Tag: #irs

2026 Tax Solutions

"2026 tax solutions" encompass a range of changes enacted by recent legislation (the "One Big Beautiful Bill Act") and annual IRS inflation adjustments, which include permanently extending existing tax rates and a higher standard deduction, along with introducing new, temporary deductions and increased retirement contribution limits.  Key changes and planning solutions…

IRS has changed the mileage rules

To meet the strict substantiation requirements for deducting vehicle expenses underIRC section 274(d), a taxpayer must have adequate records or sufficient corroboratingevidence that establishes:1) The amount of the expense,2) The time and place of the expense or use of the listed property,3) The business purpose of the expense or use,…

Reasons to file a tax return even if you don’t have to

In 2019, the Internal Revenue Service received nearly 156 million tax returns. Then came the COVID-19 pandemic. In 2022, the number of 1040s filed hit 169.7 million. 2021 saw 169.1 million returns sent to the IRS, and 2022 saw 164.3 returns sent. During 2020-2022, the IRS most likely increased advance…

New IRS $600 Rule For 2022 Taxes – Be Prepared This Tax Season

https://www.youtube.com/watch?v=92sX4kS5XNQ

Get Ready For 2023

WASHINGTON – The Internal Revenue Service encouraged taxpayers to take important actions this month to help them file their 2022 federal tax returns. This is the second in a series of reminders to help taxpayers get ready for the upcoming tax filing season. A ”Get Ready” page, updated and available on…

The Third Stimulus Checks are Here

WASHINGTON – The Internal Revenue Service announced today that the third round of Economic Impact Payments will begin reaching Americans over the next week. Following approval of the American Rescue Plan Act, the first batch of payments will be sent by direct deposit, which some recipients will start receiving as…

IRS mails 260,000 failure-to-file notices, but admits many likely are wrong

What's worse than getting an Internal Revenue Service notice? Getting a wrong IRS notice. That just happened to potentially more than a quarter million taxpayers. The IRS last week acknowledged that it sent approximately 260,000 taxpayers notices that they had failed to file return for the 2019 tax year. Some, perhaps…