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Taxlete Today
The People's Tax Blog: Important tax news and information carefully curated to serve the needs of the average person.
#StayInformed #BeEmpowered #Thrive
As a reminder, MyTaxRights.org is not affiliated, associated, authorized, endorsed by, or in any way officially connected with any government entity. External links are provided solely for convenience and informational purposes only. Always check the official government source for the latest information and updates.
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MyTaxRights
Aug 19, 20202 min read
Friendly reminder: Unemployment compensation is taxable
Reminder: Unemployment compensation is taxable. Recipients should ensure the proper amount of tax has been withheld or otherwise set aside.
Jordan D. Howlette, J.D., M.B.A.
Aug 18, 20204 min read
How to report suspected tax fraud activity and claim a reward
Individuals are encouraged to report suspected tax fraud activity to the IRS; monetary rewards may even be available for doing so.
Jordan D. Howlette, J.D., M.B.A.
Aug 14, 20202 min read
The Home Office Deduction: Small business owners may qualify for this great tax-saving benefit
The home office deduction can help small business owners save money on their taxes.
Jordan D. Howlette, J.D., M.B.A.
Aug 10, 20203 min read
Special tax benefits for members of the U.S. Armed Services and their families
Servicemembers and their families should be aware of their special tax benefits; they've earned them.
Lars Kroner
Aug 5, 20203 min read
Did you know special tax credits are available to parents who adopt?
Taxpayers who incur adoption expenses or who receive employer-provided adoption assistance may be entitled to special tax relief.
Lars Kroner
Aug 3, 20202 min read
Reminder: Taxpayers must report tip income to the IRS, including cash tips
Some taxpayers mistakenly believe they are not required to report their cash tips to the IRS, which can lead to a lot of tax trouble.
Jordan D. Howlette, J.D., M.B.A.
Jul 30, 20203 min read
Small Business 101: Treating inventories as non-incidental materials & supplies
Small business owners should be aware of this time-saving exception to keeping and tracking inventories.
Lars Kroner
Jul 28, 20201 min read
**Attention Teachers** You may be able to deduct money spent on school-related expenses
Eligible teachers and other educators can deduct certain unreimbursed school-related expenses on their tax return next year.
Lars Kroner
Jul 14, 20202 min read
Reminder, taxpayers should resume tax debt payments by July 15th
Taxpayers should resume their regularly scheduled tax debt payments by July 15th to avoid default and/or penalties.
Lars Kroner
Jul 9, 20202 min read
Reminder: Social Security benefits may be taxable
Taxpayers who receive Social Security benefits may have to pay federal income tax on a portion of their benefits.
Jordan D. Howlette, J.D., M.B.A.
Jul 8, 20202 min read
How to report non-employee compensation and backup withholding
There is a new IRS Form for taxpayers to report non-employee compensation paid or received in the course of their trade or business.
MyTaxRights
Jul 1, 20201 min read
Use this IRS tool to check whether your charitable donations are tax deductible
Taxpayers can use the IRS's Tax Exempt Organization Search (TEOS) tool to check whether their charitable donations are tax deductible.
Lars Kroner
Jun 25, 20202 min read
Individuals who work in the "gig economy" should remember these tax tips
Gig economy workers should ensure they are paying the right amount of taxes throughout the year to avoid an unexpected tax debt.
Lars Kroner
Jun 23, 20201 min read
Be sure to keep your Economic Impact Payment letter (Notice 1444)
Be sure to keep your Economic Impact Payment notice letter with your tax records.
MyTaxRights
Jun 12, 20202 min read
Individuals may request coronavirus-related withdrawals from IRAs without 10% tax penalty
Individuals may request coronavirus-related withdrawals from IRAs without 10% tax penalty.
Lars Kroner
May 29, 20202 min read
Employers can receive tax credits for granting paid leave to employees affected by COVID-19
Employers can receive tax credits for granting paid sick leave or paid family leave to employees affected by COVID-19.
Lars Kroner
May 27, 20202 min read
The Employee Retention Credit encourages businesses to keep employees on the payroll
The Employee Retention Credit encourages businesses to keep employees on their payroll. Click to learn more.
Lars Kroner
May 22, 20202 min read
Taxpayers have the right to challenge the IRS’s position regarding their taxes
Taxpayers have the right to challenge the IRS’s position and to be heard by the agency regarding their taxes.
Lars Kroner
May 20, 20205 min read
IRS unveils new People First Initiative
Learn more about several of the IRS's relief measures aimed at assisting taxpayers affected by the COVID-19 pandemic.
Lars Kroner
May 18, 20202 min read
The IRS changes how it handles audits and exams in response to the COVID-19 pandemic
The IRS has temporarily changed its handling of audits and exams in response to the COVID-19 pandemic. Here is what you need to know.
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