Three questions you may have after your tax return is filed
Tax season is now officially over, but once your 2018 tax return has been successfully filed with the IRS, you may still have some questions. Here are brief answers to three questions that we’re frequently asked at this time of year. Question #1: What tax records can I throw away now? This is a good […]
Taxes are filed, now where is your refund?
Have you filed your taxes this year but still not received your refund? The best resource to check the status is through “Where’s My Refund” on the IRS website. Using this online tool, taxpayers can check on the status of their return within 24 hours after the IRS receives an e-filed return or four weeks […]
Clear these hurdles to benefit from deducting investment interest expense
As you likely know by now, the Tax Cuts and Jobs Act (TCJA) reduced or eliminated many deductions for individuals. One itemized deduction the TCJA kept intact is for investment interest expense. This is interest on debt used to buy assets held for investment, such as margin debt used to buy securities. But if you […]
Size of charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]
New withholding tables reflecting tax reform now available
Many Americans can look forward to seeing an increase in their paychecks next month due to the new tax law, but first employers must update withholding information for employees. The IRS released recently the 2018 withholding tables – formally the 2018 Percentage Method Tables for Income Tax Withholding – and employers must begin using them […]
Now is the time to prepare to send W-2s
It’s hard to believe, but 2017 is rapidly coming to a close, which means tax season is approaching. One of the important year-end tasks is preparing to send W-2s in January. As was the case for the 2016 tax year, employers again have an earlier deadline to file W-2s with the Social Security Administration. All forms […]
2017 Tax Reform: What Congress and the President are considering now
As reported by Reuters, President Donald Trump and congressional Republicans are now tackling tax reform. Tax staffers are meeting in the House of Representatives and the Senate through the August break to work on legislation that is expected to be unveiled next month. Here are some of the key issues that Congressional staffers and the […]
Tax deadline extended for disaster victims in Ga., Miss.
Those who live or who own businesses in the federally declared disaster areas across the Southeast following severe storms and tornadoes in January will have additional time to file and pay taxes. The IRS has announced that certain counties in Georgia and Mississippi will now have until May 31, 2017, to file their income tax returns […]