IRS offers tips on preparedness and how to protect personal information during natural disasters
2023-05-10In recognition of National Hurricane Preparedness Week and National Wildfire Awareness month, the Internal Revenue Service is reminding taxpayers to protect important tax and financial information as part of a complete emergency preparedness plan.
Fact Sheet:How the Inflation Reduction Act Will Help Small Businesses
2022-09-20By signing the Inflation Reduction Act, President Biden is delivering on his promise to build an economy that works for working families and small businesses. The Inflation Reduction Act makes urgent investments to lower prescription drug costs, health care costs, and energy costs to create opportunities for America’s 33 million small businesses and innovative startups. It is the most aggressive action we have taken to confront the climate crisis. It will help the Fed tackle inflation by reducing the deficit. The super wealthy and large corporations are asked to pay their fair share, and no small business or family making under $400,000 per year will pay a penny more in taxes. President Biden and Congressional Democrats beat back the special interests to pass this historic legislation to deliver for American families and small businesses and grow the economy from the bottom up and middle out.
The Inflation Reduction Act and Taxes: What You Should Know
2022-09-14The Inflation Reduction Act, which includes expanded or extended tax credits and additional funding for the IRS, was signed into law on August 16, 2022.
What To Know About the Gig Economy and Your Taxes
2022-03-04The gig economy, also called sharing or access economy, is defined by activities where taxpayers earn income providing on-demand work, services, or goods. This type of work is often carried out via digital platforms such as an app or website. There are many types of sharing economy businesses, including two of the most popular ones: ride-sharing, Uber and Lyft, for example, and home rentals such as Airbnb.
Tax Breaks for Taxpayers Who Itemize
2022-03-03Many taxpayers opt for the standard deduction, but sometimes itemizing your deductions is the better choice - often resulting in a lower tax bill. Whether you bought a house, refinanced your current home, or had extensive gambling losses, you may be able to take advantage of tax breaks for taxpayers who itemize. Here's what to keep in mind:
Common Errors when Filing Tax Return
2022-03-03While not all mistakes on tax returns cause delays in refunds, as the April 18 deadline approaches, taxpayers are advised to steer clear of the common tax return errors listed below to ensure a timely refund.