Tax Information for Individuals

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...]

Do You Need Professional Tax Help?

Not sure if you need professional tax services? Answer yes or no to these questions to find out if you need professional help: Have you had a major life change this year? Think marriage, divorce, new baby or college. Did you buy or sell a home, or move to a new state this year? Did you receive investment income this year? Or did you lose money on investments? … [Read more...]

Nine Tax Tips for Charitable Contributions

Tips on Deducting Charitable Contributions If you are looking for a tax deduction, making a charitable contribution can be a ‘win-win’ situation. It’s good for the charity and good for you. Here are nine things you should know about deducting your charitable contributions from the IRS: You must donate to a qualified charity if you want to deduct the contribution. You … [Read more...]

IRS Raises Mileage Reimbursement Rates for 2018

WASHINGTON ― The Internal Revenue Service issued the 2018 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of … [Read more...]

Top 12 Changes in Tax Benefits for 2018

The IRS has announced changes in over 50 tax provisions for 2018. These inflation adjustments apply to tax deductions, exemptions, and tax rate schedules. The top 12 changes that will be of greatest interest to most taxpayers include the following: The standard deduction for married filing jointly rises to $13,000 for tax year 2018, up $300 from the prior year. For … [Read more...]

Watch Out for a New Insurance Tax Form Scam

A NEW WARNING FROM THE IRS > > > WASHINGTON – The Internal Revenue Service today alerted tax professionals and their clients to a fake insurance tax form scam that is being used to access annuity and life insurance accounts. Cyber-criminals currently are combining several tactics to create a complex scheme through which both tax professionals and taxpayers … [Read more...]

Six Tips for Filing Extended Tax Returns

Every year, millions of taxpayers file an extension with the IRS for an extra six months to file their taxes. If you filed for an extension, you should have paid any tax you owed by the April deadline, but you have until October 16 to file your complete returns. Monday, October 16 is the extension deadline this year. Here are six things to remember if you haven’t filed … [Read more...]

Tax Relief for Victims of Hurricane Harvey

WASHINGTON –– The IRS announced on Monday that Hurricane Harvey victims in the path of the storm will have extra time to file and pay certain individual and business taxes. Due dates for some returns and payments will be postponed until January 31, 2018 for qualified taxpayers.  The IRS is offering relief to any area designated by the Federal Emergency Management … [Read more...]

New Changes to FAFSA – Start FAFSA Planning Earlier

The new FAFSA schedule that was introduced last year makes summer the time for FAFSA prep. Financial aid applications for the 2018-19 school year can be filed as early as October 1, 2017.  In prior years, students had to wait until January 1 to request financial aid for the coming academic year. Why is this important? Some observers believe that financial aid may be … [Read more...]