Wondering why your receiving more money in your paycheck since February?

The IRS has released a new version of Form W-4 and a revised Withholding Calculator on irs.gov (IR-2018-36). These updated tools can help you check your 2018 tax withholding to determine if it’s still appropriate following passage of the Tax Cuts and Jobs Act in December 2017. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax withheld from their paychecks, taking…  Read more

Am I Having Enough Withheld?

If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes when you file your return, you may have to scramble for cash at tax time–and possibly owe interest and penalties to the…  Read more

Tax Withholding as Forced Savings

What is it? You work, you receive a regular paycheck, and your employer withholds a portion of your earnings to pay federal income taxes. The amount your employer withholds is based on your filing status and number of exemptions you claimed on your W-4 form. You hate to pay taxes at the end of the year, so last year you claimed fewer exemptions than those to which you were entitled.…  Read more

Tax Consequences if Business Generates Income or Loss

What are the tax consequences if a business generates income or loss? When a business generates income or loss, the tax ramifications for the business and the business owner will depend on the type of business entity selected. Some businesses pay taxes themselves on business income, while others act as conduit or pass-through entities, making their owners responsible for paying taxes on the business income. The concept of tax basis…  Read more

Tax Planning for Marriage and Divorce

What is tax planning for marriage and divorce? If you’re married or considering a divorce, you should be aware of the income tax ramifications of the financial decisions you’ll be making. Regarding marriage, you should be knowledgeable about selecting a filing status for tax purposes (and the concept of the marriage penalty). In addition, you should be aware of the concepts of innocent spouse and injured spouse relief. Finally, you…  Read more

2018 Tax Season Begins January 29, 2018

January 8, 2018 – E-file Open *ONLY* for 2015 and 2016 Prior Year Business Tax Returns January 29, 2018 – Start of IRS Tax Season: First Day to Transmit Individual and Business Tax Year 2017 Returns  **Certain tax credits will delay refunds until late February** April 17, 2018 – Tax Deadline – Last Day to File Timely Without an Extension Read Full Article Here – 2018 Tax Filing Season Begins…  Read more

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