Harless Tax Blog

Harless Tax Blog

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

IRS Withholding Calculator

Tuesday, February 05, 2019

Source from irs.gov | The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.” This is even more important following the recent changes to the tax law for 2018 and beyond.

The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

There are several reasons to check your withholding:  See More

Small-business owners look to grab this 20 percent tax break

Monday, February 04, 2019

Source from cnbc.com | Small-business owners filing their 2018 taxes may be able to take advantage of a brand-new 20 percent tax break.

One of the new features of the Tax Cuts and Jobs Act is the introduction of the qualified business income deduction, which went into effect last year.

This tax break allows owners of “pass-through” entities, including sole proprietorships, S-corporations and partnerships, to deduct up to 20 percent of their qualified business income. 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

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

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

Tips for taxpayers who need to reconstruct records after disaster strikes

Wednesday, October 24, 2018

Source from irs.gov
Tips for taxpayers who need to reconstruct records after disaster strikes

After a disaster, taxpayers might need to reconstruct records. This could help them prove their losses, which may be essential for tax purposes, getting federal assistance or insurance reimbursement. See More

Several tax law changes may affect bottom line of many business owners

Friday, October 19, 2018

Source from irs.gov
WASHINGTON — The Internal Revenue Service today reminded business owners that tax reform legislation passed last December affects nearly every business.

With just a few months left in the year, the IRS is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. See More