The Internal Revenue Service reminds taxpayers that a special tax provision will allow more Americans to easily deduct up to $600 in donations to qualifying charities on their 2021 federal income tax return.
The State of New Jersey Department of the Treasury Division of Taxation released Income Guidelines to help define what income may be deducted or excluded from gross income when determining eligibility for the Real Property Tax Deduction.
Next year taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost‑of‑living adjustments that may affect pension plan and other retirement-related savings next year. Highlights of changes for 2022 The contribution limit for employees …
Here’s How Businesses Can Deduct Startup Costs From Their Federal Taxes When starting a business, owners should treat all eligible costs incurred before beginning to operate the business as capital expenditures that are part of their basis in the business.
Taxability and Reporting of Payments from Coronavirus State and Local Fiscal Recovery Funds The Internal Revenue Service provided answers regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds).
The tax law allows small businesses to deduct expenses that help them bring in new customers and keep existing ones.
When taxpayers decide to support a cause they care about, they want their donation to do as much good as possible.
IRS Updates Process for Frequently Asked Questions on New Tax Legislation and Addresses Reliance Concerns
Taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. These taxpayers have the right to know when the IRS has finished the audit.
The Internal Revenue Service announced that beginning Oct. 18, the IRS’s large business division will accept all taxpayer requests to meet with IRS employees using secure videoconferencing.