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

Rent is any amount paid for the use of property that a small business doesn’t own. Typically, rent can be deducted as a business expense when the rent is for property the taxpayer uses for the business. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:… Read More

The Internal Revenue Service (IRS) sends notices to taxpayers about errors on tax returns, payment requests and more. If you received something from the IRS through the mail, you may be able to handle the issue without contacting them or visiting an office. Find your notice number on the letter you received and enter it into the… Read More

What to Do if You Didn’t Receive Your Stimulus Check Between 2020 and 2021, the Internal Revenue Service (IRS) distributed three Economic Impact Payments (EIP), also known as stimulus checks. If you did not receive some or all three payments, you may be able to claim them on your federal income tax return. After claiming… Read More

A new tax season has arrived. The IRS reminds taxpayers receiving Social Security benefits that they may have to pay federal income tax on a portion of those benefits. Social Security benefits include monthly retirement, survivor and disability benefits. They don’t include supplemental security income payments, which aren’t taxable. The portion of benefits that are… Read More

Each tax season comes with unique challenges and 2022 is no exception. The IRS wants taxpayers to get the information they need as quickly as possible. Taxpayers should keep these tips in mind when they get ready to file. Following them will help get this year’s taxes done accurately and refunds issued timely. • Avoid errors.… Read More

A taxpayer’s filing status tells the IRS about them and their tax situation. This is just one reason taxpayers should familiarize themselves with each option and know their correct filing status. The IRS Interactive Tax Assistant can help them determine their filing status. A taxpayer’s filing status typically depends on whether they are considered unmarried or married… Read More

With filing season beginning January 24, the Internal Revenue Service reminded taxpayers about several key items to keep in mind when filing their federal income tax returns this year. Given the unprecedented circumstances around the pandemic and unique challenges for this tax season, the IRS offers a 5-point checklist that can help many people speed… Read More