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 [...]
IRS Tax Tip 2022-21, February 8, 2022 Now that the filing season has begun, there are several key items all taxpayers should keep in mind when filing their federal income tax returns this year. Here's a checklist to help file an accurate tax return, avoid processing delays and speed up refund delivery. Use online resources before [...]
IRS TAX TIPS January 2022 The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on their property as their primary place of business. Here are some [...]
The IRS encourages taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include special steps related to charitable contributions, economic impact payments and advance child tax credit payments. Taxpayers can visit IRS.gov/getready for online tools, publications and other helpful resources for the filing season. Here are some key items [...]
The IRS reminds taxpayers there are things they should do before the current tax year ends on December 31. Donate to charity Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization [...]
The tax law allows businesses to deduct expenses that help them bring in new customers and keep existing ones. These costs may include expenses for advertising and marketing. Here are some details about this valuable tax deduction that can help small businesses save money on their taxes. Advertising and marketing costs must be ordinary and [...]
Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here's an overview of these changes. Deduction for individuals who don't itemize Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits [...]
