Nearly $1.5 billion in refunds remain unclaimed because some people haven’t filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds.
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Investment income generally includes interest, dividends, and capital gains. It also includes other unearned income, such as taxable scholarships or from a trust. These rules may affect the amount of tax and how to report the income.
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As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their important tax documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your...
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If you’ve recently started a business – or are thinking about starting a business – you should know that as an owner, all eligible costs incurred before you began operating the business are treated as capital expenditures.
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Monday, January 23, 2023, marks the start of the 2023 tax filing season and the date the IRS begins accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority...
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Here’s what small business owners need to know about tax provisions for 2022 Standard Mileage Rates Due to inflation, there were two standard mileage rates in 2022: 62.5 cents per business mile driven (July 1-December 31, 2022) and 58.5 per...
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Penalty relief for struggling taxpayers affected by the COVID-19 pandemic is now available to most people and businesses who file certain 2019 or 2020 returns late.
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Filing an error-free tax return is key to taxpayers getting any refund they are due as soon as possible. Requesting a Tax Transcript From the IRS
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If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return.
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