Tax tips for gig economy entrepreneurs and workers
In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned…
Read moreTax basics: Understanding the difference between standard and itemized deductions
One of the first decisions taxpayers must make when completing a tax return is whether to take the standard deduction or itemize their deductions. There are several factors that can…
Read moreSave for retirement now, get a tax credit later: Saver’s Credit higher limits can help low- and moderate-income workers save more in 2023
WASHINGTON —The Internal Revenue Service reminds low- and moderate-income workers that they can save for retirement now and possibly earn a special tax credit in 2022 and years ahead. The…
Read moreIRS issues standard mileage rates for 2023; business use increases 3 cents per mile
WASHINGTON — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving…
Read more401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The…
Read moreDon’t let a tax mistake ruin newlywed bliss
When people get married their tax situation often changes. A taxpayer’s marital status as of December 31 determines their tax filing options for the entire year, but that’s not all…
Read moreBefore toasting the new year, taxpayers should review this to-do list
IRS Tax Tip 2022-191, December 15, 2022 Whether they plan to stay up to greet the new year or go to bed early, taxpayers can get ready for 2023 by…
Read moreWhat Deductions Can I Take as an Owner of Rental Property?
If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return. These expenses may include mortgage interest,…
Read moreWhat is Considered Rental Income?
You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property. You must…
Read moreTax Time Guide: Electronic tax payment and agreement options available to taxpayers who owe
WASHINGTON ― The Internal Revenue Service today reminded taxpayers who have a tax bill that there are several ways to make payments, and there are options for many people who…
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