by TallyPage Accounting and Bookkeeping | Jan 10, 2022 | Tax Tips and News
It’s official: The Internal Revenue Service says it will start accepting 2021 tax year returns on January 24, kicking off tax season. The somewhat late start for individual tax filers allows the agency the extra time needed to get their computer systems programmed and...
by TallyPage Accounting and Bookkeeping | Jan 7, 2022 | Tax Tips and News
Their lifeline comes in the form of a quarterly estimated tax payment, as long as it’s made for the fourth quarter of 2021 and gets to the IRS by Tuesday, January 18. The IRS sees income taxes as a pay-as-you-go proposition, meaning Americans need to pay most of their...
by TallyPage Accounting and Bookkeeping | Jan 5, 2022 | Tax Tips and News
No doubt about it: The future for the IRS is electronic. The agency is putting more and more formerly paper-only functions on its electronic platform, speeding up transmission and improving service as a result. Form 1024, Application for Recognition of Exemption under...
by TallyPage Accounting and Bookkeeping | Jan 4, 2022 | Tax Tips and News
Victims of the New Year wildfires in Colorado now have one less thing to worry about. The Internal Revenue Service has given individual and business taxpayers affected by the disaster until May 16 to file and pay an array of federal taxes. The fires started December...
by TallyPage Accounting and Bookkeeping | Dec 30, 2021 | Tax Tips and News
If taxpayers get a letter from the Internal Revenue Service relating to either the Advance Child Tax Credit or Economic Impact Payments, they need to file the letters for safekeeping. Those taxpayers will need the letters when they file their 2021 income taxes next...
by TallyPage Accounting and Bookkeeping | Dec 30, 2021 | Tax Tips and News
Taxpayers who took advantage of some tax-relief measures during the dark days of the COVID-19 pandemic are being reminded that’s it’s now time to pay up. For some taxpayers, the part of their 2020 Social Security tax bill they were able to delay to 2022 will be due...
by TallyPage Accounting and Bookkeeping | Dec 28, 2021 | Tax Tips and News
In November 2021, Drake Software and Right Networks collaborated on a three-part series highlighting different software solutions available to tax professionals. In part one, we learned about the different ways tax practices run software. Part two covered how cloud...
by TallyPage Accounting and Bookkeeping | Dec 27, 2021 | Tax Tips and News
As recovery efforts spread across parts of the south in the wake of the December 10 tornadoes, the Internal Revenue Service is expanding its effort to give affected taxpayers in the region a helping hand. The IRS has expanded its previously issued relief package to...
by TallyPage Accounting and Bookkeeping | Dec 21, 2021 | Tax Tips and News
As the phrase goes, all good things come to an end, and the Internal Revenue Service is saying just that about the advance payments of the Child Tax Credit, or CTC. In December, families who have qualified for the advance payments of the credit will get their final...
by TallyPage Accounting and Bookkeeping | Dec 21, 2021 | Tax Tips and News
The Internal Revenue Service has put a little more cushion into its standard mileage rates, so taxpayers won’t have such a big bite taken out of their pockets by fuel prices. The rates for 2022, which take effect on January 1, will be used to figure the deductible...