Did you know it is possible to get a refund even if you didn’t make enough to be required to file a tax return?
The Earned Income Tax Credit, EITC or EIC, is a benefit for working people with low to moderate income. To qualify, you must meet certain requirements and file a tax return, even if you do not owe any tax or are not required to file. EITC reduces the amount of tax you owe and may […]
Avoid scams: Know the facts on how the IRS contacts taxpayers
Crooks impersonating the IRS either by phone, email or in person cost people their time and money. The IRS urges people to stay vigilant against schemes and scams and avoid becoming a victim. Here are some important tips for taxpayers to keep in mind to avoid scams: How the IRS initiates contact The IRS initiates […]
10 Tax Tips To Learn For 2019
As 2018 draws to a close, it’s time to consider tax planning strategies that will lower your 2018 tax liability. There is still time to implement many tax savings strategies before the end of the year which can lower your tax bill for 2018 and beyond. There are many overlooked situations which business owners can […]
Businesses can visit IRS.gov to find out how tax reform affects their bottom line
Business may find they have questions about how 2017’s tax reform legislation affects their organization and their bottom line. IRS.gov is a great place to find answers. Here are several pages on the IRS website that address tax reform. Businesses can bookmark these pages and check back often, as the IRS regularly updates them with […]
Watch Out for Income Tax Refund Fraud!
Tax refund fraud is one of the fastest-growing forms of identity theft. A thief steals your identity, then uses it to file a bogus tax return with the IRS. The return includes a very generous refund, which is paid to the thief. The thief files the return early in the year before you have a […]
Mailing Forms and Payments to the IRS
If you need to mail a return to the IRS, be sure to check IRS.gov for the most current information on where to file paper tax returns. The IRS also recommends checking any pre-printed envelopes on hand in your office, as many of the mailing addresses for tax forms, payments and correspondence have changed.
IRS Provides Q&A for Tax Year 2018 Reporting and Payments under Section 965
The Internal Revenue Service this week provided additional information in a question and answer format to help taxpayers meet their filing and payment requirements for the section 965 transition tax. The Tax Cuts and Jobs Act requires various taxpayers that have untaxed foreign earnings and profits to pay a tax as if those earnings and […]
IRS Issues Standard Mileage Rates for 2019
This week, the IRS issued the 2019 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, 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 58 cents per mile […]
Redesigned Form 1040, Schedules and Instructions Now Available
The redesigned Form 1040, U.S. Individual Income Tax Return, for tax year 2018 is now available on IRS.gov. Also available are Schedules 1 through 6 and the 1040 Instructions. The 2018 Form 1040 uses a “building block” approach, so your clients with straightforward tax situations will only need to file Form 1040. If you have […]