August 5, 2022

August 2022 Newsletter

Here are your Articles for August 5, 2022.

Understanding how the IRS contacts taxpayers; Avoiding scams and how to know it’s really the IRS reaching out

With continuing phone and in-person scams taking place across the country, the IRS wants to help taxpayers understand how and why agency representatives may contact taxpayers.

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IRS online account makes it easy for taxpayers to view their tax info anytime

Taxpayers who want to check their account information including balance, payments, tax records and more, can log into their IRS online account. It’s a simple and secure way to get information fast.

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Loans between family members and other related parties have become increasingly common while interest rates have been near historical lows. But, as interest rates have started to climb, related-party loans could lead to unexpected tax consequences. Here’s what borrowers and lenders who participate in these loans should know to help minimize the potential adverse tax effects for both parties.
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Nobody wants to incur medical expenses, but for those who do, there might be some tax relief. A wide variety of medical expenses
are deductible for taxpayers who itemize, including the cost of travel to and from treatment. There’s a catch, however. Taxpayers must itemize deductions — and only the amount that exceeds a certain threshold can be deducted. This article provides details.

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Although telecommuting has become much more widespread during the COVID-19 pandemic, many people still commute to work and many more may soon start doing so again. It might seem impossible to control commuting costs, but there may be some ways. This article discusses a few ideas.
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1. More EVs Eligible for a Tax Break
2. Getting Married this Year? Don’t Forget About Taxes
3. Are Low-Income Taxpayers More Likely to Be Audited?
4. Tax Debt Can Result in a Passport Being Revoked
5. The IRS Can File “Substitute” Returns for Nonfilers

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Sixty-six percent of small-business owners have no formal succession plan, according to one online legal document creation service. While the number may shock you, it’s probably not surprising since so many small business owners are consumed by the myriad responsibilities of running their businesses. Nevertheless, owners ignore succession planning at their peril, and possibly at the peril of their heirs. Read on to learn more.
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