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IRS - Paycheck Checkup

 

IRS created a one-page flyer to remind all of us to complete a Paycheck Checkup so we will not receive an unexpected tax bill or penalty at tax time. See the flyer and the link to use the IRS’s withholding calculator to complete the Paycheck Checkup. Employees who use the withholding calculator can determine if they need to submit a new Form W-4, Employee’s Withholding Allowance Certificate, to their employer. Employees should keep in mind that the accuracy of the calculator’s results depend on the information they enter. The IRS suggests that employees have their most recent pay statement and federal income tax return on hand when using the calculator. 

Use the IRS Withholding Calculator to do a Paycheck Checkup • The IRS Withholding Calculator helps figure out if you should submit a new Form W-4 to your employer. • Have your most recent pay stub and federal tax return on hand. • The calculator’s results are only as accurate as the information you enter. • Find the IRS calculator at IRS.gov/withholding

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8 Tax Tips That Could Save You Money This Year

 

Starting with your 2018 tax year, the laws have changed substantially. Tax accountant Vinay Navani offers ideas you can share with your tax professional to potentially reduce your tax liability.

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Tax Season Is Here!

Tax season is coming — here are some reminders from the IRS

As tax season approaches, here are a few things the IRS wants you to remember:

— The IRS will begin accepting tax returns on January 29.

— The filing deadline is April 17.

— Those eligible for the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC) won’t see refunds until at least February 27.

— The IRS suggests that taxpayers keep their prior-year tax returns for at least three years for reference in the case of fraud or other errors.

— Also, for those utilizing an electronic tax software product for the first time, one’s adjusted gross income from the previous year is required for use.

— For more information, click here.