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COVID Tax Tip 2022-11, January 20, 2022 Tax laws are complicated but the most common tax return errors are surprising simple. Many mistakes can be avoided by filing electronically. Tax software does the math, flags common errors and prompts taxpayers for missing information. It can also help taxpayers claim valuable credits and deductions. Using a …
Common tax return mistakes that can cost taxpayers Read More »
IRS Tax Tip 2022-10, January 19, 2022 The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Here …
How small business owners can deduct their home office from their taxes Read More »
IRS Tax Tip 2022-09, January 18, 2022 Taxpayers who adopted or started the adoption process in 2021 may qualify for the adoption credit. This credit can be applied to international, domestic private, and public foster care adoption. Taxpayers who adopt their spouse’s child can’t claim this credit. Here is some basic information to help people …
COVID Tax Tip 2022-08, January 13, 2022 With tax filing season is just around the corner, this is a good time for those who don’t normally file to consider the benefits of filing a 2021 tax return. Filing can help them claim a refundable tax credit or get an income tax refund. Here are some …
Here are reasons people who don’t normally file should file a 2021 tax return Read More »
IRS Tax Tip 2022-07, January 12, 2022 Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to be. The IRS offers several resources to help gig economy taxpayers properly fulfill …
Taxpayers must report gig economy earnings when filing taxes Read More »
IRS Tax Tip 2022-06, January 11, 2022 Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. Due to all the tax law changes in the recent years, including increases to the standard deduction, people who …
IRS Tax Tip 2022-05, January 10, 2022 Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? Business and other payers generally don’t withhold taxes from payments reported on Forms 1099 and W-2G. There are, however, situations when …
Mark the calendar: Important backup withholding deadlines Read More »
COVID Tax Tip 2022-04, January 6, 2022 As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing a 2021 tax return. It’s important for people to have all …
Tax filing step 1: Gather all year-end income documents Read More »
COVID Tax Tip 2022-03, January 5, 2022 The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors …
IRS Tax Tip 2022-02, January 4, 2022 As people get ready to file their 2021 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the comfort of home using IRS online tools and resources. These IRS.gov tools are easy to use and available anytime. Choosing a preparer. The IRS has several options …
Taxpayers can visit IRS.gov anytime for answers to tax questions Read More »