The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning October 1, 2022.
As the new school year begins, the Internal Revenue Service reminds teachers and other educators that they’ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 when they file their federal income tax return next year.
The Internal Revenue Service today is reminding those who have registered, or are required to register, large trucks and buses that it’s time to file Form 2290, Heavy Highway Vehicle Use Tax Return. Must do it before the payment deadline of August 31, 2022, for vehicles first used in July 2022.
20-year rates also nosedived, so buyers may want to lock in a rate today while they’re relatively low for longer repayment terms.
Mortgage rates are dipping. Back in June, 30-year fixed rates hit 6%, but this month we have watched them fall. Indeed, 30-year fixed mortgages decreased to 5.60%, which is the lowest in weeks, according to the latest Bankrate data from July 28. Meanwhile, the national average for 15-year fixed-rate mortgage loans declined to 4.89%.
Consumers can purchase qualifying back-to-school supplies exempt from tax during the 2022 Back-to-School Sales Tax Holiday. It begins Monday, July 25 and extends through Sunday, August 7.
The IRS Strategic Plan FY2022-2026 will serve as a roadmap to help guide the agency’s programs and operations. The plan will also help meet the changing needs of taxpayers and members of the tax community.
The Internal Revenue Service is reminding the estimated 19 million taxpayers who requested an extension to file their 2021 tax return that they don’t have to wait until mid-October to file. If a taxpayer has all the necessary information to file an accurate return, they can file electronically at any time before the October deadline and avoid a last-minute rush to file.
Central banks in the U.S., Europe, Canada and parts of Asia are lifting interest rates rapidly as they try to wrestle breakneck inflation under control.
Summer may be a busy time for many, but it’s a great time to start tax planning – whether you still need to file a 2021 tax return or start planning for next year’s tax season. The IRS website is the fastest and most convenient way to get tax-related information and help. The online tools are available any time, so taxpayers can use them at their convenience.
Here are some important reasons for taxpayers to visit IRS.gov this summer.