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=6FSOyxkhxdM]You may be wondering how your taxes will be affected next year due to the new tax laws that are now on the books. Will you get more money back or will you end up owing more? The only way to know for sure is to use the withholding calculator from the IRS. You can [...]
The following article was published by the IRS. 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 interest [...]
The following article was published by the IRS. The Internal Revenue Service recently released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy of withholding following [...]