Tax Checklist for Newly Married Couples
Name and address changes Withholding Filing status Scams
Name and address changes Withholding Filing status Scams
A taxpayer’s marital (or single, head of household) status as of Dec. 31 determines their tax filing options for the entire year.
The adoption tax credit lets families who were in the adoption process during 2022 claim up to $14,890 in eligible adoption expenses for each eligible child. Taxpayers can apply the credit to international, domestic, private and public foster care adoptions. Things to know about claiming the credit: Who is considered an eligible childAn eligible child…
The IRS reminds low- and moderate-income workers that they can save for retirement now and possibly earn a special tax credit in 2022 and years ahead. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps offset part of the first $2,000 workers voluntarily contribute to Individual Retirement Arrangements, 401(k) plans and similar…
The IRS issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: These rates apply to electric and hybrid-electric…
The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information. However, it’s easy for people to recognize this scam by knowing how the IRS contacts taxpayers….
One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can influence a taxpayer’s choice, including changes to their tax situation, any changes to the standard deduction amount and recent tax law changes. Generally, most taxpayers…
Most income is taxable, including employment income, refund interest and income from the gig economy and digital assets. When estimating quarterly tax payments, taxpayers should include all forms of earned income, including from part-time work, side jobs or the sale of goods. Also, various financial transactions, especially those made late in the year, can have…
Think a Form 1099-K has been issued in error? Contact the filer whose name and contact information appears in the upper-left corner on the front of the form, or the payment settlement entity shown in the lower-left side of the form. Visit IRS.gov for additional answers to frequently asked questions about the Form 1099-K. As…
What is the Gig Economy? The gig economy—also called sharing economy or access economy—is activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Gig Economy Income is Taxable You must report income earned from the gig economy on a tax return, even…