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Taxpayers who aren’t able to file by the April 18, 2023, deadline can request an extension before that deadline, but they should know that an extension to file is not an extension to pay taxes. If they owe taxes,...
The IRS offers a variety of tax resources and information designed to help members of the military community navigate their unique and sometimes complex tax situations. Reviewing these resources before filing can make completing an accurate tax return easier....
A few minutes spent reviewing income tax withholding early in the year helps set a taxpayer up for success all year long. The Tax Withholding Estimator on IRS.gov makes it easy to figure out how much to withhold. This...
Taxpayers with dependents who don’t qualify for the Child Tax Credit may be able to claim the Credit for Other Dependents. They can claim this credit in addition to the Child and Dependent Care Credit and the Earned Income...
Whether someone travels for work once a year or once a month, figuring out travel expense tax write-offs might seem confusing. The IRS has information to help all business travelers properly claim these valuable deductions. Here are some tax...
Receiving a tax refund is happy news to any taxpayer; getting it quickly is even better. Direct deposit is the safest and most convenient way to receive a tax refund. The IRS encourages taxpayers to file when they are...
WASHINGTON — To help taxpayers navigate the beginning of the tax filing season, the Internal Revenue Service today offered a checklist of reminders for people as they prepare to file their 2022 tax returns. From gathering paperwork to filing...
By Tom Breedlove January 31, 2023 4:27 PM For most tax practitioners, household employment is a tricky part of the Tax Code — primarily because of what they get from clients and when they get it. Busy families who have...
Most of the common errors taxpayers make on their tax returns are easily avoidable. By carefully reviewing their return, taxpayers can save time and effort by not having to correct it later. Filing electronically also helps prevent mistakes. Tax...
By Roger Russell January 03, 2023, 1:35 p.m. EST2 Min Read Taxpayers who file as married filing jointly and make a balance-due payment online may find their payment somehow does not get credited to their account. That’s if they...
WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be...
When people get married their tax situation often changes. A taxpayer’s marital status as of Dec. 31 determines their tax filing options for the entire year, but that’s not all newlyweds need to know. Here’s a tax checklist for...
A new $600 reporting threshold for IRS Form1099-K involves payment networks like Venmo, PayPal, Amazon, Square, and Cash App. Did you get paid more than $600 in 2022 for goods or services through a third-party payment network like Venmo,...
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...
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...
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...
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...
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...
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...
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...
