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Options for taxpayers who need help paying their tax bill
You must file your tax return by the deadline, regardless of your tax liability.
If you can’t pay the full amount of federal taxes you owe, there are options available for you.
Valuable tax benefits for members of the military
Members of the military may qualify for tax benefits not available to civilians. For example, they don’t have to pay taxes on some types of income. Special rules may lower the tax they owe or allow them more time to file and pay their federal taxes.
Filing season reminder for teachers: Some educator expenses may be tax deductible
The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim this deduction for expenses that were not reimbursed by their employer, a grant or other source.
Tax benefits of making a business accessible to workers and customers with disabilities
Tax benefits of making a business accessible to workers and customers with disabilities
The 2022 contribution limit for 401(k) plans will increase to $20,500.
Contributions to traditional and Roth IRAs will remain at $6,000.
If neither taxpayer nor their spouse is covered by a retirement plan at work, their FULL contribution to a traditional IRA is deductible.
If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated – amount will depend on the taxpayer’s filing status and their income.
The amount individuals can contribute to SIMPLE retirement accounts increases to $14,000 in 2022.
Some important things all taxpayers should do before the tax year ends
Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return.
What taxpayers can do now to get ready to file taxes in 2022
There are steps people, including those who received stimulus payments or advance child tax credit payments,
The 2022 contribution limit for 401(k) plans will increase to $20,500.
Contributions to traditional and Roth IRAs will remain at $6,000.
If neither taxpayer nor their spouse is covered by a retirement plan at work, their FULL contribution to a traditional IRA is deductible.
If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated – amount will depend on the taxpayer’s filing status and their income.
The amount individuals can contribute to SIMPLE retirement accounts increases to $14,000 in 2022.
IRS announces changes to retirement plans for 2022
IRS announced they will implement changes to retirement plans for 2022
The 2022 contribution limit for 401(k) plans will increase to $20,500.
Contributions to traditional and Roth IRAs will remain at $6,000.
If neither taxpayer nor their spouse is covered by a retirement plan at work, their FULL contribution to a traditional IRA is deductible.
If the taxpayer or their spouse was covered by a retirement plan at work, the deduction may be reduced or phased out until it is eliminated – amount will depend on the taxpayer’s filing status and their income.
The amount individuals can contribute to SIMPLE retirement accounts increases to $14,000 in 2022.
Teachers can deduct out-of-pocket classroom expenses including COVID-19 protective items
Fall is here and another school year is in full swing. Many teachers are already dipping into their own pockets to buy classroom supplies that will help set their students up for success. Doing this all year long can add up fast. Fortunately, eligible educators may be able to offset qualified expenses they paid in 2021 when they file their tax return in 2022.
Here’s how businesses can deduct startup costs from their federal taxes
Advance Child Tax Credit Payments are NOT a government Loan, grant, or part of a stimulus. The Child Tax Credit will help many families get advance payments of the credit starting this summer.
IRS awards new contracts to three private collection agencies
Bookkeeping is important for helping you maintain accurate financial records. Yet still, many businesses fail to implement this integral process as a result of not having books or accounting records on hand.
IRS TIP: Independent contractor vs. employee
Whether a worker is an independent contractor, or an employee depends on the relationship between the worker and the business. Generally, there are three categories to consider.
TAX TIP: Here’s how taxpayers can rebuild records after a natural disaster
Bookkeeping is important for helping you maintain accurate financial records. Yet still, many businesses fail to implement this integral process as a result of not having books or accounting records on hand.
