Year-round tax planning is for everyone. An important part of that is recordkeeping. Gathering tax documents throughout the year and having an organized recordkeeping system can make it easier when it comes to filing a tax return or understanding a letter from the IRS. Good records help: Identify sources of income. Taxpayers may receive money or property… Read More
Form 1040-ES, Estimated Tax for Individuals, includes instructions to help taxpayers figure their estimated taxes. The fastest and easiest ways for individuals to make an estimated tax payment is electronically by using IRS Direct Pay from their checking or savings account or pay using a debit or credit card. Taxpayers should note that the payment processor, not the… Read More
Federal taxes are pay-as-you-go. This means that people need to pay most of their tax during the year, as they earn income. This can be done either through withholding or estimated tax payments. If the amount of income tax withheld from a taxpayer’s salary or pension is not enough, or they receive income such as… Read More
WASHINGTON – The Internal Revenue Service today reminded taxpayers living and working outside of the United States that they must file their 2020 federal income tax return by Tuesday, June 15. This deadline applies to both U.S. citizens and resident aliens abroad, including those with dual citizenship. Just as most taxpayers in the United States are… Read More
Qué debe hacer si no cumplió con la fecha límite del 17 de mayo para presentar y pagar impuestos. La fecha límite del impuesto federal sobre los ingresos ya pasó para la mayoría de los contribuyentes individuales. Sin embargo, algunos no han presentado sus declaraciones de impuestos de 2020 ni han pagado los impuestos adeudados.… Read More
2020 federal tax returns are due May 17. If you have not yet filed your taxes, you can get your return started with these helpful tips, resources, and questions to ask yourself: Are you required to file a tax return? If your income is under a certain amount, you may not be required to file… Read More
Generally, income received from any source, including tips, is taxable. Here’s some information to help taxpayers report tip income. All tips that taxpayers receive are income and subject to federal income tax. Taxpayers must include all tips they receive in their gross income. This includes: Tips directly from customers. Tips added using credit cards. Tips… Read More
The gig economy allows people to earn income by using technology to arrange transactions. This could include performing rideshare services or deliveries, renting out property, selling goods online, or providing freelance work. Often, customers and providers of goods or services are brought together through a digital platform on an app or website. It’s important for all gig economy workers… Read More
Track the Status of My Refund The Internal Revenue Service (IRS) is working hard to get you your federal tax refund in a timely manner. Delays are to be expected due to the economic relief distribution, especially if you mailed a paper return or needed to make corrections to your return. Unless your tax return… Read More
During the pandemic, millions of Americans have filed for unemployment benefits due to job loss and reduced work hours. Unfortunately, scammers are taking advantage of the pandemic and fraudulently filing unemployment claims using stolen personal identity information. If you receive a 1099-G tax form for unemployment benefits that you didn’t apply for or receive, you may be… Read More