It's important for taxpayers to have all their documents and information so they can file an accurate and complete tax return. This may mean waiting to file until they receive all their documentation – and it can also mean following up on missing or incorrect documents. Most taxpayers should have received income documents near the [...]
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 [...]
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 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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
