Last Minute Tax Tips from CEA

Just getting around to doing your taxes?     You are in good company – there are about 40 million other taxpayers who haven't filed yet either. But don't worry. There is still time to get your taxes done correctly and filed on time. “With the tax deadline approaching, taxpayers shouldn’t panic. The IRS has many options available to help people as they finalize their … [Read more...]

Contribute to an IRA by April 17 for 2017 Tax Savings

INTERNAL REVENUE SERVICE, WASHINGTON, DC —The Internal Revenue Service is reminding taxpayers that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by April 17, 2018. How It Works An … [Read more...]

Estimated Taxes – Who, How and When

FROM THE SMALL BUSINESS AND SELF-EMPLOYED DIVISION AT IRS.GOV - If the amount of income tax withheld from your salary or pension isn’t enough, or if you receive extra income throughout the year, you may have to make estimated tax payments. Taxes must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. If you don’t … [Read more...]

6 Tax Tips for Self-Employed Taxpayers

The IRS offers these 6 tips for self-employed taxpayers: If you are an independent contractor or run your own business, there are a few basic things to know when it comes to your federal tax return. Here are six tips you should know about income from self-employment: Self-employment income can include income you received for part-time work. This is in addition to … [Read more...]

It’s Time for a Paycheck Checkup

The Internal Revenue Service has released a new version of Form W-4 (the Employee’s Withholding Allowance Certificate) and an updated withholding calculator to help taxpayers adjust the amount of taxes that are withheld from their paychecks. New tax law changes make it especially important for certain taxpayers to visit the Withholding Calculator on IRS.gov. If you … [Read more...]

IRS Alerts Taxpayers about Refund Scam

The IRS is warning taxpayers of a new twist on an old tax scam. Criminals are depositing fraudulent tax refunds into individuals’ actual bank accounts, then attempting to reclaim the refund from the taxpayers. Why would the criminals give you back the money they stole from you? Well... The thief follows these four basic steps: First, he hacks your computer to … [Read more...]

Some Home Equity Loan Interest Still Deductible in 2018

TAX REFORM ALERT WASHINGTON, February 22, 2018 - The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans. Responding to many questions received from taxpayers and tax professionals, the IRS said that despite newly-enacted restrictions on home mortgages, taxpayers can often still deduct … [Read more...]

Three Popular Tax Benefits Renewed for 2017

The IRS is ready to accept returns claiming these recently-renewed benefits. In a press release from the Internal Revenue Service today, it was announced that they are ready to process tax year 2017 returns claiming three popular tax benefits. The benefits were recently renewed, retroactively, into law. WASHINGTON, February 22, 2018 - The Bipartisan Budget Act, enacted … [Read more...]

New Tax Withholding Tables FAQ

The Internal Revenue Service recently released updates to income-tax withholding tables for 2018, reflecting changes made by the tax reform legislation enacted at the end of 2017. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following major changes made by the new tax law. IRS Withholding Tables Frequently Asked … [Read more...]

Haven’t received your Form W-2 yet? The IRS can help.

It’s tax time and you need your Form W-2, Wage and Tax Statement, to file an accurate federal tax return. You should have received it by February 1st this year. If yours still hasn’t arrived, contact your employer and ask for a copy. Make sure they have your correct address. If the form still hasn’t arrived by the end of February, contact the Internal Revenue Service at … [Read more...]