Tag: taxes

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Even though the IRS issues most refunds in less than 21 days, it’s possible a taxpayer’s refund may take longer. Several factors can affect the timing of a taxpayer’s refund after the IRS receives their tax return. Here are a few things taxpayers should keep in mind if they are waiting on their refund but…

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Of all the intricacies of tax preparation, few aspects are as beneficial as electronic filing or e-filing. Not only is this advantageous to the Internal Revenue Service, as it reduces paperwork, it is also a benefit to individuals filing their tax returns. Here are just a few of the ways you can enjoy all electronic…

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Self-employed individuals, unlike employees, don’t have someone withholding Social Security or Medicare (FICA) taxes along with pre-payments toward their federal (and state, where applicable) income tax from their wages during the year. They are not being paid a wage; instead, a self-employed individual must keep a set of books showing income and expenses associated with…

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Are you wondering how the new IRS tax law changes will affect you? Be prepared with need-to-know answers to all your tax reform questions. We’ve been keeping track of all the tax law changes so you don’t have to. Domestic Production Activities Deduction This deduction was repealed, making it no longer available after December 31,…

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It turns out that there is no set time schedule for when refunds have to be given to people who file taxes (and who qualify). This is probably not the answer that you wanted and is slightly unsettling. The IRS doesn’t like to leave us completely in the dark; in prior years they issued a refund…

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How much money do you have to make to file taxes? What is the minimum income to file taxes? Let’s take a look at the requirements for the minimum income to file taxes in 2017 (and due in 2018). Minimum Income Requirements The IRS released the minimum income to file taxes in 2017. For the…

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The government shut down early Saturday, January 20th after Congress failed to agree on a funding bill. That triggered automatic furloughs for government employees deemed “non-essential.” That means only a portion of each federal agency’s employees will continue to work through the shutdown. A shutdown plan posted on the Treasury Department’s website shows that nearly…

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Updated 2018 Withholding Tables Now Available; Taxpayers Could See Paycheck Changes by February The IRS today released Notice 1036, which updates the income-tax withholding tables for 2018 reflecting changes made by the tax reform legislation enacted last month. This is the first in a series of steps that IRS will take to help improve the accuracy…

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One of the biggest decisions taxpayers face each year is how to file their tax returns. Last year, 86%, nearly 132 million, of tax returns were filed with tax software. But out of those computer-prepared and e-filed tax returns, almost 79 million were completed by tax professionals. Why hire a tax pro to do your…

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Your tax return may show that you’re due a refund from the IRS. However, if you owe a federal tax debt from a prior tax year, or a debt to another federal agency, or certain debts under state law, the IRS may keep (offset) some or all of your refund to pay that debt. What…

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