Trucker deadline, flooding victims, deductions, credits, crowdfunding, closing a business, and more

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e-News for Small Business August 19, 2022

Tax Resources for Small Business

Small Business and Self-Employed One-Stop Resource [ [link removed] ]

Small Business Forms & Instructions [ [link removed] ]

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Businesses with Employees [ [link removed] ]

Small Business Products [ [link removed] ]

Self-Employed Individuals [ [link removed] ]

S Corporations [ [link removed] ]

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Other Resources

IRS.gov [ [link removed] ]

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Tax Information for Charities [ [link removed] ]
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State Links [ [link removed] ]

SSA/IRS Reporter [ [link removed] ]

IRS Social Media [ [link removed] ]

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Issue Number: 2022-12

Inside This Issue

* Truckers need to file by August 31 deadline, e-file encouraged [ #First ]
* A Closer Look: Don?t wait to file [ #Second ]
* Storm tax relief for Missouri and Kentucky [ #Third ]
* Learn ways to better protect personal data and identity information [ #Fourth ]
* Education-related tax benefits for 2022 [ #Fifth ]
* Some things to know about crowdfunding and taxes [ #Sixth ]
* Worker Classification 101: Employee or independent contractor [ #Seventh ]
* What business owners need to do when closing their doors for good [ #Eighth ] [ #Fourteenth ]
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*1.??Truckers need to file by August 31 deadline, e-file encouraged*
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The IRS reminds 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. The IRS strongly encourages using e-file and filing before the payment deadline of *August 31, 2022*, for vehicles first used in July 2022.

Find out about details and how to gather required information in the truckers news release [ [link removed] ].?

Back to top [ #top ]

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*2.??A Closer Look: Don?t wait to file*
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The latest column in *A Closer Look* features Doug O?Donnell, IRS Deputy Commissioner, Services & Enforcement, encouraging taxpayers not to wait to file their tax returns and sharing why it?s more important this year [ [link removed] ].

?Every year, millions of people need more time to file their taxes and many focus their attention on the mid-October filing extension deadline,? said O?Donnell. ?This year, there are special factors at play that make it even more important for people to make sure they don?t wait to file until the last minute before the October 17 deadline and that, to the extent possible, they file electronically,?

Read the column in Spanish (Espa?ol) [ [link removed] ].

Back to top [ #top ]

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*3.??Storm tax relief for Missouri and Kentucky*
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Flooding victims in some parts of Missouri [ [link removed] ] and Kentucky [ [link removed] ] are eligible for tax relief.

The IRS extended the October 17, 2022, deadline for those affected to *November 15, 2022*, to file various individual and business tax returns and make tax payments.

Back to top [ #top ]

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*4.??Learn ways to better protect personal data and identity information*
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*Tell-tale signs*
With identity thieves continuing to target the tax community, IRS Security Summit partners urge tax professionals to learn the signs of data theft and what to do [ [link removed] ] so they can react quickly to protect clients.

*Steps to take*
The Security Summit partners concluded a special summer education campaign by outlining steps tax professionals can take [ [link removed] ] to help clients from becoming statistics in identity-theft related tax-fraud scams.

*Sample data security plan*
The Security Summit partners shared the Written Information Security Plan [ [link removed] ], a special plan designed to help tax professionals, especially those with smaller practices, protect their data and information. Federal law requires all professional tax preparers to create and implement a data security plan.

Back to top [ #top ]

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*5.??Education-related tax benefits for 2022*
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*Expense deduction rises to $300*

As the new school year begins, the IRS reminds teachers and other educators that they?ll be able to deduct up to $300 of out-of-pocket classroom expenses for 2022 [ [link removed] ] when they file their federal income tax return next year.

Find out who qualifies and what?s deductible.

*College students should study up on two tax credits*

Higher education, including specialized job training and grad school, can be pricey. Eligible taxpayers who paid higher education costs for themselves, their spouse or dependents in 2021 may be able to take advantage of two education tax credits. The American opportunity tax credit and the lifetime learning credit can help offset education costs by reducing the amount of tax they owe.

Find out more about these credits and which one could lead to a refund of up to $1,000 [ [link removed] ].?

Back to top [ #top ]

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*6.??Some things to know about crowdfunding and taxes*
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Crowdfunding is a popular way to raise money online. People often use crowdfunding to fundraise for a business, for charity, or for gifts. It?s important to know that money raised through crowdfunding may be taxable.

Learn about what may be considered a gift, the form it?s reported on and careful record keeping [ [link removed] ].?

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*7.??Worker Classification 101: Employee or independent contractor*
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It?s critical for business owners to correctly determine whether the people providing services are employees or independent contractors. IRS Tax Tip 2022-117 [ [link removed] ] provides information to help businesses avoid problems that can result from misclassifying their workers.

*Gig Economy Tax Center*

For people that are classified as independent contractors or gig workers, the IRS Gig Economy Tax Center [ [link removed] ] has a wealth of information. They can find forms and information on record keeping, deducting expenses, and filing and paying their taxes.?

Back to top [ #top ]

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*8.??What business owners need to do when closing their doors for good*
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There are a few things business owners need to do before they close their business. Of course, they need to fulfill their federal tax responsibilities. It?s also important to notify the IRS of their plans.

Follow these six steps when closing a business [ [link removed] ].

Back to top [ #top ] [ #top ]

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