WASHINGTON — The Internal Revenue Service reminds taxpayers they may be able to claim a deduction on their 2021 tax return for contributions to their Individual Retirement Arrangement (IRA) made through April 18, 2022. An IRA is a personal savings plan that lets employees and the...
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. This online tool helps employees avoid having too much or too little tax...
As the unemployment rate falls from its 2020 high, employees are switching jobs in record numbers. The new stability in the economy means workers have more leeway to shop around for jobs that fit their lifestyles, needs and values. Now, the onus is on employers...
Business owners need to make choices on their 2021 taxes regarding the Paycheck Protection Program and the Employee Retention Credit. Both were enacted to help businesses stay in operation during the lockdowns caused by the COVID-19 pandemic. The PPP provided forgivable loans to businesses, and the...
The total of all salary deferrals a participant makes to various retirement plans – including 401(k), 403(b), SARSEP and SIMPLE IRA plans – is limited to $19,500 (plus an additional $6,500 if age 50 or over) for 2021. If you exceed this limit for 2021, you...
WASHINGTON – The Internal Revenue Service today kicked off the 2022 tax filing season with an urgent reminder to taxpayers to take extra precautions this year to file an accurate tax return electronically to help speed refunds. The start of this year’s tax season – which...
WASHINGTON - The Internal Revenue Service today urged employers to be aware of the January deadline to file Forms W-2 and other wage statements. Filing these documents timely helps employers avoid penalties and helps the IRS in fraud prevention. A 2015 law made it a permanent...
WASHINGTON − The Internal Revenue Service announced that the nation's tax season will start on Monday, Jan. 24, 2022, when the tax agency will begin accepting and processing 2021 tax year returns. The January 24 start date for individual tax return filers allows the IRS time...
WASHINGTON − The IRS urges taxpayers to check into their options to avoid being subject to estimated tax penalties, which apply when someone underpays their taxes. Taxpayers who paid too little tax during 2021 can still avoid a surprise tax-time bill and possible penalty by...
IR-2021-251, Dec. 17, 2021 WASHINGTON — The Internal Revenue Service today issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2022, the standard mileage rates for the use...