If you took the standard deduction on your 2020 or 2021 tax return could also claim a tax deduction of up to $300 for cash donations to charity. However, the $300 deduction wasn’t extended past 2021. For 2022 and beyond, the only way to write off gifts to charity is to itemize. https://www.irs.gov/taxtopics/tc506
Category Archives: IRS
Are you lucky if you owe tax on your cryptocurrency activity?
Well possibly. The lucky person is the one who owes taxes on their crypto activity and realizes cash. But what about the unlucky person who owes taxes on their crypto activity and did not realize any cash from that activity? This scenario is common. We trade in crypto personally and understand the potential complexities ofContinue reading “Are you lucky if you owe tax on your cryptocurrency activity?”
The IRS revealed it’s backlog was much larger
” The IRS has its own internal watchdog, the National Taxpayer Advocate. In her annual report to Congress this month, the advocate, Erin Collins, said that in 2021, the agency had a backlog of some 35 million returns that required manual processing. Taxpayers who called the IRS for guidance had only a 1 in 9Continue reading “The IRS revealed it’s backlog was much larger”
The IRS has a massive backlog
The IRS has a backlog of over 6 million paper returns from the previous tax years. Do not file on paper unless you have no other option, especially if you expect a refund. -Washington Post