Category Archives: Taxes and Planning

IRS Tax Tips

It’s “Tax Season” and the IRS has prepared some tips and tools to help you file your taxes. Even if you use a paid tax preparer or tax software, you will find some of this information helpful! Ten things for taxpayers to think about when choosing a tax preparer Where’s My Refund? tool lets taxpayers…

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The NEW IRS 1040

Everything You Need to Know About the NEW IRS Form 1040 Tax Form Form 1040 is used by U.S. taxpayers to file an annual income tax return. As part of a larger effort to help taxpayers, the Internal Revenue Service has streamlined the Form 1040 into a shorter, simpler form for the 2019 tax season….

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IRS Free File Available Now

IRS Free File opens in advance of tax season IR-2019-02 — WASHINGTON — An improved version of IRS Free File begins its 17th filing season as a dozen private-sector partners offer their brand-name products to help eligible taxpayers navigate the new tax reform law and electronically prepare their tax returns. The free online software program,…

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December 31 Deadline for Retirees

IRS reminder: Deadline Dec. 31 for most retirees who must make required retirement plan distributions The Internal Revenue Service reminds retirees born before July 1, 1948, that they usually must take distributions from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. The payments, called required minimum distributions (RMDs), are normally made…

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New IRS Form 1040

Form 1040 is used by U.S. taxpayers to file an annual income tax return. For Tax Year 2018, you will no longer use Form 1040A or Form 1040EZ, but instead will use the redesigned (“post-card sized”) Form 1040. Many people will only need to file Form 1040 and no schedules. However, if your return is…

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Do a “Paycheck Checkup” now

For people involved in the sharing economy: Do a ‘Paycheck Checkup’ now, avoid a surprise year-end tax bill The Internal Revenue Service urges anyone working in the sharing economy to perform a Paycheck Checkup now to avoid an unexpected tax bill when they file their return next year. Many people working in the sharing…

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IRS Tax Reform Help

New IRS publication helps taxpayers Get Ready for tax reform Tax Reform Tax Tip 2018-171 The IRS has issued a publication to help taxpayers learn about tax reform and how it affects their taxes. Taxpayers can access Publication 5307, Tax Reform Basics for Individuals and Families, on IRS.gov/getready. While last year’s Tax Cuts and Jobs Act includes…

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Accounting Methods for Small Businesses

Here’s how tax reform changed accounting methods for small businesses Tax Reform Tax Tip 2018-172 The Tax Cuts and Jobs Acts – better known simply as tax reform – allows more small business taxpayers to use the cash method of accounting. Tax reform now defines a small business taxpayer as a taxpayer that has average…

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IRS Extends Deadlines for Some Affected by Hurricanes

IRS extends Oct. 15 and other deadlines IRS extends Oct. 15 and other deadlines for more counties hit by Hurricanes Michael, Florence; Additional areas in Florida, Georgia, North Carolina, South Carolina and Virginia covered IR-2018-202, October 15, 2018 — After additional disaster declarations by FEMA, the IRS has added more counties that are eligible…

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Tax Reform Tax Tips for Businesses

IRS Tax Reform Tax Tip 2018-158 Small business owners can visit IRS.gov for a wide range of resources that will help them better understand tax reform. Last year’s Tax Cuts and Jobs Act includes tax law changes that may affect small businesses’ bottom line. Here are some resources available to help small business owners:…

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