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COVID Tax Tip 2022-111, July 21, 2022 Some people may choose not to file a tax return because they didn’t earn enough money to be required to file but may miss getting a refund if they don’t file. While the deadline to file 2021 tax returns, was April 18, taxpayers can still submit a tax …
IRS Tax Tip 2022-110, July 20, 2022 The Taxpayer Advocate Service is an independent organization within the Internal Revenue Service. TAS protects taxpayers’ rights by striving to ensure that all taxpayers are treated fairly and know and understand their rights under the Taxpayer Bill of Rights. Here’s what all taxpayers should know about their rights and the …
Taxpayer Advocate Service: Dedicated to helping taxpayers Read More »
IRS Tax Tip 2022-109, July 19, 2022 When a business hires an independent contractor, the employer is generally not responsible for withholding income taxes, Social Security, or Medicare taxes from their compensation. However, by law, business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. They do this using Form …
IRS Tax Tip 2022-108, July 18, 2022 People can get the latest IRS news through the agency’s verified social media accounts and by subscribing to e-News services. These communication channels keep taxpayers “in the know” about important tax matters all year, not just during filing season. IRS social media platforms Twitter: Taxpayers, businesses and tax professionals can follow the IRS handles for …
Taxpayers can stay “in the know” by following IRS social media and subscribing to e-News Read More »
IRS Tax Tip 2022-107, July 14, 2022 There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with a bank or other financial institution, a life insurance company, …
IRAs are one tool in the retirement planning toolbox Read More »
IRS Tax Tip 2022-106, July 13, 2022 From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be …
People should know if their pastime is a hobby or a business Read More »
IRS Tax Tip 2022-105, July 12, 2022 Taxpayers who want to check their account information including balance, payments, tax records and more, can log into their IRS online account. It’s a simple and secure way to get information fast. Taxpayers can view: Their payoff amount, which is updated for the current day The balance for each …
IRS online account makes it easy for taxpayers to view their tax info anytime Read More »
IRS Tax Tip 2022-104, July 11, 2022 Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able to off-set some of those costs by claiming business travel deductions when they file their taxes. Here …
Here’s what taxpayers need to know about business related travel deductions Read More »
IRS Tax Tip 2022-103, July 7, 2022 As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt. These businesses, often called Offer in Compromise mills, make huge claims …
Companies who promise to eliminate tax debt sometimes leave taxpayers high and dry Read More »
IRS Tax Tip 2022-102, July 6, 2022 By law, all taxpayers have fundamental rights when they’re interacting with the IRS. It’s important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories. Here’s an overview of these rights. For full official details about each right, visit the links below. …
All taxpayers should familiarize themselves with the Taxpayer Bill of Rights Read More »