The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.” People who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers who itemize should use the IRS Withholding Calculator [...]
[youtube https://www.youtube.com/watch?v=8IaHBic7Rv8]If you qualify for a Health Savings Account but are undecided as to whether or not you should open one, here are some points to help you decide: Immediate Tax Savings - Contributions to your HSA qualify as a tax deduction. That is, they reduce your taxable income for that year dollar for dollar as [...]
[youtube https://www.youtube.com/watch?v=cTJcyeYzUec]It goes without saying that it takes the IRS much longer to process tax returns that have mistakes. That also means that those who make mistakes who are due refunds will likely have to wait much longer to get them. Here are the most common mistakes and how to avoid them: […]
The following article was published by the IRS. Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct [...]
The following article was published by the IRS. The Internal Revenue Service today 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 [...]