The last day to file your 2018 tax return is April 15, 2019.
If you’ve procrastinated on completing your taxes for the year, don’t push it off any longer. Here’s why you should not wait until the last minute to start.
Avoid th…
There may be some areas of life in which you can avoid a problem, and it gets better or goes away.
Unfortunately, owing a big tax bill to the IRS is not one of them. In fact, the more you ignore your taxes, the worse they get.
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The IRS has responded to public pressure by expanding estimated tax relief for 2018.
We earlier reported that in recognition of the extensive changes brought by the Tax Cuts and Jobs Act, the IRS was waiving estimated tax penalties for taxpayers who p…
For the second quarter of 2019 (April 1 through June 30, 2019), the IRS interest rate on individual tax refunds and tax underpayments is remaining at 6% (Rev. Rul. 2019-5). This is the same rate that applied in the first quarter of 2019.
Keep in mind …
If you receive a lump-sum payment of Social Security benefits reflecting amounts attributable to prior years, you can elect to use income from the prior years to figure the taxable portion of benefits attributable to those years. Under this lump-sum e…
For nearly 70 years, clergy receiving housing (an in-kind benefit) or a housing allowance (a cash benefit) were able to exclude the full amount from gross income. However, the Freedom From Religion Foundation (FFRF) challenged the housing allowance as…
The IRS has released its annual list of the top 12 tax scams that taxpayers should avoid (IR-2019-49). They are essential the same as last year, although some scams are featured more prominently than before. The top tax scams are:
Phishing (IR 2019-26…
Let’s say you filed your tax return, and the IRS owes you a refund, which usually occurs because you had excess tax withheld from your pay. You’d like to know when you can expect to receive that lump sum. Is there a way to find out?
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Most of the Tax Cuts and Jobs Act provisions went into effect at the beginning of 2018. Although employees felt some effects of the changes in February 2018, when the income tax withholding rates were changed, the real moment of truth comes as taxpayer…
Tax season is here. In fact, we’re already halfway to the deadline!
If you haven’t filed your tax return yet, don’t fret. TaxAct is ready to make your tax preparation process as simple as possible. In fact, by using tax software, you&…