Tax News.

PAYMENT OPTIONS.

A reminder to taxpayers. If you end up owing and need to make a tax payment but can’t, the IRS offers several payment options. To learn more about the available options, click here: www.irs.gov/payments

"WASHINGTON – The Internal Revenue Service reminds people that January 15, 2022, is the deadline for fourth quarter estimated tax payments. This generally applies to people who are self-employed and some investors, retirees and those who may not normally have taxes withheld from their paycheck by their employers.
The U.S. tax system operates on a pay-as-you-go basis. This means taxpayers are to pay most of their tax during the year, as they earn or receive income. Therefore, individuals not subject to withholding may need to make quarterly estimated tax payments.
Who should pay quarterly?
In most cases, taxpayers should make quarterly estimated tax payments for 2021 if both of the following apply:
Individuals expect to owe at least $1,000 in tax for 2021 after subtracting their withholding and tax credits.
They expect their withholding and tax credits to be less than the smaller of:
90% of the tax to be shown on their 2021 tax return or
100% of the tax shown on their 2020 tax return. Their 2020 tax return must cover all 12 months.
Taxpayers with income not subject to withholding, including interest, dividends, capital gains, alimony, cryptocurrency and rental income, normally make estimated tax payments."





















FOR FREE OR LOW INCOME TAX ASSISTANCE -

If you have a simple return and may not need a CPA, the IRS has a free file option you may qualify for. https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free

Also for free tax help the Volunteer Income Tax Assistance (VITA) program offers free tax help to people who generally make $56,000 or less, persons with disabilities and other taxpayers who need assistance in preparing their own tax returns. There is also an AARP program. Locations can be looked up on the IRS website.  https://irs.treasury.gov/freetaxprep/

NEW MILEAGE RATES

IRS issued standard mileage rates for 2022→58.5 cents per mile driven for business use. The optional standard mileage rates are used to calculate the deductible costs of operating a car for business, charitable, medical or moving purposes.

To learn more, click here: https://go.usa.gov/xetnV

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HOW TO PUT A TEMPORAY FREEZE ON YOUR CREDIT