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Blog posts concerning Federal Income Tax tips, changes, updates, news and more
The IRS started issuing information letters to advance child tax credit recipients in December. Recipients of the third round of the Economic Impact Payments will begin receiving information letters at the end of January. Using the information in these letters when preparing a tax return can reduce errors and delays in processing. People receiving these …
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 to use and available anytime. • Choosing a preparer. The IRS has several options for finding a tax …
The IRS and its Security Summit partners recently held the annual National Tax Security Awareness Week. One of the key messages this year was even if someone doesn’t file a tax return, their online interactions can lead to scammers stealing sensitive information and using it to try and get a tax refund. Here are some …
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration or obsolescence of the property. Small businesses can depreciate property when they place it in service for use …