Sometimes, taxpayers must call the IRS about a tax matter. As part of the IRS’s ongoing efforts to keep taxpayer data secure from identity thieves, IRS phone assistors take great care to discuss personal information with the taxpayer or someone the taxpayer has authorized to speak on their behalf. Therefore, the IRS will ask taxpayers and their representatives to verify their identity when they call.
Filing your 2022 tax return promises to be just as complicated as always; however, there are steps that taxpayers can take right now to ensure their tax filing experience goes smoothly. Let’s look at what’s new for 2022 and some key items taxpayers should consider before filing.
Every year, hurricanes, tornadoes, floods, wildfires, and other natural disasters affect US citizens. The bad news is that recovery efforts after natural disasters can be costly. For instance, when hurricanes strike, they not only cause wind damage but can cause widespread flooding.
An offer in compromise (OIC) is an agreement between a taxpayer and the Internal Revenue Service that settles a taxpayer's tax liabilities for less than the full amount owed. That's the good news. The bad news is that not everyone can use this option to settle tax debt; the IRS rejected nearly 60 percent of taxpayer-requested offers in compromise. If you owe money to the IRS and wonder if an IRS offer in compromise is the answer, here's what you need to know. Who is Eligible? If you can't pay...
Click on the links below to jump to each section in this article: There's Still Time To Make an IRA Contribution for 2021 What Is the Credit for Other Dependents? Business Meals Fully Deductible in 2021 and 2022 Employee Business Expense Deductions: Who Qualifies? The Facts: Taxable vs. Nontaxable Income There's Still Time To Make an IRA Contribution for 2021 If you haven't contributed funds to an Individual Retirement Account (IRA) for tax year 2021, or if you've put in less than the maximum...
If you’ve gathered your tax documents and are ready to tackle your tax return, there’s one more step you should take: becoming familiar with what’s new on the 2021 Form 1040. While the format of Form 1040 and its schedules remain similar to 2020, there are several changes. Many of these changes can be attributed to the American Rescue Plan Act of 2021 (ARP).
Click on the links below to jump to each section in this article: Standard Mileage Rates for 2022 Why Using the Correct Filing Status Matters Tax Credits for Accommodating Disabled Workers Watch Out for Holiday Gift Card Scams What To Know About Keeping Good Tax Records Standard Mileage Rates for 2022 Starting January 1, 2022, the standard mileage rates for the use of a car, van, pickup, or panel truck are as follows: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for...
Click on the links below to jump to each section in this article: Retirement Contributions Limits Announced for 2022 Small Business: Deducting Startup Costs Reminder: Deferred Payroll Taxes Due in December Important Information About Charitable Giving This Year Tax Credit for Hiring Long-Term Unemployed Workers Retirement Contributions Limits Announced for 2022 Cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for 2022 are as follows:...
Click on the links below to jump to each section in this article: IRS Charges Fee for Estate Closing Letters Shared Custody and Advance Child Tax Credit Payments Tips To Avoid Fraud and Scams After a Disaster Deferred Tax on Gains From Forced Sales of Livestock Advertising and Marketing Costs May Be Tax Deductible IRS Charges Fee for Estate Closing Letters Starting October 28, a new $67 user fee will apply to any estate that requests an estate tax closing letter for its federal estate tax...
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here’s what you need to know about IRS notices and letters.
