If you ask people whether they think the Tax Cuts and Jobs Act of 2017 helped them or cost them more money, you may hear different answers.
If they recently filed their taxes, the foremost thing in their minds may be whether they got a tax refund or no…
It’s never been more important to save for college, as tuition continues to rise – and rise. One way people have saved for their children’s tuition has been through 529 savings plans.
If you have a 529 savings plan or have thought about s…
If you’re traditionally employed, you’re likely familiar with Form W-4. It’s the tax form used to select how much money you want to be withheld from your paychecks to pay your tax liability. If you don’t keep up with your tax payments throughout the ye…
If you itemize deductions that include state and local taxes and then receive a refund related to those taxes in the next year, how much if any of the refund must be included in gross income? The tax benefit rule determines the portion of the refund, …
One taxpayer who faced a mountain of debts, including more than $9,000 to the IRS and his state’s revenue department, had a plan. He’d withdraw funds from his IRA, place them in his personal back account, and use the money to buy lottery tickets in th…
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…
