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COVID Tax Tip 2022-121, August 9, 2022 For people who haven’t filed their 2021 tax return yet, and for everyone looking for tax assistance, IRS.gov has resources to help people file electronically, get personalized tax account info, and find the status of their refund. These online tools are available any time, so taxpayers can use …
How extension filers – and everyone else – can get tax help fast Read More »
Tax Tip 2022-120, August 8, 2022 Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It’s important to know that money raised through crowdfunding may be taxable. Some money raised through crowdfunding may be considered a gift. Under federal tax law, …
Some things to know about crowdfunding and taxes Read More »
IRS Tax Tip 2022-119, August 4, 2022 After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as federal agencies to dupe disaster victims trying to get disaster relief. People should …
People should donate carefully after a disaster to avoid scams Read More »
COVID Tax Tip 2022-118, August 3, 2022 Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses …
From markers to face masks, classroom supplies may be tax deductible Read More »
IRS Tax Tip 2022-117, August 2, 2022 A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors. Here’s some information to …
Worker Classification 101: employee or independent contractor Read More »
IRS Tax Tip 2022-116, August 1, 2022 Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services. Businesses that are subject to excise tax …
Basic things all businesses should know about excise tax Read More »
IRS Tax Tip 2022-115, July 28, 2022 When taxpayers have a question, their first stop should be IRS.gov. The Let Us Help You page is a great way to get answers to tax questions fast. People who call the IRS for additional help will need to have information available to verify their identity. This is part of …
IRS Tax Tip 2022-114, July 27, 2022 Scammers often pose as the IRS to steal taxpayers’ personal information. They may reach out through fraudulent phone calls, emails, texts or social media messages. It’s important for taxpayers to understand how the IRS contacts people, so they don’t fall victim to identity thieves. Generally, the IRS will …
Knowing how the IRS contacts taxpayers can help protect people from scammers Read More »
IRS Tax Tip 2022-113, July 26, 2022 The IRS2Go app helps people find IRS tools and resources faster and with less scrolling. Taxpayers can use the IRS2Go app on their phone or mobile device to check their refund status, find tax help and more. Here are some things people can do with the app: Check refund status …
Taking care of a tax to-do list is a snap with the IRS2Go app Read More »
IRS Tax Tip 2022-112, July 25, 2022 People with disabilities can use an Achieving a Better Life Experience or ABLE account to help pay qualified disability-related expenses. This tax-advantaged savings account doesn’t affect their eligibility for government assistance programs. Here are some key things people should know about these accounts. Annual contribution limit The 2022 limit is …
ABLE accounts can help people with disabilities pay for disability-related expenses Read More »