Tax news and guidance for individual taxpayers — filing tips, deductions, refunds, and everything else that hits your personal return.
Are you planning to file your tax return electronically? Be sure to have last year’s tax return (or tax info) handy if you’re filing for the first time or if your software requires validation of electronic signatures. But if you don’t, there’s no need to panic: you can get much of the needed information by…
Presidents Day is Monday, February 18, 2019. The run-up to Presidents Day – and the few days after – is traditionally the busiest time of year for the Internal Revenue Service (IRS). If you need help, try the IRS website (www.IRS.gov) first. But if you must call, be prepared to verify your identity – and…
I don’t prepare my own taxes. That wasn’t always the case. When we first started the law firm, I did taxes for the business and our family. And when we bought our rental property, I took that on, too. And then we had a kid. And another kid. And a third. At some point, juggling…
Who’s going to win Super Bowl LIII? So far, odds-makers have the New England Patriots edging out the Los Angeles Rams for the win in Atlanta. But not everyone is counting out the Rams: Gamblers are putting down big bucks, upwards of $1 million, in favor of the NFC Champions. MGM Resorts has reported a $2…
Tax season kicked off on Monday, January 28, 2019, and the Internal Revenue Service (IRS) expects to process more than 150 million individual tax returns for the 2018 tax year. According to the agency, “through mid-day Monday, the IRS had already received several million tax returns during the busy opening hours.” But not everyone is…
Last year, the General Accounting Office (GAO) warned that millions of taxpayers could owe more in taxes come tax time. Without proper planning (and a withholding checkup), those taxpayers could be surprised to find out that they not only owe taxes, but also underpayment penalties. To ease the burden on taxpayers, the Internal Revenue Service (IRS) has advised…
Despite the government shutdown, the Internal Revenue Service (IRS) is gearing up for the 2019 tax filing season. With about two weeks left to go before the official start date, the IRS has announced that IRS Free File, a free online software program available through IRS.gov, is now open for business. With FreeFile, taxpayers with income below…
The Internal Revenue Service (IRS) has issued the 2019 standard mileage rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for medical or moving…
Remember those postcard-sized tax returns? They’re here. Sort of. They’re not exactly postcard-sized, but the new form 1040 is smaller than before. The Internal Revenue Service (IRS) has made the new form 1040 and the accompanying six new schedules for the 2018 tax year available on the IRS website. Here’s a peek at page one…
The Internal Revenue Service (IRS) has been advising taxpayers to consider a tax withholding check-up to make sure there are no surprises come tax time. Significant changes, especially those to itemized deductions, could affect your tax bill. While tax planning is best done at the beginning of the year, if you haven’t made any adjustments, don’t despair:…