Current Tax Tips

College students should study up on these two tax credits

IRS Tax Tip 2022-123, August 11, 2022 — Anyone pursuing higher education, including specialized job training and grad school, knows it can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits.

What business owners need to do when closing their doors for good

IRS Tax Tip 2022-122, August 10, 2022 — There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It’s also important to notify the IRS of their plans.

How extension filers – and everyone else – can get tax help fast

COVID Tax Tip 2022-121, August 9, 2022 — For people who haven’t filed their 2021 tax return yet, and for everyone looking for tax assistance, has resources to help people file electronically, get personalized tax account info, and find the status of their refund. These online tools are available any time, so taxpayers can use them at their convenience.

Some things to know about crowdfunding and taxes

IRS Tax Tip 2022-120, August 8, 2022 — Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It’s important to know that money raised through crowdfunding may be taxable.

People should donate carefully after a disaster to avoid scams

Tax Tip 2022-119, August 4, 2022 — After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities.

From markers to face masks, classroom supplies may be tax deductible

COVID Tax Tip 2022-118, August 3, 2022 — Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes.

Worker Classification 101: employee or independent contractor

Tax Tip 2022-117, August 2, 2022 — A business might pay an independent contractor and an employee for the same or similar work, but there are key legal differences between the two. It is critical for business owners to correctly determine whether the people providing services are employees or independent contractors.

Basic things all businesses should know about excise tax

Tax Tip 2022-116, August 1, 2022 — Excise tax is an indirect tax on specific goods, services and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco and other goods and services.

Tax Tip Archive

IRS Tax Tips from January 2011 forward.