Tax Tips for October 2022

COVID Tax Tip 2022-166, October 31, 2022 — More than nine million people may qualify for tax benefits but didn’t claim them by filing a 2021 federal income tax return. Many in this group may be eligible to claim some or all of the 2021 Recovery Rebate Credit, the Child Tax Credit, the Earned Income Tax Credit and other tax credits.

COVID Tax Tip 2022-165, October 27, 2022 — Grandparents, foster parents or people caring for siblings or other relatives should check their eligibility to receive the 2021 child tax credit. People who claim at least one child as their dependent may not realize they could be eligible to benefit from the child tax credit.

Tax Tip 2022-164, October 26, 2022 — Anyone who missed the IRS Nationwide Tax Forum can stream the sessions online. Convenient on-demand viewing provides tax pros a great opportunity to earn continuing education credits.

Tax Tip 2022-163, October 25, 2022 — The IRS website has a wealth of information for farmers, ranchers and other farm workers. Whether they’ve got a question about whether crop insurance is taxable, they need to find financial resources for a small business, or they want to learn about industry trends, the can help get them answers.

COVID Tax Tip 2022-162, October 24, 2022 — No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early.

Tax Tip 2022-161, October 20, 2022 — Every year, IRS-certified volunteers help millions of taxpayers across the country file their tax returns. Volunteering is a great opportunity for anyone who wants to make a difference in their community, learn about tax preparation and earn continuing education credits.

Tax Tip 2022-160, October 19, 2022 — Tax records are not a first priority for those affected by natural disasters nor should they be. However, these records may be necessary to get federal assistance or insurance reimbursement.

Tax Tip 2022-159, October 18, 2022 — An Offer in Compromise can be an effective way individuals and businesses to settle federal tax debt. This federal program allows taxpayers to enter into an agreement, with the IRS, that settles a tax debt for less than the full amount owed.

Tax Tip 2022-158, October 17, 2022 — The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated tax.

Tax Tip 2022-157, October 13, 2022 — The IRS is committed to serving all taxpayers, including people with disabilities. By providing reasonable accommodations, the IRS ensures that all taxpayers with disabilities have equal access to the agency’s programs, activities and services.

COVID Tax Tip 2022-156, October 12, 2022 — Time is running out. The October 17 filing extension deadline is just days away. Most taxpayers who requested an extension of time to file their 2021 tax return must file by Monday to avoid the penalty for filing late.

Tax Tip 2022-155, October 11, 2022 — October is Cybersecurity Awareness Month. The IRS and the Security Summit partners warn everyone to be on the lookout for scams and schemes that could put sensitive tax data at risk, especially IRS-themed texting scams aimed at stealing personal and financial information.

Tax Tip 2022-154, October 6, 2022 — Tax fairness means the tax system is equitable to all citizens. This is not just a concept - it is the law. The right to a fair and just tax system is one of 10 rights in the Taxpayer Bill of Rights, which clearly outline the fundamental rights of every taxpayer.

Tax Tip 2022-153, October 5, 2022 — An IRS online account makes it easy for people to quickly get the tax planning info they need. With the same ease that taxpayers have when banking online or placing an online shopping order, they can log in and get the latest on their payment history, balance, and more.

Tax Tip 2022-152, October 4, 2022 — Farmers and ranchers forced to sell livestock because of drought conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. The IRS recently announced a one-year extension which gives eligible farmers and ranchers until the end of their first tax year after the first drought-free year to replace the sold livestock.

Tax Tip 2022-151, October 3, 2022 — Many people work for a family member, whether it’s a child helping out at their parent’s shop or spouses running a business together.

IRS tax tips from January 2011 forward.