Do you know where you filed the copies of your tax return? What about your tax return from 3 years ago? The IRS recommends that you keep at least 3 years of tax returns on hand. If you can’t find a copy, tax transcripts may be the...
Read More2018 Tax Payments Fall Short? You May Be Eligible for Penalty Relief
The IRS announced that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty...
Read MoreTax reform affects if and how taxpayers itemize their deductions
The Tax Cuts and Jobs Act enacted in late 2017 affects both individuals and businesses. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions. This...
Read More401(k) and IRA contribution limit increases for 2019
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000. The limit on annual contributions to an IRA, which last increased...
Read MoreIRS Offers Tax Relief to Hurricane Michael Victims
According to the IRS, Hurricane Michael victims in Florida and elsewhere have until Feb. 28, 2019, to file certain individual and business tax returns and make certain tax payments. The IRS is offering this relief to any Major Disaster...
Read MoreIRS Offers Tax Relief to Hurricane Florence Victims
The IRS announced Saturday that Hurricane Florence victims in the affected counties of North Carolina have until Jan. 31, 2019, to file certain individual and business tax returns and make certain tax payments. They are offering this relief to...
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