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...]

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...]

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...]

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...]