Upcoming Tax Deadlines
August DAY 10 Employees Who Work for Tips – If you received $20 or more in tips during July, you must report them to your employer (employees are required to keep a daily record of tips). All tips must be reported on your individual income tax return.. You can use Form 4070. 10 Employers – Social security, […]
Back to School Educator Deductions
If you are an eligible educator, you may deduct up to $300 from trade or business expenses. Joint return filers who are both educators may deduct up to $300 per spouse. You may qualify for this deduction if you work as a teacher, counselor, principal or aide for grades K-12 in a public or private […]
IRS Sends Letters to Alert Taxpayers to Possible Identity Theft
Some taxpayers will receive a letter from the IRS in 2023 about possible theft of their identity. If you receive one of these letters, it means the IRS suspects that a scammer has used your personal information to attempt to claim a tax refund. There is no need to panic, but do not throw the […]