Harless Tax Blog
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
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
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
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
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
President Donald Trump is pitching the Republican tax-cut plan as aimed primarily at helping middle-class Americans, but the biggest beneficiaries of cuts in the individual tax rates are in the wealthiest income brackets.
A study from Congress’s own think tank provides some of the most recent evidence of this. The nonpartisan Congressional Research Service concluded that under the Senate plan, Americans making between $500,000 and $1 million a year would see the biggest percentage increases in their after-tax income. See More
Every taxpayer has a set of fundamental rights and the IRS has an obligation to protect them. The “Taxpayer Bill of Rights” groups the taxpayer rights found in the tax code into 10 categories. Know these rights when interacting with the IRS. A good way to learn about them is by reading Publication 1, Your Rights as a Taxpayer.
Below are the descriptions of each right, as listed in Publication 1: See More
Taxpayers may be able to deduct certain expenses of moving to a new home because they started or changed job locations. Use Form 3903, Moving Expenses, to claim the moving expense deduction when filing a federal tax return.
Home means the taxpayer’s main home. It does not include a seasonal home or other homes owned or kept up by the taxpayer or family members. Eligible taxpayers can deduct the reasonable expenses of moving household goods and personal effects and of traveling from the former home to the new home.
Reasonable expenses may include the cost of lodging while traveling to the new home. The unreimbursed cost of packing, shipping, storing and insuring household goods in transit may also be deductible. See More
WASHINGTON — The Internal Revenue Service began mailing letters this month to more than 1 million taxpayers with expiring Individual Taxpayer Identification Numbers and urges recipients to renew them as quickly as possible to avoid tax refund and processing delays.
ITINs with middle digits 70, 71, 72 or 80 are set to expire at the end of 2017. The notice being mailed -- CP-48 Notices, You must renew your Individual Taxpayer Identification Number (ITIN) to file your U.S. tax return -- explains the steps taxpayers need to take to renew the ITIN if it will be included on a U.S. tax return filed in 2018. See More
IRS Summertime Tax Tip 2017-10.
The federal income tax is a pay-as-you-go system. Employers generally withhold tax from workers’ wages. Taxpayers also often have taxes withheld from certain other income including pensions, bonuses, commissions and gambling winnings.
People who do not pay tax through withholding, like the self-employed, generally pay estimated tax. In addition, those who earn income such as dividends, interest, capital gains, rent and royalties are usually required to make estimated tax payments. See More