Harless Tax Blog

Harless Tax Blog

Did you know?

Tuesday, June 19, 2018

by: LIMRA Secure Retirement Institute.
In 2017, total U.S. household consumer debt reached $13 trillion. Non-mortgage debt (car loans, student loans, credit cards, and so on) was reported by 71% of American workers. Only 31% of workers with non-mortgage debt were saving outside the workplace for retirement, compared with 69% of workers without non-mortgage debt.  See More

June 2018 Tax Deadline Reminder

Friday, June 08, 2018

Source by: Harless and Associates Staff
June 15
Individuals. If you are not paying your 2018 income tax through withholding (or will not pay enough tax during the year that way), pay the second installment of your 2018 estimated tax.

If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due for 2017. If you want additional time to file your return, file Form 4868 to obtain four additional months to file. Then, file Form 1040 by October 15.  See More

Factoid: Winning streak

Wednesday, May 30, 2018

by: Harless and Associates Staff
The median U.S. house price reached $241,700 in early 2018, marking 72 consecutive months of year-on-year price gains.  See More

How to use your 2017 tax return to save more in 2018

Friday, April 20, 2018

Source: cnbc.com

This spring, don't just stuff your completed tax return into a drawer. Go through it for savings opportunities you can seize right now.

More than 94 million tax returns have been filed as of March 30, still a long way from the more than 155 million returns the IRS expects to receive this year.

If you've already turned in your paperwork and received a refund — or a tax bill — take a moment to comb through your return.

This is especially important because your 2017 return marks the last time you'll be filing under the old tax regime.  See More

Last-minute tax tips for late filers

Tuesday, April 17, 2018

Source: cnbc.com

If you're waiting until the absolute last moment to file your taxes, you're not alone — and you're not out of luck.

As of the last tally, the Internal Revenue Service has received 103 million of the 155 million total returns the agency expects this year. (In fact, 20 to 25 percent of Americans wait until the last 14 days before the deadline to prepare their tax returns.)

But there is still time before Tax Day on April 17 to nail down everything you need — and take advantage of certain tax breaks before it's too late. See More

Why you should think twice before moving your business to a low-tax state

Tuesday, March 20, 2018

Source: cnbc.com

If you're looking to save big on taxes by packing up your small business and shipping it to a friendlier state, it may be time to hit the brakes.

The new federal tax law grants special breaks for owners of businesses — there's the 20 percent deduction on qualified business income and lower tax rates for C-corporations — and entrepreneurs are searching for additional ways to save on state and local levies as well.  See More

Tax season is here: How to make filing relatively painless

Wednesday, February 07, 2018

Source: cnbc.com

Keep an eye on your mailbox over the next few weeks: All of the information you need to prepare your return should be on its way.

Filing season for the 2017 tax year began on Jan. 29. This year, the IRS bumped the deadline to file returns to April 17 because the traditional filing date of April 15 falls on a Sunday. And Emancipation Day — a legal holiday in some locations — will be observed Monday, April 16.  See More

What's in the GOP's final tax plan

Tuesday, December 19, 2017

Source: money.cnn.com

Just six weeks after lawmakers and the public got their first glimpse of the first draft of a tax overhaul bill, Republicans on Friday released their final version. They aim to pass it next week and send it to President Trump for his signature.

The final bill still leans heavily toward tax cuts for corporations and business owners. But it also expands or restores some tax benefits for individuals relative to the earlier bills passed by the House and Senate.  See More

10 Year-End Tax Tips

Wednesday, December 13, 2017

Source: money.usnews.com

With the end of the year looming, the window is quickly closing for taxpayers who want to minimize the taxes they will pay next spring.

What's more, for those trying to make year-end adjustments to their income and deductions, a tax reform bill being discussed in the District of Columbia has created uncertainty. Although it's tempting to take action based on expected changes to the law, some finance experts urge caution. "Until the law becomes formal, we have to be very careful," says Kristin Bulat, senior vice president of strategic resources for insurance and consulting firm NFP.  See More

Tax debate update: Republicans grapple over trigger provision

Monday, December 04, 2017

Source: accountingtoday.com

The Senate tax bill is headed for a marathon debate this week after Republican leaders brought the measure to the floor Wednesday with the goal of holding a final vote by the end of the week. Here are the latest developments, updated throughout the day:

John McCain Says He Will Support Senate Bill
Republican John McCain of Arizona said in a statement Thursday that he’s decided to support the Senate tax bill.

“I believe this legislation, though far from perfect, would enhance American competitiveness, boost the economy, and provide long overdue tax relief for middle class families,” McCain said. See More