Here’s what taxpayers need to know about business related travel deductions
Business travel can be costly. Hotel bills, airfare or train tickets, cab fare, public transportation – it can all add up fast. The good news is business travelers may be able off-set some of those cost by claiming business travel deductions when they file their...
Some tax considerations for people who are separating or divorcing
When people go through a legal separation or divorce, the change in their relationship status also affects their tax situation. The IRS considers a couple married for filing purposes until they get a final decree of divorce or separate maintenance. Update...
Why it may take longer than 21 days for some taxpayers to receive their federal refund
The IRS issues most refunds in fewer than 21 days for taxpayers who file electronically and choose direct deposit. However, some returns have errors or need more review and may take longer to process. The IRS works hard to get refunds to taxpayers quickly, but...
Crowdfunding Tax
Money received through ‘crowdfunding’ may be taxable; taxpayers should understand their obligations and the benefits of good recordkeeping Understanding CrowdfundingCrowdfunding is a method of raising money through websites by soliciting contributions from a large...
IRS reminds taxpayers their Social Security benefits may be taxable
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...
Why taxpayers should have their tax refund direct deposited
As the 2022 filing season begins, the IRS encourages taxpayers to file electronically when they are ready and choose direct deposit to get their refund. Direct deposit is the safest and most convenient way to receive a tax refund. Here are some other benefits of...
An overview of the credit for other dependents
Taxpayers with dependents who don't qualify for the child tax credit may be able to claim the credit for other dependents. This is a non-refundable credit. It can reduce or, in some cases, eliminate a tax bill but, the IRS cannot refund the taxpayer any portion of the...
IRS updates the 2020 Recovery Rebate Credit FAQ’s
This Fact Sheet updates the 2020 Recovery Rebate Credit Frequently-Asked-Questions (FAQs). These updates are:• Question 4, Topic F: Finding the First and Second Economic Impact Payment Amounts to Calculate the 2020Recovery Rebate Credit (updated)• Question 8, 9 &...
How small business owners can deduct their home office from their taxes
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. To claim the home office deduction on their 2021 tax return, taxpayers generally must exclusively and regularly use part of their home or a separate structure on...
Gig Earnings
Taxpayers must report gig economy earnings when filing taxes Whether it’s a full-time job or just a side hustle, taxpayers must report gig economy earnings on their tax return. Understanding how gig work can affect taxes may sound complicated but, it doesn’t have to...