IRS Sets Simpler Rules for Taking Home-Office Tax Deductions (2)Richard Rubin
After lots of hemming and hawing, Democrats finally got their huge boost in IRS funding in the so-called Inflation Reduction Act in August 2022. This $80 billion boost over ten years was supposed to help to “close the tax gap” by improving IRS enforcement to collect money taxpayers owed ...
Fortunately, complying with IRS rules for your new business isn’t too complicated once you understand the basics. Here’s what you need to know as an Etsy seller. At a glance: Etsy tracks and reports your sales throughForm 1099-K. You’ll receive this form if you had over $5,000 in...
Dependent rules require the dependent to live with you for more than half of the year. If your child was born or died during the year and lived with you, your home must have been the child’s home for more than half the time they were alive. ...
2022, subject to transition rules discussed below. The new regime inRevenue Procedure 2022-39is welcome news for eligible taxpayers given prior IRS statements about potentially eliminating Revenue Procedure 94-69 without a replacement. For prior coverage of developments in this area, seehereandhere. ...
If you are self-employed, it's likely you need to fill out an IRS Schedule C to report how much money you made or lost in your business. Freelancers, contractors, side-giggers and small business owners typically attach this profit or loss schedule to the
specifically for work — a contractor's truck comes to mind — there are rules about what you can and can't deduct. Those rules get even more stringent depending on if you own or lease the car. "Rarely is a car used 100 percent for business by a small business owner," said Bonneau....
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It is important to note that the specific requirements for filing the 1099s 2022 form may vary based on the jurisdiction and regulations in your country or state. Be sure to consult with a tax professional or review the IRS guidelines to ensure compliance with the applicable rules and deadlines...
Rules and regulations vary by location. They also change over time and are specific to your situation. Furthermore, this comment section is provided so people can share their thoughts and experience. Please consult a licensed professional if you have legal or tax questions. Serina November 12, ...