tax relief for disaster victims, the Federal Emergency Management Agency must issue a disaster declaration. Generally, the IRS will authorize disaster tax relief to all areas identified on a disaster declaration if FEMA identifies at least one area qualifying for their …

Here’s what a disaster declaration means for taxpayers Read More »

IRS Tax Tip 2022-82, May 26, 2022 Taxpayers have the right to appeal an IRS decision in an independent forum. This is one of ten basic rights — known collectively as the Taxpayer Bill of Rights — that all taxpayers have when working with the IRS. The IRS’s Independent Office of Appeals that handles a taxpayer’s case must be …

Understanding taxpayer rights: The right to appeal an IRS decision in an independent forum Read More »