The Archive

Welcome to the Archive. Here is where you will find all the important newsletters the IRS and MNDR sends out that pertain to you, the taxpayer.  They cover a range of topics and are helpful in preparing to file your taxes for the upcoming tax season.

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Not too much, Not too little - Taxpayers should check if their Tax Withholding is just right

NOVEMBER 2, 2022

There are good surprises and there are bad surprises. Generally, a tax-related surprise is probably unwanted. To avoid tax surprises, people should review their tax withholding. There's still time left in 2022 to make changes and see the benefit on their tax return next year. An adjustment made now will help people avoid the surprise of a balance due or a larger-than-expected refund. People who owe taxes when they file may also face a penalty for underpayment, so they should take steps to avoid that.

It's an especially good idea to check withholding when a taxpayer has a big life change. Events like marriage, divorce, a new child, a new home purchase, or changes in tax laws can all be reasons to adjust withholding.

Credit amounts may change each year. Taxpayers can visit IRS.gov and use the Interactive Tax Assistant to identify whether they qualify for any tax credits that may call for a withholding adjustment.

Farmers and Ranchers hit hard by Drought may be Eligible for Extension of Tax Relief

OCTOBER 4, 2022

Farmers and ranchers forced to sell livestock because of drought conditions may have more time to replace their livestock and defer tax on any gains from the forced sales. The IRS recently announced a one-year extension which gives eligible farmers and ranchers until the end of their first tax year after the first drought-free year to replace the sold livestock.

Farmer
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Tax Tips for Starting a Business

AUGUST 22, 2022

New entrepreneurs can start out on the right foot by making sure they understand the tax responsibilities of running a business. The process can seem daunting, but IRS.gov has resources to help new business owners.

Here are a few things new entrepreneurs need to do when starting their business.

AVIODING SCAMS WHEN DONATING TO DISASTER RELIEF

August 4, 2022

After an emergency or disaster, people rally to help victims by donating money. Unfortunately, this can give criminals an opportunity to prey on them by soliciting donations for fake charities. Scammers may also pose as federal agencies to dupe disaster victims trying to get disaster relief. People should always be suspicious of unsolicited contact. Scammers often contact their possible victim by telephone, social media, email or in person.

AUGUST 22, 2022

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IS IT A SCAM OR THE IRS?

July 27,2022

Scammers often pose as the IRS to steal taxpayers' personal information. They may reach out through fraudulent phone calls, emails, texts or social media messages. It's important for taxpayers to understand how the IRS contacts people, so they don't fall victim to identity thieves.

HOBBY VS. BUSINESS

July 13,2022

From collecting stamps and woodworking to crafting and quilting, people have all kinds of hobbies – and most of these hobbies will never turn a profit. For hobbies that do earn income, people should know that they must report it on their tax return. They should also be mindful that their hobby might be a business.

Ceramic Collection
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OFFER IN COMPROMISE

July 7, 2022

"As the old saying goes: When something sounds too good to be true, it probably is. Taxpayers with outstanding tax bills might be tempted by businesses who advertise and offer to help them reduce their tax debt. These businesses, often called Offer in Compromise mills, make huge claims about reducing unpaid taxes for pennies on the dollar. Unfortunately, these companies sometimes don't deliver and charge large fees.

An Offer in Compromise with the IRS can help some taxpayers who can't pay their tax bill.

An Offer in Compromise is an agreement between a taxpayer and the IRS that settles a tax debt for less than the full amount owed. The offer program gives eligible taxpayers a path toward paying off their debt when they otherwise couldn't or would face financial hardship."