Found 23 Matching Items; Displaying 1 - 10.
Attempting this W-2 scam can lead to penalties for taxpayers
Tax Tip 2023-39, March 27, 2023 — A new scam circulating on social media urges people to use wage information on a tax return to claim false credits in hopes of getting a big refund.
General Information
Individuals
Taxpayers can start the 2022 tax-year off right by checking their withholding
Tax Tip 2022-27, February 17, 2022 — One way people can get the new tax year off to a good start is by checking their federal income tax withholding. They can do this using the Tax Withholding Estimator on IRS.gov.
General Information
Individuals
Tax filing step 1: Gather all year-end income documents
COVID Tax Tip 2022-04, January 6, 2022 — As taxpayers are getting ready to file their taxes, the first thing they should do is gather their records.
General Information
Individuals
School is out for the summer, but tax planning is year-round
Tax Tip 2022-76, May 17, 2022 — Now that the April filing deadline has passed, most people are spending more time thinking about summer vacations than taxes. However, summer is a great time to review withholding and see if summer plans will affect next year’s tax return.
General Information
Individuals
Time is running out to file for tax year 2018 and still get unclaimed refunds
Tax Tip 2022-51, April 4, 2022 — In 2018, over a million taxpayers didn’t file their federal return, leaving $1.5 billion in unclaimed refund money. It’s not too late for people to file and get their refund, but the deadline is soon.
General Information
Individuals
IRS Direct File Update: Free, secure, IRS-run, electronic filing option on track to be available in 2024 as a limited pilot
FS-2023-23, Oct. 2023 — The Inflation Reduction Act of 2022 directed the IRS to study the possibility of a free, direct e-file program, commonly referred to as "Direct File." The IRS submitted the results in a report to Congress on May 16, 2023.
General Information
Individuals
Tip income is taxable and must be reported
FS-2022-37, October 2022 — People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas to understand important details involving tips.
General Information
Individuals
Understanding digital asset reporting and tax requirements
Tax Tip 2023-45, April 5, 2023 — All taxpayers filing 2022 tax year Forms 1040 and 1040-SR must check a box indicating whether they received digital assets as a reward, award or payment for property or services or disposed of any digital asset that was held as a capital asset through a sale, exchange or transfer.
General Information
Individuals
Good recordkeeping year-round helps taxpayers avoid tax time frustration
Tax Tip 2022-183, November 30, 2022 — Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return easier.
General Information
Individuals
What people new to the workforce need to know about income tax withholding
Tax Tip 2022-94, June 21, 2022 — For many new grads and other people entering the workforce for the first time, filling out new hire paperwork can be confusing — what’s a W-4, anyway? New employees should ensure they understand their tax situation and do some planning now, so they’re in good shape at tax time next year. It’s important to know the correct amount of tax to withhold.
General Information
Individuals