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IRS Tax Tip 2019-72, June 6, 2019 The IRS is committed to ensuring taxpayers pay no more than the correct amount of tax owed. Taxpayers have the right to pay only the amount of tax legally due, including interest and penalties, and to have the IRS apply all tax payments properly. This is one of 10 …
Taxpayers have the right to pay no more than what they owe Read More »
IRS Tax Tip 2019-71, June 5, 2019 Aside from regular wages, many taxpayers have jobs where they get tips from their clients or customers. Generally, income received as a tip is taxable. Here’s some information to help taxpayers correctly report the income they receive as a tip: Use the Interactive Tax Assistant. This tool on IRS.gov …
Got tip income? Here are some tips about tips from the IRS Read More »
IRS Tax Tip 2019-70, June 4, 2019 Although the IRS often finds and corrects errors during processing, there are certain situations in which a taxpayer may need to file an amended return to make a correction. Here are some quick tips for anyone who discovered they made a mistake or forgot to include something on their tax …
Tips for taxpayers who may need to amend their tax return Read More »
IRS Tax Tip 2019-69, June 3, 2019 A taxpayer might at some point see the IRS make a decision about their taxes. If the taxpayer disagrees with this decision, they have the right to appeal it. The right to appeal an IRS decision in an independent forum is one of 10 basic rights known collectively as the Taxpayer …
Taxpayers have the right to appeal an IRS decision Read More »
IRS Tax Tip 2019-68, May 30, 2019 Couples getting married this year know there are a lot of details in planning a wedding. Along with the cake and gift registry, their first tax return as a married couple should be on their checklist. The IRS has tips and tools to help newlyweds consider how marriage …
Taxpayers should include tax plans in their wedding plans Read More »
IRS Tax Reform Tax Tip 2019-67, May 29, 2019 Floods, wildfires, hurricanes, tornados and other natural disasters happen quickly and often with little warning. No one can prevent these disasters from happening, but people can prepare for them. Here are some things taxpayers can do to help protect their financial safety should a disaster occur. Taxpayers …
All taxpayers should plan ahead for natural disasters Read More »
IRS Tax Tip 2019-66, May 28, 2019 Small business owners may qualify for a home office deduction that will help them save money on their taxes, and benefit their bottom line. Taxpayers can take this deduction if they use a portion of their home exclusively, and on a regular basis, for any of the following: As the …
Home office deduction benefits eligible small business owners Read More »
IRS Tax Tip 2019-65, May 23, 2019 IRS offers taxpayers convenient, secure ways to pay their taxes throughout the year. Taxpayers can pay: Online By phone With their mobile device using the IRS2Go app Additionally, some taxpayers must make quarterly estimated tax payments throughout the year. These taxpayers may include sole proprietors, partners, and S-corporation shareholders who …
IRS Tax Reform Tax Tip 2019-64, May 22, 2019 Organizations around the country continue to promote historic buildings and other important heritage sites as May is National Historic Preservation Month. As part of this month, anyone who owns a historic building should remember that the rehabilitation tax credit offers an incentive to renovate and restore …
Here’s what historic building owners should know about the rehabilitation tax credit Read More »
IRS Tax Tip 2019-63, May 21, 2019 All taxpayers have fundamental rights when working with the IRS. The agency outlines them on IRS.gov and in Publication 1. To help taxpayers understand their rights, here is a list of them with a brief description of each one: The right to be informed. Taxpayers are entitled to clear explanations of the …