Issue Number: Tax Tip 2022-106 People should know if their pastime is a hobby or a business From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they… Read More
The IRS recently rolled out a new and improved Where’s My Refund tool. This updated tool allows taxpayers to check the status of their refunds for the 2021, 2020, and 2019 tax years. To use the tool, taxpayers will need their Social Security number or ITIN, filing status and expected refund amount from their original tax return… Read More
The federal income tax deadline has passed for most individual taxpayers. However, some haven’t filed their 2021 tax returns or paid their tax due. Some people may choose not to file a tax return because they didn’t earn enough money to be required to file. Generally, they won’t receive a penalty if they are owed a… Read More
For most individual taxpayers the tax filing and payment deadline is Monday, April 18, 2022. Those who need more time to file can request an extension to file. Taxpayers must request an extension to file by April 18, or they may face a failure to file penalty. This extension gives them until October 17 to file… Read More
January 18: Due date for tax year 2021 fourth quarter estimated tax payment. January 24: Individual 2021 tax return electronic filing starts and processing begins. April 18: Due date to file 2021 tax returns or request extension, and pay tax owed with the extension. October 17: Due date to file for those requesting an extension… Read More
Recent legislation includes several provisions to help individuals and businesses who give to charity. The new law generally extends four temporary tax changes through the end of 2021. Here’s an overview of these changes. Deduction for individuals who don’t itemize Usually taxpayers who take the standard deduction cannot deduct their charitable contributions. The law now permits… Read More