With the new tax laws, some may be wondering how they can be sure they don't end up with an unexpected tax bill next year. The simplest way is to use the IRS Withholding Calculator, available at IRS.gov. It will walk you through the process and determine how many allowances you should claim. [...]
The following article was published by the IRS. The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules. Electronic [...]
Changes from the Tax Cuts & Jobs Act mean the standard deduction is worth almost twice what it was before. So you may get more benefit from the standard deduction than from itemizing. To figure out whether you should itemize, you can search "How Much is Standard Deduction" at IRS.gov, or speak with [...]
The following article was published by the IRS. Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates. The deduction may also be claimed on certain dividends. Eligible taxpayers can claim the deduction for the first time on [...]
The following article was published by the IRS. There are several changes to the 2018 Form 1040. However, taxpayers who file electronically may not notice the changes as the tax return preparation software guides people through the filing process. The IRS worked closely with its partners in the tax return preparation and tax software industries to [...]
