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Reviewing tax credits and deductions now helps set taxpayers up for success at tax time

Most people probably only think about tax credits and deductions when they’re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of...

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  • December 1, 2022

There’s more to determining filing status than being married or single

Some taxpayers are eligible for more than one filing status. As they get ready for the upcoming filing season, taxpayers should carefully review their options to pick the filing status that makes the most sense for them. Those who...

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  • November 30, 2022

Taxpayers should review the 401(k) and IRA limit increases for 2023

The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 — up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and...

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  • November 29, 2022

Taxpayers shouldn’t let gift card scammers ruin the holidays

During the holiday season, taxpayers should be aware of gift card scams thieves commonly use this time of year. Con artists will target taxpayers by asking them to pay a fake tax bill with gift cards. They may also...

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  • November 28, 2022

Everyone should know the facts about how the IRS communicates with taxpayers

Knowledge is a taxpayer’s first line of defense against scammers who pretend to be from the IRS with the goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally...

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  • November 23, 2022

Giving Tuesday is coming; now is a good time to review tax benefits for charitable giving

The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible. Donations to charities...

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  • November 18, 2022

Reminder to IRA owners age 70½ or over: Qualified charitable distributions are great options for making tax-free gifts to charity

WASHINGTON —The Internal Revenue Service today reminded IRA owners age 70½ or over of their option to transfer up to $100,000 to charity tax-free each year. These transfers, known as qualified charitable distributions or QCDs, offer eligible older Americans...

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  • November 17, 2022

Employers: beware of third parties promoting improper employee retention credit claims

Employers should be wary of third parties advising them to claim the employee retention credit when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. These third...

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  • November 7, 2022

Not too much, not too little – taxpayers should check if their tax withholding is just right

There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises, people should review their tax withholding. There’s still time left in 2022 to make changes and see the benefit...

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  • November 2, 2022

Taxpayers should stay on top of taxes all year to avoid a surprise tax bill

The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or...

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  • October 18, 2022

IRS sending letters to over 9 million potentially eligible families who did not claim stimulus payments, EITC, Child Tax Credit and other benefits; Free File to stay open until Nov. 17

WASHINGTON – Starting this week, the Internal Revenue Service is sending letters to more than 9 million individuals and families who appear to qualify for a variety of key tax benefits but did not claim them by filing a...

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  • October 17, 2022

IRS advises that improperly forgiven Paycheck Protection Program loans are taxable

WASHINGTON – The Internal Revenue Service recently issued guidance addressing improper forgiveness of a Paycheck Protection Program loan (PPP loan). The guidance confirms that, when a taxpayer’s loan is forgiven based upon misrepresentations or omissions, the taxpayer is not...

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  • September 22, 2022

Every taxpayer has the right to retain representation when working with the IRS

Taxpayers have the right to retain an authorized representative of their choice to represent them when they are dealing with the IRS. They also have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford...

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  • September 19, 2022

Got a letter or notice from the IRS? Here are the next steps

When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from...

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  • September 16, 2022

People who still haven’t filed a 2021 tax return should file electronically to avoid these common mistakes

Summer is winding down and the filing deadline for people who requested an extension is quickly approaching. Everyone who still needs to file a 2021 tax return should do so as soon as possible. Don’t wait until the deadline...

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  • September 14, 2022

$1.2 billion in IRS penalty relief refunds coming for certain 2019 and 2020 tax returns

To help struggling taxpayers affected by the COVID-19 pandemic, the IRS recently issued Notice 2022-36, which provides penalty relief to most people and businesses who filed certain 2019 or 2020 returns late. To qualify for this relief, any eligible...

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  • September 13, 2022

Help wanted? Businesses that are hiring should know about the work opportunity tax credit

Businesses hanging up their Help Wanted signs should be sure to check out the work opportunity tax credit. This credit encourages employers to hire workers certified as members of any of ten targeted groups facing barriers to employment. The...

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  • September 7, 2022

IRS: Sept. 15 is the deadline for third quarter estimated tax payments

WASHINGTON – The Internal Revenue Service reminds taxpayers who pay estimated taxes that the deadline to submit their third quarter payment is Sept. 15, 2022. Taxpayers not subject to withholding, such as those who are self-employed, investors or retirees,...

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  • September 6, 2022

IRS Provides Update on Unprocessed Returns

As of Aug. 19, the IRS had 8.7 million unprocessed individual tax returns that were submitted in 2022, but continues to open mail within its normal timeframes, according to an update posted to the IRS’s website Aug. 29. The...

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  • September 2, 2022

Parents can boost their back-to-school budget by claiming tax credits and refunds

Summer is slipping away and another school year is starting. As kids head back to the classroom, parents are ticking items off the school supply list. If they want to boost their back-to-school budgets, parents and guardians should make...

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  • August 31, 2022