From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be mindful that their hobby might be a… Read More

IRS les recuerda a estadounidenses que viven en el extranjero: Presenten su declaración de 2021 para el 15 de junio; familias elegibles pueden reclamar beneficios tributarios expandidos WASHINGTON — El Servicio de Impuestos Internos les recordó hoy a los contribuyentes que viven fuera de los Estados Unidos que deben presentar sus declaraciones de impuestos federales… Read More

Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. Here are some things that homeowners should think about when selling a home: Ownership and use To claim the exclusion, the taxpayer must meet ownership and use tests. During… Read More

The Internal Revenue Service wants taxpayers to know there are free resources on IRS.gov for those that are starting a business. Small businesses play a pivotal role in the nation’s economy. The IRS has a variety of resources available to help employers meet their tax responsibilities as well as help their employees. Selecting a business… Read More

IRS reminds employers of penalty relief related to claims for the Employee Retention Credit WASHINGTON — The Department of the Treasury and the Internal Revenue Service have received requests from taxpayers and their advisors for relief from penalties arising when additional income tax is owed because the deduction for qualified wages is reduced by the… Read More

Important reminders for people filing their tax return at the last minute The April deadline for filing a 2021 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, requesting an extension, or making a payment, the IRS website has answers to most tax… Read More

Third-Round Economic Impact Payment Not Received? Double-check records first Individuals are encouraged to double-check their bank accounts – especially in early spring and summer of 2021 – to see whether they received a third-round payment in advance last year. If an individual did not receive a third-round payment — and their IRS Online Account shows… Read More

IRS reminder to many retirees: April 1 is last day to start taking money out of IRAs and 401(k)s WASHINGTON — The Internal Revenue Service today reminded retirees who turned 72 during the last half of 2021 that, in most cases, Friday, April 1, 2022, is the last day to begin receiving payments from Individual… Read More

Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding Crowdfunding Crowdfunding is a method of raising money through websites by soliciting contributions from a large number of people. The contributions may be solicited to fund businesses, for charitable donations, or for gifts. In some cases,… Read More

The deadline to contribute to your health savings account (HSA) for tax year 2021 is right near. The limit is $8,200 for families and $4,600 for individuals.† Any unused HSA money rolls over every year, staying with you even if you change employers. The federal HSA contribution deadline for tax year 2021 is April 18, 2022.*   The… Read More