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 are only eligible for one filing status… Read More
Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return easier. Good… Read More
Reminder: Service providers, others may receive 1099-Ks for sales over $600 in early 2023. WASHINGTON — The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600… Read More
WASHINGTON – The Internal Revenue Service today reminds U.S. citizens, resident aliens and domestic legal entities that the extension deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR) is October 15. For additional information about filing deadlines, filers should look to Financial Crimes Enforcement Network’s (FinCEN) website Filers who missed the April… Read More
People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas to understand important details involving tips. What are tips? Tips are optional cash or noncash payments that customers make to employees. Cash… Read More
Cuando el IRS necesita hacer una pregunta acerca de la declaración de impuestos de un contribuyente, notificarle de un cambio a su cuenta o reclamar un pago, la agencia a menudo envía cartas o avisos. Recibir correspondencia del IRS no es motivo de pánico, pero tampoco debe ignorarse. Cuando llega una carta o aviso del… Read More
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 the IRS is not a cause for panic but, it should not be ignored either. When… Read More
Know your limitations and know when you need to ask a professional for help: There are many Online Learning and Educational Products available to help you learn about taxes. For example, the IRS Tax Calendar has important tax dates for businesses. However, if you choose to hire a professional, it is important to choose carefully because you are trusting them… Read More
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 crowdfunding may be considered a gift. Under federal tax law, gross income includes all income from… Read More
There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans. Business owners must take these steps when closing a business: File a final tax return and related forms. The type of… Read More