IRS Highlights New Business Tax Account Features, FS-2024-27
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has reminded eligible educators that they will be able to deduct out of pocket classroom expenses upto $300 while filing their federal income tax returns next year. If the taxpayer is married and files a joint return, the limit rises to $600 in total. Further, IRS assured that the limit will rise in $50 increments in the coming years based on the inflation adjustments. Educators eligible to avail the deductible includes all private and public school teachers, instructors counselors, principal or aide who has worked in a school for at least 900 hours during the school year.
Educators can deduct expenses including books, supplies, equipment, COVID-19 protective items etc. However, this does not include the cost of home schooling or for nonathletic supplies for courses in health or physical education. Further, educators were advised to see Publication 970, Tax Benefits for Education. As for taxpayers qualified for an extension in lieu of disaster stricken residence area or otherwise, the deadline for filing returns is October 16,2023. Finally, the IRS urged taxpayers to file electronically and to utilize the IRS Direct Pay option.
The IRS announced that it is continuing to expand the features within Business Tax Account (BTA), an online self-service tool […]
Read MoreThe IRS has issued a series of questions and answers for 401(k) and similar retirement plans that provide, or wish […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
Read MoreThe floating interest rate applicable to taxes administered by the Florida Department of Revenue on underpayments (deficiencies) and late payments […]
Read MoreThe IRS has issued a reminder that summer day camp expenses may be eligible for the Child and Dependent Care tax […]
Read MoreThe IRS has updated frequently asked questions (FAQs) to provide guidance related to the critical mineral and battery component requirements […]
Read MoreThe IRS has issued a cautionary alert to taxpayers about a new scam exploiting clean energy tax credits. This emerging […]
Read MoreThe IRS reminded taxpayers that marijuana will remains a Schedule I controlled substance till a federal rule is published. Businesses […]
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