Tip income is taxable and must be reported
Reading Time: 3 minutesPeople who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it’s important for people working in these areas to understand important...
IRS provides tax inflation adjustments for tax year 2023
Reading Time: 4 minutesWASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2022-38 provides details about...
401(k) limit increases to $22,500 for 2023, IRA limit rises to $6,500
Reading Time: 3 minutesWASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of...
Deadline to file tax returns to get COVID penalty relief postponed
Reading Time: 2 minutesTaxpayers in areas covered by certain Federal Emergency Management Agency disaster declarations may have more time to file their returns to qualify for the penalty relief under Notice 2022-36 for their 2019 and 2020 tax...
IRS reminds taxpayers that Free File remains open until Nov. 17
Reading Time: 3 minutesIR-2022-179, October 14, 2022 WASHINGTON — The Internal Revenue Service reminds taxpayers today that those who requested an extension of time to file their 2021 income tax return that the deadline is Monday, October 17. IRS Free File remains...
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