Tax Tips

IRS Tax Tip 2022-161, October 20, 2022 Every year, IRS-certified volunteers help millions of taxpayers across the country file their tax returns. Volunteering is a great opportunity for anyone who wants to make a difference in their community, learn about tax preparation and earn continuing education credits. There are two IRS volunteer programs The Volunteer Income Tax Assistance and …

IRS-certified volunteers make a difference for millions of taxpayers Read More »

IRS Tax Tip 2022-160, October 19, 2022 Tax records are not a first priority for those affected by natural disasters nor should they be. However, these records may be necessary to get federal assistance or insurance reimbursement. It is important for victims of a disaster to reconstruct their records to help prove and document their …

Rebuilding records after a natural disaster is an essential step in recovery Read More »

IRS Tax Tip 2022-159, October 18, 2022  An Offer in Compromise can be an effective way individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers are able to settle for significantly …

Taxpayers with an outstanding tax bill should consider an Offer in Compromise Read More »

IRS Tax Tip 2022-158, October 17, 2022 The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated tax. If they don’t, they risk being charged …

Taxpayers should stay on top of taxes all year to avoid a surprise tax bill Read More »

IRS Tax Tip 2022-157, October 13, 2022 The IRS is committed to serving all taxpayers, including people with disabilities. By providing reasonable accommodations, the IRS ensures that all taxpayers with disabilities have equal access to the agency’s programs, activities and services. There are many possible reasonable accommodations, including things like: Building accessibility provisions Sign language …

Taxpayers with disabilities have equal access to IRS services through reasonable accommodations Read More »

COVID Tax Tip 2022-156, October 12, 2022 Time is running out. The October 17 filing extension deadline is just days away. Most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday to avoid the penalty for filing late. This year, the IRS received about 19 million requests …

Most taxpayers who requested an extension to file their 2021 tax return must file by Oct. 17 Read More »

IRS Tax Tip 2022-155, October 11, 2022 October is Cybersecurity Awareness Month. The IRS and the Security Summit partners warn everyone to be on the lookout for scams and schemes that could put sensitive tax data at risk, especially IRS-themed texting scams aimed at stealing personal and financial information. So far in 2022, the IRS has identified …

IRS warns taxpayers to stay vigilant as texting scams surge Read More »

Tax Tip 2022-154, October 6, 2022 Tax fairness means the tax system is equitable to all citizens. This is not just a concept – it is the law. The right to a fair and just tax system is one of 10 rights in the Taxpayer Bill of Rights, which clearly outline the fundamental rights of every …

Taxpayer Bill of Rights: America’s taxpayers are entitled to a fair and just tax system Read More »

Tax Tip 2022-153, October 5, 2022 An IRS online account makes it easy for people to quickly get the tax planning info they need. With the same ease that taxpayers have when banking online or placing an online shopping order, they can log in and get the latest on their payment history, balance, and more. Taxpayers can …

An IRS online account is simple, safe, and secure Read More »

IRS Tax Tip 2022-152, October 4, 2022 Farmers and ranchers forced to sell livestock because of drought conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. The IRS recently announced a one-year extension which gives eligible farmers and ranchers until the end of their first …

Farmers and ranchers hit hard by drought may be eligible for extension of tax relief Read More »