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After disaster strikes, getting copies of important records can help people rebuild their lives

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...

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  • August 22, 2022

Understanding taxpayer rights: Every taxpayer has the right to privacy

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...

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  • August 18, 2022

Tax Court Offers Relief to Innocent Spouse

by Ken Berry When clients file a joint tax return with their spouse, they are “jointly and severally” liable for the tax payments. This means that the IRS can come after either one of them, or both, if they owe...

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  • August 17, 2022

Taxpayers should be sure to have all their info before going to a tax pro

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...

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  • August 16, 2022

College students should study up on these two tax credits

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...

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  • August 15, 2022

Tax Court Approves Vehicle Deductions for Side Gig

by Ken Berry Do you client have a “side hustle” going on in addition to your full-time job? If you qualify, you may deduct certain expenses incurred by the self-employed business, including costs attributable to your vehicle. The recent...

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  • August 12, 2022

New school year reminder to educators; maximum educator expense deduction rises to $300 in 2022

WASHINGTON – As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax...

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  • August 11, 2022

Security Summit: Identity Protection PINs provide an important defense against tax-related identity theft

WASHINGTON – The Security Summit partners today encouraged tax professionals to increase their efforts to inform clients about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft. The IP PIN serves as a...

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  • August 9, 2022

Some things to know about crowdfunding and taxes

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...

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  • August 9, 2022

Knowing how the IRS contacts taxpayers can help protect people from scammers

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...

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  • August 8, 2022

Worker Classification 101: employee or independent contractor

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...

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  • August 5, 2022

From markers to face masks, classroom supplies may be tax deductible

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...

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  • August 4, 2022

IRS Statement on balance due notices (CP-14)

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount. Who...

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  • August 3, 2022

IRS sent incorrect balance due notices to couples

By  Michael Cohn July 28, 2022, 4:35 p.m. EDT1 Min Read Twitter LinkedIn Email Show more sharing options The Internal Revenue Service admitted that some married couples received erroneous balance due notices for their 2021 tax returns. The IRS added...

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  • August 2, 2022

People without a filing requirement may miss out on a refund if they don’t file a 2021 tax return

Some people may choose not to file a tax return because they didn’t earn enough money to be required to file but may miss getting a refund if they don’t file. While the filing deadline is October 17, 2022...

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  • July 26, 2022

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

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...

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  • July 26, 2022

IRAs are one tool in the retirement planning toolbox

There are many ways people plan for retirement. Individual Retirement Arrangements, or IRAs, are a common one. IRAs provide tax incentives for people to make investments that can provide financial security when they retire. These accounts can be with...

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  • July 18, 2022

New voice bot options mean faster service and less wait time for taxpayers

The IRS’s new voice bot options mean less time on hold for taxpayers trying to verify their identity to set up or modify a payment plan. Voice bots run on software powered by artificial intelligence, which allows a caller...

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  • July 7, 2022

Year-round tax planning: All taxpayers should understand eligibility for credits and deductions

Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return...

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  • July 5, 2022

Claiming a child as a dependent when parents are divorced, separated or live apart

Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the specific rules about who may be eligible to claim the child for tax...

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  • July 5, 2022