There are steps people, including those who received stimulus payments or advance child tax credit payments, can take now to make sure their tax filing experience goes smoothly in 2022. They can start by visiting the Get Ready page on IRS.gov. Here are some other things they should do to prepare to file their tax return. Gather and organize… Read More

The IRS encourages taxpayers to research charities before donating and to familiarize themselves with the expanded tax benefits that may come with giving to causes that mean something to them. 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… Read More

What small business owners should know about the depreciation of property deduction Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small… Read More

Easy steps taxpayers can take now to make tax filing easier in 2022 WASHINGTON — The Internal Revenue Service today encouraged taxpayers, including those who received stimulus payments or advance Child Tax Credit payments, to take important steps this fall to help them file their federal tax returns in 2022. Planning ahead can help people… Read More

Because of the COVID-19 pandemic, more people are working from home than ever before. While only the self-employed are eligible for the home office deduction, it may be possible to get similar results if an employer pays or reimburses employees for these expenses. Some possible scenarios Employee expenses paid or reimbursed by an employer may… Read More

WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2022 has increased to $20,500, up from $19,500 for 2021 and 2020. The IRS today also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related… Read More

The right to retain representation Taxpayers have the right to retain an authorized representative of their choice to represent them in their dealings with the IRS. Taxpayers have the right to seek assistance from a Low Income Taxpayer Clinic if they cannot afford representation. This is one of the fundamental rights of all taxpayers as… Read More

Know Your Options for Financial Help as a Landlord Both tenants and landlords faced the financial impacts of the COVID-19 pandemic. If you’re a landlord who depends on rentals to pay your mortgage, there are options you can explore to get your finances back on track. Find out from the Consumer Financial Protection Bureau (CFPB)… Read More

There are many reasons a business owner may choose to close their doors, and there are many things that must be done to go out of business. Two important steps all business owners must take are fulfilling their federal tax responsibilities and informing the IRS of their plans. The closing a business page of IRS.gov is designed… Read More

Hay muchas razones por las que el dueño de un negocio puede optar por cerrar sus puertas, y hay muchas cosas que se deben hacer para quebrar. Dos pasos importantes que todos los dueños de negocios deben tomar son cumplir con sus responsabilidades tributarias federales e informar al IRS de sus planes. La página Cerrar un… Read More