Month: July 2022

Dirty Dozen Tax Scams for 2022

Dirty Dozen Tax Scams and How to Protect Yourself

The “Dirty Dozen” is a list of common tax scams compiled by the IRS for more than 20 years to alert taxpayers and the tax professional community about tax scams and other fraudulent schemes. Designed to raise awareness among taxpayers and others who may not always be aware of developments involving tax administration, it includes potentially abusive arrangements that taxpayers should avoid. Let’s take a look at this year’s “Dirty Dozen” tax scams:

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Standard Mileage Rates for 2022

Standard Mileage Rates Increase for Remainder of 2022

The optional standard mileage rate, which taxpayers may use to calculate the deductible costs of operating an automobile for business and certain other purposes, increases to 62.5 cents per mile, effective July 1, 2022. The new mileage rate is up 4 cents from the rate effective at the start of the year.

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RUSSO CPA Tax Tips

What Teen Entrepreneurs Should Know About Taxes

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer withholds taxes from their paycheck. However, when they are classified as an independent contractor or are self-employed, they’re responsible for paying taxes themselves.

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Reverse Mortgages: What to Know

Reverse Mortgages: What To Know

Home equity represents a significant portion of the average retiree’s wealth. If you’re 62 or older and house-rich but cash-poor, a reverse mortgage loan allows you to convert part of the equity in your home into cash – without having to sell your home. You can use this cash to finance a home improvement, pay off your current mortgage, supplement your retirement income, or pay for healthcare expenses. A reverse mortgage is not without risk, however. Here’s what you need to know:

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The Difference Between a Hobby and a Business

A hobby is any activity that a person pursues because they enjoy it and with no intention of making a profit. In contrast, people operate a business with the intention of making a profit. However, many people engage in hobby activities that turn into a source of income, and determining if that hobby has grown into a business can be confusing. For instance, many people may have started making handmade items and selling them for a profit during the pandemic.

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Do You Need to File an Amended Return?

If you discover a mistake on your tax return after you’ve already filed it, don’t panic. In most cases, all you have to do is file an amended tax return. Here’s what you need to know:

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Tax Due Dates for July 2022

July 11 Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070 (PDF). July 15 Employers – Nonpayroll withholding. If the monthly deposit rule …

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