Organized tax records make preparing a complete and accurate tax return easier and may help taxpayers find overlooked deductions or credits.
Depreciation is an annual tax deduction that allows small businesses to recover the cost or other basis of certain property over the time they use the property. It is an allowance for the wear and tear, deterioration, or obsolescence of the property. Small businesses can depreciate property when…
Remember, the IRS never sends you emails regarding your tax refund. Scammers often pose as the IRS and send emails to taxpayers, asking for information "before their tax refund can be processed." The emails may appear legitimate and even say "From: IRS” or use their logo. But even…
Many taxpayers have experienced slower than anticipated IRS tax refund processing speed or time in 2021. If your status shows that your information entered was incorrect when you are certain you have entered the right data, this may be due to these delays, meaning they do not have a record of the…
WASHINGTON — The Internal Revenue Service today reminds taxpayers about the upcoming October 15 due date to file 2020 tax returns. People who asked for an extension should file on or before the extension deadline to avoid the penalty for filing late. Electronic filing options, such as IRS…