Reviewing tax credits and deductions now helps set taxpayers up for success at tax time Tax Tip 2022-184, December 1, 2022 — Most people probably only think about tax credits and deductions when they’re completing their tax return. However, a little early planning can make for a smoother filing process. By familiarizing themselves now, taxpayers can have a clear understanding of which credits and deductions make sense for them and the records needed to show their eligibility. Good recordkeeping year-round helps taxpayers avoid tax time frustration Tax Tip 2022-183, November 30, 2022 — Wading through a pile of statements, receipts and other financial documents when it’s time to prepare a tax return can be frustrating for people who haven’t managed their records. By knowing what they need to keep and how long to keep it, people can develop a good recordkeeping system year-round and make filing their return easier. There’s more to determining filing status than being married or single Tax Tip 2022-182, November 29, 2022 — Some taxpayers are eligible for more than one filing status. As they get ready for the upcoming filing season, taxpayers should carefully review their options to pick the filing status that makes the most sense for them. Taxpayers shouldn’t let gift card scammers ruin the holidays Tax Tip 2022-181, November 28, 2022 — During the holiday season, taxpayers should be aware of gift card scams thieves commonly use this time of year. Con artists will target taxpayers by asking them to pay a fake tax bill with gift cards. Filing season readiness for tax pros: review data safeguards Tax Tip 2022-180, November 23, 2022 — As tax professionals begin preparing for the upcoming filing season, reviewing their security measures should be at the top of their to-do list. The Taxes-Security-Together Checklist can help tax them identify the basic steps they should take to safeguard their clients and their business. These security guidelines can help keep personal info safe online Tax Tip 2022-179, November 22, 2022 — Taking online security seriously can help people keep their information safe and out of the hands of identity thieves and scammers. It only takes a few simple steps to avoid common security pitfalls. Taxpayers should review the 401(k) and IRA limit increases for 2023 Tax Tip 2022-178, November 21, 2022 — The amount individuals can contribute to their 401(k) plans in 2023 will increase to $22,500 - up from $20,500 for 2022. The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs, and claim the Saver's Credit will also all increase for 2023. IRS’ Annual Filing Season Program offers professional development for non-credentialed tax preparers Tax Tip 2022-177, November 17, 2022 — Any non-credentialed tax return preparers who want to increase their knowledge and improve their filing season readiness should consider the IRS’ Annual Filing Season Program. This voluntary program is intended to encourage non-credentialed tax return preparers to take continuing education courses to further their professional knowledge. PTINs expire soon – tax pros can renew online for faster processing Tax Tip 2022-176, November 16, 2022 — There are more than 750,000 active tax return preparers that must renew their Preparer Tax Identification Numbers now for 2023. All current PTINs will expire December 31, 2022. Giving Tuesday is coming; now is a good time to review tax benefits for charitable giving Tax Tip 2022-175, November 15, 2022 — The Tuesday after Thanksgiving marks Giving Tuesday when many people choose to make charitable donations. People making charitable donations for Giving Tuesday, or at any time during the year, should review whether their gift is tax-deductible. An overview of the Taxpayer Bill of Rights Tax Tip 2022-174, November 14, 2022 — By law, all taxpayers have fundamental rights when they're interacting with the IRS. It's important that all taxpayers know and understand their rights. The Taxpayer Bill of Rights presents these rights in 10 categories. Everyone should know the facts about how the IRS communicates with taxpayers Tax Tip 2022-173, November 10, 2022 — Knowledge is a taxpayer’s first line of defense against scammers who pretend to be from the IRS with the goal of stealing personal information. Tax resources and information for U.S. service members and veterans Tax Tip 2022-172, November 9, 2022 — As the nation prepares to celebrate Veterans Day, the IRS reminds members of the military, veterans and their families that the agency offers a variety tax resources specifically for them. These resources and information are designed to help members of the military community navigate their unique and sometimes complex tax situations. Seniors can reduce their tax burden by donating to charity through their IRA Tax Tip 2022-171, November 8, 2022 — In most cases, distributions from a traditional Individual Retirement Account are taxable in the year the account owner receives them but there are some exceptions. A qualified charitable distribution is one of the few exceptions. Employers: beware of third parties promoting improper employee retention credit claim COVID Tax Tip 2022-170, November 7, 2022 — Employers should be wary of third parties advising them to claim the employee retention credit when they may not qualify. Some third parties are taking improper positions related to taxpayer eligibility for and computation of the credit. Under the Taxpayer Bill of Rights, all taxpayers have the right to finality of IRS matters Tax Tip 2022-169, November 3, 2022 — By law, taxpayers interacting with the IRS have the right to finality. This right comes into play for taxpayers who are going through an audit. Not too much, not too little - taxpayers should check if their tax withholding is just right COVID Tax Tip 2022-168, November 2, 2022 — There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises, people should review their tax withholding. Taxpayers in declared disaster areas have more time to file tax returns to get COVID penalty relief COVID Tax Tip 2022-167, November 1, 2022 — Taxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax returns. Tax Tip Archive IRS Tax Tips from January 2011 forward.