IRS Tax Tip 2024-34, April 16, 2024 Some people choose not to file a tax return because they aren’t legally required to file, but they could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they: Have had federal income tax withheld from their pay. Made […]
IRS Tax Tip 2024-41, April 30, 2024 The IRS knows that understanding and meeting tax obligations is vital to the success of all businesses, especially a new one. IRS.gov has the resources and information to help people through the process of starting a new business. Here are some tips for new entrepreneurs. Choose a business
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IRS Tax Tip 2024-01, Jan. 4, 2024 Tax credits and deductions change the amount of a person’s tax bill or refund. People should understand which credits and deductions they can claim and the records they need to show their eligibility. Tax credits A tax credit reduces the income tax bill dollar-for-dollar that a taxpayer owes
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IRS Tax Tip 2023-125 Paid tax return preparers with a PTIN expiring on Dec. 31, 2023, need to renew their PTIN with the online renewal process. It takes about 15 minutes to renew online. Anyone who’s paid to prepare or helps prepare any U.S. federal tax return or a claim for refund must have a valid
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Tax Tip Hobbie or Business Here’s what to know about that side Hustle. IRS Tax Tip 2023-61, May 3, 2023 Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return.
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ISSUE NUMBER: TAX TIP 2023-112 Avoiding identity theft scammers posing as the IRS Imitation may be the sincerest form of flattery, but when scammers pose as the IRS it means trouble for taxpayers. Identity thieves may contact taxpayers through fraudulent calls, emails, texts or social media messages pretending to be the IRS. Here are tips
