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COVID Tax Tip 2022-131, August 25, 2022 For people who requested an IRS extension to file, the October 17, 2022, deadline may seem far away, but it’s coming up fast. Taxpayers who haven’t filed, whether they requested an extension or not, should file a complete and accurate return as soon as possible. For people who …
Taxpayers: File when ready, don’t wait until October 17 to file a 2021 tax return Read More »
IRS Tax Tip 2022-130, August 24, 2022 It’s important for taxpayers to be able to get tax resources in a language they understand. To help more people get the information they need, the IRS has added a translation of the instructions for Form 8821, Tax Information Authorization (in traditional Chinese). A Tax Information Authorization is a …
Info to help with tax authorizations now available in traditional Chinese Read More »
IRS Tax Tip 2022-129, August 23, 2022 The IRS encourages taxpayers who file federal excise taxes to file and pay electronically. Here are the excise forms currently available for e-filing: Form 720, Quarterly Federal Excise Tax Return Form 2290, Heavy Highway Vehicle Use Tax Form 8849, Claim for Refund of Excise Taxes Return; Schedules 1, 2, 3, …
Businesses can make excise taxes easier by filing and paying electronically Read More »
IRS Tax Tip 2022-128, August 22, 2022 New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners. Here are a few things new entrepreneurs need to do when starting their business. …
Aspiring entrepreneurs: learn the basics of setting up a business Read More »
IRS Tax Tip 2022-127, August 18, 2022 The privacy of America’s taxpayers is paramount at the IRS. The right to privacy is one of ten rights the Taxpayer Bill of Rights gives all taxpayers. Taxpayers have the right to expect that any IRS inquiry, examination, or enforcement action will comply with the law and be no more intrusive …
Understanding taxpayer rights: Every taxpayer has the right to privacy Read More »
IRS Tax Tip 2022-126, August 17, 2022 Picking up the pieces after a natural disaster can be challenging. Fire or flood may have destroyed personal and financial records, including records needed to recover disaster-related losses. People may need documentation for tax purposes, federal assistance programs or insurance claims. While personal or business property may have …
COVID Tax Tip 2022-125, August 16, 2022 Taxpayers using a professional tax preparer should make sure they have all their information readily available before their appointment. Collecting their information and getting copies of any missing documents before taxpayers sit down to prepare their return is critical to filing an accurate tax return. Having organized records …
Taxpayers should be sure to have all their info before going to a tax pro Read More »
IRS Tax Tip 2022-124, August 15, 2022 The heavy highway vehicle use tax is a federal excise tax. These taxes are used to pay for highway and mass transit projects. It is annual tax on heavy highway motor vehicles operating on public highways with a taxable gross weight of 55,000 pounds or more. The deadline to file …
Tax Tip 2022-123, August 11, 2022 Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help …
College students should study up on these two tax credits Read More »
Tax Tip 2022-122, August 10, 2022 There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans. Business owners must take these steps when closing a business: File a final tax …
What business owners need to do when closing their doors for good Read More »