Harless Tax Blog

Harless Tax Blog

Make an estimated tax payment now

Friday, December 21, 2018

Source from irs.gov | WASHINGTON — The Internal Revenue Service today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS. The deadline for making a payment for the fourth quarter of 2018 is Tuesday, Jan. 15, 2019.

Although the Tax Cuts and Jobs Act (TCJA), the tax reform law enacted last December, lowered tax rates for most people, it also nearly doubled the standard deduction and limited or discontinued many deductions, among other changes. Though most 2018 tax filers are still expected to get refunds, the number who owe tax, and in some cases a penalty, is likely to be larger than in recent years, and many of them are likely to be people who have always gotten refunds.  See More

IRS reminds employers, business owners of Jan. 31 filing deadline

Friday, December 14, 2018

Source from irs.gov | WASHINGTON — The Internal Revenue Service today reminded employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms.

The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors are also due at this time. Such payments are reported in box 7 of this form.  See More

Tool on IRS.gov helps taxpayers

Tuesday, December 11, 2018

Source from irs.gov | When people are done giving thanks at the dinner table, many start another kind of giving. The annual Giving Tuesday happens the week after Thanksgiving to kick off the season of charitable giving. This year, Giving Tuesday falls on Tuesday, November 27.

Taxpayers may be able to deduct donations to tax-exempt organizations on their tax return. As people are deciding where to make their donations, the IRS has a tool that may help. Tax Exempt Organization Search on IRS.gov is a tool that allows users to search for charities. It provides information about an organization’s federal tax status and filings.  See More

What you need to know about Florida today

Friday, December 07, 2018

Source from www.floridatrend.com | What you need to know about Florida today
Cybercrime becoming bigger problem in Florida
Cybercrimes are becoming a bigger problem in Florida. Comparitech says Florida had almost 22 million victims of cyber crimes last year. The averaged loss per victim was $5,054. Cybercrimes, which include attack and digital fraud, are at a six-year high. More from WJXT and CNBC.  See More

Safekeeping tax records

Friday, December 07, 2018

Source from irs.gov | WASHINGTON — With the tax filing season quickly approaching, the Internal Revenue Service wants taxpayers to understand how long to keep tax returns and other documents.

This is the seventh in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated its Get Ready page with steps to take now for the 2019 filing season.  See More

Employers should be aware of W-2 scam

Thursday, December 06, 2018

Source from www.irs.gov | Small businesses should be on-guard against a growing wave of identity theft and W-2 scams. Employers hold sensitive tax data on their employees – such as Form W-2 data – which is highly valued by identity thieves. All employers are targets for the W-2 scam. This scheme has become one of the more dangerous email scams. Here’s how it works:  See More

Whats new with the child tax credit

Wednesday, December 05, 2018

Source from irs.gov | Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit.

Credit amount. The new law increases the child tax credit from $1,000 to $2,000. Eligibility for the credit has not changed. As in past years, the credit applies if all of these apply:  See More

Tax reform affects if and how

Monday, December 03, 2018

Source from irs.gov | Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be claimed on Schedule A, Itemized Deductions.

This means that many individuals who formerly itemized may now find it more beneficial to take the standard deduction. Taxpayers may only do one or the other. They either take the standard deduction or claim itemized deductions.  See More

e-News for Small Business

Wednesday, November 28, 2018

Source from irs.gov | e-News for Small Business, Issue 37.
1)  Here’s how tax reform changed accounting methods for small businesses
The Tax Cuts and Jobs Act — better known simply as tax reform — allows more small business taxpayers to use the cash method of accounting. The new law defines a small business taxpayer as a taxpayer who has average annual gross receipts of $25 million or less for the three prior tax years and is not a tax shelter.  See More

Get 2018 tax documents ready

Monday, November 26, 2018

Source from irs.gov
WASHINGTON — The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019.

This is the fifth in a series of reminders to help taxpayers Get Ready for the upcoming tax filing season. The IRS has recently updated its Get Ready page with steps to take now for the 2019 tax filing season.  See More