Harless Tax Blog

Harless Tax Blog

How and why you should check your credit report

Friday, June 07, 2019
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House Votes To Ease Rules For IRAs, Makes Fixes To Trump Tax Law

Tuesday, May 28, 2019

Source from fa-mag.com | The U.S. House of Representatives approved legislation that relaxes the rules for retirement savers and corrects an unintended side-effect of the 2017 tax law that hit children of military members who died in combat with higher-than-expected tax bills.

The bill, which passed Thursday with a vote of 417-3, delays until 72 the age at which retirees must start withdrawing from individual retirement accounts and removes the age limit at which taxpayers must stop contributing. Now, taxpayers have to stop contributing to such accounts at age 70 1/2 and begin taking distributions. An amendment recently added to the bill also reverses an error in the 2017 tax law that had caused military families, known as “Gold Star” families to owe much higher taxes on survivor benefits.  See More

Don’t fall for myth-leading information about tax refunds

Wednesday, April 24, 2019

Source from irs.gov | Now that the April tax-filing deadline has come and gone, many taxpayers are eager to get details about their tax refunds. When it comes to refunds, there are several common myths going around social media.  See More

New wire fraud scam targets your direct deposit info

Monday, April 15, 2019

Source from cnbc.com | Around two or three times per month, KVC Health Systems, a midsize nonprofit agency for child welfare based in Kansas City, receives phishing emails from criminals with the goal of rerouting an employee’s paycheck by direct deposit.

The emails look legitimate at first, as though they come from the CEO, CFO or payroll director.  See More

Taxpayers who can t pay their taxes should still file on time

Friday, April 12, 2019

Source from cnbc.com | Tax Tip 2019-39 | With the April tax filing due date just a few days away, taxpayers should remember to both file and pay any taxes they owe by the deadine. Taxpayers who do not file and pay timely will see their tax debt grow. In fact, penalties and interest can cause a taxpayer’s debt to grow by more than thirty percent in just a few months. See More

Here’s what people should know about taking early withdrawals from retirement plans

Thursday, April 11, 2019

Source from irs.gov | IRS Tax Tip 2019-36 | Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for taxpayers to know:  See More

IRS reminds those with foreign assets of annual April 15 FBAR deadline

Monday, April 08, 2019

Source from irs.gov | IR-2019-63 | WASHINGTON — The Internal Revenue Service today reminded U.S. citizens and resident aliens, including those with dual citizenship, that if they have a foreign bank or financial account, April 15, 2019, is the deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR). They should also check to see if they have a U.S. tax liability and a federal tax return filing requirement.  See More

Tax deadline approaches: IRS dispels five myths about tax refunds

Friday, April 05, 2019

Source from irs.gov | IR-2019-64 | WASHINGTON ― As the April tax-filing deadline approaches, the Internal Revenue Service understands that taxpayers are anxious to get details about their tax refunds. This has led to a number of common myths about refunds that often circulate on social media.

While there’s no secret way for taxpayers to find out when their refund will be issued, there are some key facts that can help people understand the refund process. Taxpayers should keep in mind the IRS issues nine out of 10 tax refunds in less than 21 days. And the easiest way to check on a refund is “Where’s My Refund?,” an online tool available on IRS.gov and through the IRS2Go app.  See More

Estimated taxes form and publication can help people pay the right amount in 2019

Friday, April 05, 2019

Source from irs.gov | IR-2019-62 | WASHINGTON –The Internal Revenue Service today reminded self-employed individuals, retirees, investors and others who pay their taxes quarterly that the first estimated tax payment for tax year 2019 is due Monday, April 15, 2019, for most taxpayers. A 2018 tax return and 2019 Form 1040-ES, Estimated Tax for Individuals, can help these taxpayers estimate their first quarterly tax payment.

The Tax Cuts and Jobs Act changed the way tax is calculated for most taxpayers, including those with substantial income not subject to withholding. The law changed tax rates and brackets, revised business expense deductions, increased the standard deduction, removed personal exemptions, increased the child tax credit and limited or discontinued other deductions. As a result, many taxpayers may need to raise or lower the amount of tax they pay each quarter through estimated tax payments. The 2019 Form 1040-ES and instructions include inflation adjustments for the standard deduction, income tax rate schedules for tax year 2019 and a worksheet to help taxpayers figure estimated tax payments correctly.  See More

Online tool lets taxpayers check the status of their refund

Tuesday, April 02, 2019

Source from irs.gov | IRS Tax Tip 2019-33 | Taxpayers filing their tax returns to meet the upcoming tax filing deadline should know that the easiest way to check on their tax refund is to use "Where’s My Refund?" This tool is available on IRS.gov and through the IRS2Go app. The fastest way to get that tax refund is to use IRS e-file and direct deposit.

Taxpayers can use Where’s My Refund? to start checking on the status of their tax return within 24 hours after the IRS receives an e-filed return. For a paper return, it’s four weeks after the taxpayer mailed it.

The tool has a tracker that displays progress through three phases: Publication 1 is available in English and Spanish. All IRS facilities publicly display the rights for taxpayers.  See More