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IRS Tax Tip 2018-139, September 6, 2018 Questions about taxes could come up any time of the year. Whether it’s about tracking a refund or paying a bill, taxpayers can find answers to their questions on IRS.gov. Here are some of the most popular IRS tools: IRS Free File. Taxpayers who filed an extension can use IRS…
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Retirees with pension income should do a Paycheck Checkup ASAP IRS Tax Reform Tax Tip 2018-143 September 13, 2018 Retirees should do a Paycheck Checkup to make sure they are paying enough tax during the year by using the Withholding Calculator, available on IRS.gov. The Tax Cuts and Jobs Act, enacted in December…
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Taxpayers should find out if they need to make estimated or additional tax payments IRS Tax Reform Tax Tip 2018-142 September 12, 2018 The U.S. tax system operates on a pay-as-you-go basis. This means that taxpayers need to pay most of their tax during the year, as the income is earned or received. Taxpayers…
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IRS Tax Reform Tax Tip 2018-141 September 11, 2018 The IRS urges everyone who works as an employee and who also has income from other sources to perform a Paycheck Checkup now. For example, certain individuals often need to pay estimated or additional tax. This includes taxpayers who have certain types of income from…
Read MoreIRS Tax Reform Tax Tip 2018-140 September 10, 2018 Certain taxpayers must make estimated tax payments throughout the year. Taxpayers must generally pay at least 90 percent of their taxes throughout the year through withholding, estimated tax payments or a combination of the two. If they don’t, they may owe an estimated tax penalty. …
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With the fall season closing in, it won’t be long before the end of the year is here. Rather than save all tax-related questions, concerns, and responsibilities for December and January, now is the time to review your situation. Below are three fall tax tips for small business owners to consider and ask their tax professional about:…
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5 Essential Tips for Missouri’s Tax-Free Weekend Tomorow starts Missouri’s Back-To-School Sales Tax Holiday weekend. This is a time to stock up get everything on your child’s back to school list. If you do not have kids in school or you may not be going back to school yourself this is a great opportunity to…
Read MoreBusiness Get New Tax Credit for Employees Family or Medical Leave For businesses who provide paid family or medical leave to employees, a new credit is available under the new Tax and Jobs Act. The new credit is generally equal to 12.5% of the amount of wages paid during the time of leave but…
Read MoreThe Tax Cuts and Jobs Act (TCJA) eliminates write-offs for miscellaneous itemized expenses that were previously subject to the 2%-of-adjusted-gross-income (AGI) deduction threshold. That meant your total miscellaneous expenses had to exceed 2% of AGI or you got no write-off. If they did exceed the threshold, you could only deduct the excess. Because most folks did…
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Tax Cuts and Jobs Act (TCJA) was signed into law by President Trump in December 2017. While the TCJA affects almost every single individual taxpayer to some degree, the changes also significantly affect corporations and small businesses. In some areas, the impact was purposeful and directed. However, in other ways, the TCJA will have both…
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