By Dave Horwedel, EA, the founder of Torchlight Tax
The above is a joke. I am not really saying the IRS is a carnivore.
The fact is the IRS has sent out a bunch of tax tips that they consider worthwhile, and they are pretty good. Whether you consider the IRS a friend or a foe, it is always good to know what a friend or foe is thinking.
The more you understand about taxes, the better chance you have of legally minimizing your tax liability or maximizing your tax refund. Reading these tips may be of benefit to you.
You do not need to read the tips if you do not want to. You can contact us at Torchlight Tax and we will be glad to advise you on how to save tax dollars, do your tax return to minimize your liability, or represent you before the IRS.
If you wish to negotiate an IRS debt, represent you in an IRS audit, or do levy or lien defense, contact Torchlight Tax at 877-758-7797 for a free consultation. You can also visit our blog or the Torchlight Tax YouTube Channel.
Below is the article direct from the IRS website giving 9 Tax Tips.
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Tax benefits to help offset the cost of making businesses accessible to people with disabilities
Tax Tip 2023-66, May 11, 2023 — When employers hire people with disabilities or make their business accessible to employees and customers with disabilities, they may be eligible for certain tax benefits. These tax benefits encourage employers to hire qualified people with disabilities and off-set some of the costs of providing accommodations.
Picking the right third-party payroll service provider helps protect businesses
Tax Tip 2023-65, May 10, 2023 — Not all third-party payroll service providers are created equal. A trusted, qualified company can help keep businesses secure and tax compliant. An unreliable or fraudulent company can lead to missed deposits, theft or returns not being filed.
What the right to challenge the IRS’s position and be heard means for taxpayers
Tax Tip 2023-64, May 9, 2023 — The IRS wants every taxpayer to be know and understand their rights in the event they need to work with the IRS on a personal tax matter. These 10 fundamental rights are collectively known as the Taxpayer Bill of Rights.
After a disaster, here’s where taxpayers can find IRS information fast
Tax Tip 2023-63 May 8, 2023 — Rebuilding after a natural disaster can be overwhelming. Important documents like financial information and tax records are often destroyed in a disaster, and reconstructing these records is important for applying to federal assistance and insurance reimbursement. IRS.gov has the information disaster victims need, including disaster-related filing extensions and information about tax relief.
The Work Opportunity Tax Credit helps businesses that hire from eligible groups
Tax Tip 2023-62, May 4, 2023 — Finding work can be a hard for anybody and certain groups face even bigger challenges. The Work Opportunity Tax Credit is extended through the end of 2025 to help employers that hire workers certified as members of certain groups that face barriers to employment.
Hobby or business: here’s what to know about that side hustle
Tax Tip 2023-61, May 3, 2023 — Sometimes the line between having a hobby and running a business can be confusing, but knowing the difference is important because hobbies and businesses are treated differently when it’s time to file a tax return. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure or recreation.
IRS tools and resources to help small businesses
Tax Tip 2023-60, May 2, 2023 — Small businesses play an important role in the nation’s economy. During National Small Business Week, the IRS reminds taxpayers that IRS.gov has resources and tools to help small businesses understand and meet their tax responsibilities.
Online learning opportunity for small business owners
Tax Tip 2023-59, May 1, 2023 — The Small Business Virtual Tax Workshop can help business owners learn how to navigate their federal tax responsibilities. This workshop is an easy and convenient way for both new and experienced small business owners to learn or review topics relevant to their business.
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Contact Torchlight Tax at 877-758-7797 or info@torchlighttax.com for a free consultation
