Federal Tax News for Individuals

1. If You Make Estimated Tax Payments, a Deadline Is Coming Up If you pay quarterly estimated taxes, circle this date on your calendar: June 15. That’s the payment due date for your second-quarter estimated taxes. Individuals, including sole proprietors, partners and S corporation shareholders, must make estimated tax payments if they expect to owe…

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Entrepreneurs and Taxes: How Expenses Are Claimed on Tax Returns

While some businesses have closed since the start of the COVID-19 crisis, many new ventures have launched. Entrepreneurs have cited a number of reasons why they decided to start a business in the midst of a pandemic. For example, they had more time, wanted to take advantage of new opportunities or they needed money due…

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2022 Tax Calendar

To help you make sure you don’t miss any important 2022 deadlines, we’ve provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Date Deadline for  January 31…

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IRS Reports Delays in Processing Refunds

In the National Taxpayer Advocate’s Annual Report to Congress, Erin M. Collins focuses on processing and refund delays and the impact on taxpayers for 2021. The 2021 Annual Report to Congress called calendar year 2021 “the most challenging year taxpayers and tax professionals have ever experienced,” reporting tens of millions of taxpayers experiencing delays in…

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2022 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2022. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you’re meeting all applicable deadlines and to learn more about the filing requirements. January…

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Federal Tax News for Businesses

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1. Court Limits Sole Proprietor’s Auto Expense Deductions Business owners can generally deduct the ordinary and necessary costs of doing business if they keep good records. To claim vehicle expenses, a contemporaneous log must be kept showing odometer readings, dates, business purpose of trips and miles driven. In one case, a personal trainer filed tax…

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