Harless Tax Blog

Harless Tax Blog

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

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

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

Before visiting an IRS office, taxpayers should call to make an appointment

Wednesday, March 20, 2019

Source from irs.gov | Before visiting an IRS Taxpayer Assistance Center for in-person help with their tax issues, a taxpayer needs to call 844-545-5640 to schedule an appointment. All TACs provide service by appointment. The Contact Your Local Office tool on IRS.gov helps taxpayers find the closest IRS TAC, the days and hours of operation and a list of services provided.

Once they make an appointment , taxpayers will receive an automated email to the address they provide. The email will confirm the day and time of their appointment. Taxpayers should consider the self-service options on IRS.gov before calling for an appointment. Taxpayers can resolve many questions online without taxpayers having to travel to a Tax Assistance Center.

Taxpayers checking on a tax refund status can:  See More

IRS urges taxpayers to check their tax withholding early in 2019

Tuesday, March 12, 2019

Source from irs.gov | WASHINGTON – The Internal Revenue Service today renewed its effort to encourage taxpayers to review their tax withholding using the IRS Withholding Calculator and make any needed adjustments early in 2019.

Doing a Paycheck Checkup can help taxpayers avoid having too little or too much tax withheld from their paychecks. The IRS reminds taxpayers that they can generally control the size of their refund by adjusting their tax withholding.

This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax, and the tax reform information page.  See More

Here’s how a name change affects a tax return

Friday, March 08, 2019

Source from irs.gov | When someone legally changes their name, there are tax consequences they need to know about, especially at tax time. People change their names for several reasons:  See More

Why that secret cash payment to your nanny could backfire on your taxes

Tuesday, February 26, 2019

Source from cnbc.com | If you're paying your nanny cash under the table, you might catch heat from the IRS.

It's no secret that child-care costs are a massive expense for working parents. Families with infants pay a nanny an average of $580 a week, according to Care.com — or $30,160 annually.

To put things into perspective, average tuition, fees, room and board adds up to $21,370 at a public four-year school and $48,510 at a private four-year school for the 2018-2019 tax year, according to the College Board.

It may be tempting to slip your caregiver some cash off the books, but you're taking a chance with the IRS for failure to pay the appropriate employment taxes.  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

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

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