WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard …
IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams IR-2018-237, November 30, 2018 WASHINGTON — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced today …
Small Business Responsibilities Choosing a Business Structure Meet with an attorney and CPA to set up the structure that best suits your legal and financial needs Sole Proprietor State formed LLC (single member or multi-member) C Corporation Partnership (two or more partners) Taxation choices LLC = default taxed as a Sole Proprietor or Partnership unless …
Many Americans enjoy hobbies that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby. However, the rules on how to report the income and expenses depend on whether the activity is a business or a hobby. There are rules and limits …
Individual: Net Income Tax Rates: 10%, 12%, 22%, 24%, 32%, 35%, 37% Capital Gains & Qualified Dividends Tax Rates Remain: 0%, 15%, 20%; however, the 15% breakpoint is $77,200 MFJ and the 20% breakpoint is $479,000 MFJ. Standard Deduction: increased to $24,000 MFJ and adjusted for inflation for years after 2018 Personal Exemption: suspended for …
From scrapbooking to glass blowing, many Americans enjoy hobbies that are also a source of income. A taxpayer must report income on their tax return even if it is made from a hobby. However, the rules for how to report the income and expenses depend on whether the activity is a hobby or a business. …
New business owners have tax-related things to do before launching their companies. IRS.gov has resources to help. Here are some items to consider before scheduling a ribbon-cutting event. Choose a business structure When starting a business, an owner must decide what type of entity it will be. This type determines which tax forms a business …
Items to Consider: Withholding and Estimated Taxes: If you expect to owe at least $1000 in tax, the required tax payment to avoid underpayment of tax penalties and interest is the lessor of 90% of the current year returns tax or 100% of the tax shown on the prior year’s return (unless your AGI on …
For some taxpayers, filing an extension is just a given. Others find the concept unthinkable. For some, the decision to extend comes down to the wire. Some taxpayers incorrectly believe that filing an extension will be a red flag on their return and draw attention to the IRS that will generate an audit. Regardless of …
IR-2017-110, June 22, 2017 WASHINGTON –The Internal Revenue Service reminds small businesses of the many free products available to help them understand and comply with the law. Products ranging from online calculators, printable calendars, step-by-step guides and a series of educational webinars are all available on IRS.gov. Federal law requires most employers …