Stay current using the Withholding EstimatorThe Tax Withholding Estimator on IRS.gov can often help people determine if they need to make an estimated tax payment. It also helps people calculate the correct amount of tax to withhold throughout the year based on their complete set of tax facts and circumstances.
An Offer in Compromise can be an effective way individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed. Sometimes taxpayers are able to settle for significantly less, especially if they have…
Here are some facts about how the IRS communicates with taxpayers:
When someone dies, their surviving spouse or representative files the deceased person’s final tax return. On the final tax return, the surviving spouse or representative will note that the person has died. The IRS doesn’t need any other notification of the death. Usually, the representative filing the final tax return is named in the person’s…
Tax credits and deductions can help lower the amount of tax owed. All taxpayers should begin planning now to take advantage of the credits and deductions they are eligible for when they file their 2022 federal income tax return next year. Here are a few facts that can help taxpayers with their year-round tax planning:…
The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2021 tax returns or paid their tax due. Some people may choose not to file a tax return because they didn’t earn enough money to be required to file. Generally, they won’t receive a penalty if they are owed…
Every taxpayer has a set of fundamental rights when working with the IRS which are known collectively as the Taxpayer Bill of Rights. One of these is the right to challenge the IRS’s position and be heard. Here are some details about what this right means for taxpayers. Taxpayers have the right to: Raise objections….
The IRS mails letters or notices to taxpayers for a variety of reasons including: • They have a balance due.• They are due a larger or smaller refund.• The agency has a question about their tax return.• They need to verify identity.• The agency needs additional information.• The agency changed their tax return. If a…
Once a taxpayer files their tax return, they want to know when they’ll receive their refund. The most convenient way to check on a tax refund is by using the Where’s My Refund? Tool on IRS.gov. Taxpayers can start checking their refund status within 24 hours after the IRS acknowledges receipt of the taxpayer’s e-filed…
For 2022 the maximum educator expense deduction rises to $300. For 2021 it is limited to $200 Teachers and other educators will be able to deduct up to $300 of out-of-pocket classroom expenses when they file their 2022 federal income tax return. This is the first time the annual limit has increased since the special…
