The IRS admitted it sent incorrect Balance Due Notices (CP-14) to taxpayers filing jointly for the 2021 tax year as the IRS did not correctly apply payments made to the joint taxpayer accounts. The Balance Due notice is issued when a tax payment is paid under the
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From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax returns. They should also
Read more →An online IRS account makes it easy for taxpayers to view their tax information at any time. It is a simple and secure way to get information quickly about your account. The following IRS Tax Tip provides a summary of information that can be viewed through their
Read more →The Internal Revenue Service announced an increase in the optional standard mileage rates for the final 6 months of 2022. The new rates beginning July 1 through December 31, 2022, are as follows: 62.5 cents per mile for business travel – up 4 cents per mile 22
Read more →As identity thieves continue to find ways to report information about individuals falsely, one way to protect yourself from tax fraud is by applying for an Identity Protection Personal Identification Number (IP PIN) from the IRS. Once the IP PIN is assigned to a taxpayer, and if
Read more →If you had a surprise tax bill this year, it might be time to review your withholding or quarterly estimated tax payment requirements. The IRS provides a Tax Withholding Estimator which can assist with calculating the correct withholding for your specific tax situation. However, complicated tax scenarios
Read more →Many individuals looking to diversify their investments with real estate often question whether there would be a tax benefit to them by owning rental real estate. The following is a quick summary of how the tax rules work for rental properties, however, there are many additional rules
Read more →As tax season gets into full swing, this is prime time for many criminals to continue making calls to taxpayers posing as IRS agents. A reminder that the IRS will never: Call to demand immediate payment using a specific payment method such as a prepaid debit card,
Read more →The IRS announced January 24th as the date they will start accepting and processing 2021 income tax returns, but brace yourself for potentially sluggish service as the underfunded, understaffed, and backlogged IRS juggles another filing season, Treasury officials said. “In many areas, we are unable to deliver the
Read more →For the tax year beginning January 1, 2022, the standard mileage rates for the use of a vehicle will be: 58.5 cents per mile driven for business use, up 2.5 cents from the rate for 2021 18 cents per mile driven for medical, or moving purposes for
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