Taxpayers Must Report Gig Economy Earnings When Filing Taxes <h1>Taxpayers Must Report Gig Economy Earnings When Filing Taxes</h1> 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 be. The …
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It’s Important For Taxpayers To Know The Difference Between Standard And Itemized Deductions <h1>It’s Important For Taxpayers To Know The Difference Between Standard And Itemized Deductions</h1> Taxpayers have two options when completing a tax return, take the standard deduction or itemize their deductions. Most taxpayers use the option that gives them the lowest overall tax. …
Mark The Calendar: Important Backup Withholding Deadlines <h2><strong>Mark The Calendar: Important Backup Withholding Deadlines</strong></h2>Some businesses and other payers take backup withholding from payments they made to certain people. These entities should remember their upcoming filing deadlines. What is backup withholding? The person or business paying the taxpayer doesn’t generally withhold taxes from certain payments. They …
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Tax Filing Step 1: Gather All Year-End Income Documents <h1><strong>Tax Filing Step 1: Gather All Year-End Income Documents</strong></h1> As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records. To avoid processing delays that may slow their refund, taxpayers should gather all year-end income documents before filing …
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Taxpayers Can Visit IRS.gov Anytime For Answers To Tax Questions <h1><strong>Taxpayers Can Visit IRS.gov Anytime For Answers To Tax Questions</strong></h1> As people get ready to file their 2021 tax return, the IRS reminds taxpayers they can find answers to their tax questions from the comfort of home using IRS online tools and resources. These IRS.gov tools are easy …
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IRS Sending Information Letters To Recipients Of Advance Child Tax Credit Payments And Third Economic Impact Payments <h1><strong>IRS Sending Information Letters To Recipients Of Advance Child Tax Credit Payments And Third Economic Impact Payments</strong></h1> The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the …
Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions.https://tax-turbo.com/Here’s an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities and to off-set some of the costs of providing accommodations. Disabled access creditThe disabled access credit is …
You may be able to deduct the cost of work-related education expenses paid during the year if you’re a: https://tax-turbo.com/ Self-employed individual, Qualified performing artist Fee-based state or local government official, or Disabled individual with impairment-related education expenses To be deductible, your expenses must be for education that (1) maintains or improves skills needed in …
IRS Issues Standard Mileage Rates For 2022 https://tax-turbo.com/ WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2022, the standard mileage rates for the use of a …
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Tax law changes in the Tax Cuts and Jobs Act affect almost everyone who itemized deductions on tax returns they filed in previous years… One of these changes is that TCJA nearly doubled the standard deduction for most taxpayers. This means that many individuals may find it more beneficial to take the standard deduction. However, …
