IRS Provides Penalty Relief to Millions of Taxpayers – Did You Know?

As part of ongoing COVID-19 tax relief efforts, the IRS is waiving penalties for many businesses and individuals who file their 2019 or 2020 tax returns late. Eligible taxpayers will not have to pay […]

Quarterly Estimated Tax Payments – Reminder

If you are making quarterly estimated tax payments to the IRS, the due date for the June 1st – August 31st quarter of year is Thursday, September 15th, 2022. For payments made using IRS […]

Educator Expense Deduction for 2022 – Did You Know?

For tax year 2022, the maximum deduction amount has increased for the first time, to $300. Joint return filers who are both educators may deduct up to $300 per spouse. You may qualify for […]

Newlyweds Have Special Tax Considerations – Did You Know?

If you get married in 2022, you may need to update your tax planning and report new information to the IRS and Social Security Administration (SSA). In particular, newly married couples should: – Report […]

Crowdfunding and Taxes – Did You Know?

Crowdfunding has become one of the most popular ways to raise money for charities, businesses, and people enduring hardships. Depending on a variety of circumstances, money raised through a crowdfunding campaign may be either […]

Recognizing Scams: The IRS Does NOT Contact Taxpayers in These Ways

Scammers often claim to represent the IRS in order to steal Americans’ identities or money. You can better protect yourself by learning how to distinguish legitimate IRS communications from fraudulent messages or calls. As […]

Summer Income Tax Reminder – Did You Know? (2/2)

Americans of all ages with summer income from self-employment may need to pay estimated tax on a quarterly basis in order to avoid IRS penalties. Alternatively, if you have self-employment earnings but also work […]

Summer Income Tax Reminder – Did You Know? (1/2)

Students and other young people who earn summer income, including gig economy and other self-employment income, should prepare now for potential federal tax obligations. In particular, minors and young adults with self-employment earnings (including […]

$600 1099-K Threshold FAQs (3/3)

Here is an answer to one of the most common questions about the new over $600 1099-K rule. Why have I never gotten 1099-K forms from payment processors before? Prior to tax year 2022, […]

$600 1099-K Threshold FAQs (2/3)

Here is an answer to another one of the most common questions about this new over $600 1099-K rule. When will I receive a 1099-K form if my payments exceed the threshold? Third-party payment […]