Here are some simple things taxpayers can do throughout the year to make next filing season less stressful.
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2025 2nd Quarter Estimated Tax Payments
The IRS reminded taxpayers that second quarter 2025 estimated tax payment is due Monday, June 16.
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Summer Activities That Could Impact Next Year’s Tax Return
Summer activities that could impact next year’s tax return
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What Taxpayers Need To Know About Taxes Related To Home Sales
When a taxpayer sells their home, they may not have to pay taxes on the money they gain. If the gain on the sale of a home is not taxable, it may not need to be reported to the IRS. There are several factors to consider to determine eligibility for an exclusion. One factor is the length of time someone has lived in their home. If someone has lived in their home and used it as their main residence for 2 of the previous 5 years, they may be able to exclude some or all of the gain from the
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What To Do If You Recieve A Letter From The IRS
IRS Tax Tip 2025-33, May 27, 2025 The IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic if mail comes from the IRS – they’re here to help. When a taxpayer receives mail from the IRS, they should: Read the letter carefully. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes any steps the taxpayer needs to take. A notice may reference changes to
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Small Business Best Practices from the IRS
Correctly classify your business. Decide on the appropriate business entity (sole proprietorship, partnership, corporation, S corporation or LLC) to determine tax filing requirements and legal considerations. Get your employer identification number (EIN). An EIN, also known as a federal tax identification number, is used to identify a business entity. Generally, businesses need an EIN. You may apply for an EIN in various ways, and now you may apply online. This is a free service offered by the Internal Revenue Service, and you can get your EIN immediately. You must check with your state to make sure you need a state
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QBO New Features and Updates May 2025
Convert recurring invoices into recurring payments In a nutshell: You can now convert recurring invoices into recurring payments from customers through QuickBooks Payments. Promote predictable cash flow and stop chasing down payments. Setting up recurring payments is simple, and you won’t need to maintain and store customers’ credit card records. First, create a recurring payment from a recurring invoice in the Customers section of the Sales tab. The recurring payment is then sent to your customer as a request. After they agree to the recurring payments, they’ll securely enter their payment information through an online portal. That means less hassle and headache for
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IRS TAX TIP 2020-105: A TAXPAYER’S FIRST OPTION: IRS.GOV
Issue Number: Tax Tip 2020-105 A taxpayer’s first option: IRS.gov The latest tax information and tips are just a click away. IRS.gov provides taxpayer assistance 24/7 and is regularly updated to reflect the most current tax information for most tax-related questions. The agency encourages the public to visit IRS.gov to: Get answers to tax questions. The Interactive Tax Assistant asks a series of questions and immediately provides answers on a variety of tax law topics. Download forms and publications. View, download and print federal tax forms and publications anytime. File taxes for free. File federal tax returns for free using IRS Free File. Taxpayers who earned
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IRS Debunks Tax Refund Myths
WASHINGTON ― With the July 15 tax deadline now past, the Internal Revenue Service reminds all taxpayers that there is no secret way to find out when a refund will be issued. Most taxpayers have already filed their federal tax return, and many have already received their refund. Those that have not are understandably eager for details about when their refund will arrive. When it comes to tax refunds, a few common myths keep circulating and misinforming taxpayers. Some key facts can help people understand the refund process better: Taxpayers who file electronically and use direct deposit can expect their
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Here’s Who Qualifies A Taxpayer For The Child And Dependent Care Credit
Childcare or adult dependent care can be a major expense. Fortunately, the child and dependent care credit can provide some relief. Taxpayers who pay for daycare expenses may be eligible to claim up to 35% of what they spend; limits apply. For the purposes of this credit, the IRS defines a qualifying person as: • A taxpayer’s dependent who is under age 13 when the care is provided. • A taxpayer’s spouse who is physically or mentally unable to care for themselves and lived with the taxpayer for more than half the year. • Someone who’s physically or mentally unable
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