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So far Sharon Hansen has created 52 blog entries.

Get Ready now to file your 2022 federal income tax return

As of November 22, 2022, the Internal Revenue Service encourages taxpayers to take simple steps before the end of the year to make filing their 2022 federal tax return easier. With a little advance preparation, a preview of tax changes and convenient online tools, taxpayers can approach the upcoming tax season with confidence. Filers can [...]

By |2022-11-30T10:21:52+00:00November 27th, 2022|IRS News, Tax Tips|Comments Off on Get Ready now to file your 2022 federal income tax return

The Tax Extension Deadline is Tomorrow! Here’s what you might want to know:

Most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday, October 17 to avoid the penalty for filing late. This year, the IRS received about 19 million requests for extensions to file until October 17 and urges people to file electronically. *A tax extension gives you more [...]

By |2022-10-16T14:45:41+00:00October 16th, 2022|Uncategorized|Comments Off on The Tax Extension Deadline is Tomorrow! Here’s what you might want to know:

IRS warns taxpayers to stay vigilant as texting scams surge

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 [...]

By |2022-10-11T14:53:50+00:00October 11th, 2022|Uncategorized|Comments Off on IRS warns taxpayers to stay vigilant as texting scams surge

Know what’s deductible after buying that first home, sweet home

IRS Tax Tip 2022-138, September 8, 2022 Making the dream of owning a home a reality is a big step for many people. Whether a fixer-upper or dream home, homeownership is a milestone that can come with a learning curve. First-time homeowners should make themselves familiar with authorized deductions, programs that can assist with home [...]

By |2022-10-11T14:49:59+00:00September 9th, 2022|Uncategorized|Comments Off on Know what’s deductible after buying that first home, sweet home

Aspiring entrepreneurs: learn the basics of setting up a business

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. [...]

By |2022-10-11T14:45:42+00:00August 23rd, 2022|Uncategorized|Comments Off on Aspiring entrepreneurs: learn the basics of setting up a business

What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

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 [...]

By |2022-10-11T14:41:14+00:00July 19th, 2022|Uncategorized|Comments Off on What businesses need to know about reporting nonemployee compensation and backup withholding to the IRS

Here’s what businesses need to know about the enhanced business meal deduction

IRS Tax Tip 2022-91, June 14, 2022 The IRS encourages businesses to begin planning now to take advantage of tax benefits available to them when they file their 2022 federal income tax return. This includes the enhanced business meal deduction. For 2021 and 2022 only, businesses can generally deduct the full cost of business-related food and beverages [...]

By |2022-10-11T14:34:20+00:00June 15th, 2022|Uncategorized|Comments Off on Here’s what businesses need to know about the enhanced business meal deduction

Wedding planning checklist: cake, rings, flowers … tax forms?

IRS Tax Tip 2022-77, May 18, 2022 The summer wedding season is fast approaching. Wedding planning is often overwhelming but figuring out how marriage will affect a couple's tax situation doesn't have to be. Here are a few things couples should think about as they prepare for the big day. Name and address changes People [...]

By |2022-10-11T14:30:59+00:00May 19th, 2022|Uncategorized|Comments Off on Wedding planning checklist: cake, rings, flowers … tax forms?

Taxpayers should open and carefully read any mail from the IRS

IRS Tax Tip 2022-62, April 21, 2022 The IRS mails letters or notices to taxpayers for a variety of reasons including: They have a balance due. They are due a larger or smaller refund. The agency has a question about their tax return. They need to verify identity. The agency needs additional information. The agency [...]

By |2022-10-11T14:26:50+00:00April 22nd, 2022|Uncategorized|Comments Off on Taxpayers should open and carefully read any mail from the IRS

IRS reminds taxpayers an extension to file is not an extension to pay taxes

IRS Tax Tip 2022-47, March 28, 2022 For most individual taxpayers the tax filing and payment deadline is Monday, April 18, 2022. Those who need more time to file can request an extension to file. Taxpayers must request an extension to file by April 18, or they may face a failure to file penalty. This extension [...]

By |2022-10-11T14:22:08+00:00March 30th, 2022|Uncategorized|Comments Off on IRS reminds taxpayers an extension to file is not an extension to pay taxes
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