Posts filtered by tags: Taxes[x]


 

Shutdown could revive tax refund advance products

Even in the best of tax times, folks are impatient when it comes to getting their refunds. They want them yesterday, looking to collect on the forces savings account they created when they intentionally had too much put into their paycheck withholding. Then comes 2019, where every day it's looking more like parts of the federal government, including the Internal Revenue Service, will be in shutdown mode when the annual tax return filing season starts on Jan. 28. While the Treasury Department an...
Tags: Taxes, RAC, Sam, Irs, Fed, Don, Internal Revenue Service, Bankrate, Consumer Federation of America CFA, The Treasury Department, National Consumer Law Center NCLC, NCLC CFA


Where IRS offices are closed and the tax services that we're not getting during the shutdown

Internal Revenue Service offices nationwide, like this one in New York City, are closed due to the ongoing federal government shutdown. (Photo by Matthew Bisanz via Wikipedia Commons) Most of us don't have personal interactions with the Internal Revenue Service. We simply do our taxes every year, send them to the federal tax collector and move on with our lives. It's a different story in many places across the country. Those places have physical IRS offices where friends and family usually ...
Tags: Texas, Taxes, New York City, United States, District Of Columbia, Irs, Fed, Lone Star State, Internal Revenue Service, Treasury Department, Austin IRS, Taxpayer Assistance Centers, Wikipedia Commons Most, Matthew Bisanz


Free File 2019 is open with taxpayer protection upgrades

Longest U.S. federal government shutdown in history be damned! That's apparently the Internal Revenue Service's motto this year. It announced last week that it will start working on our 2018 tax returns — and issue any related refunds — this filing season, which is set to start on Monday, Jan. 28, even if it's technically still operating in modified shutdown mode. The IRS underscored that commitment on Friday, Jan. 11, when it announced that taxpayers who qualify to use Free File can now access...
Tags: Taxes, Wyoming, Irs, Internal Revenue Service, Rettig, Free File, VITA TCE, Credit Federal, Both the IRS


Free File 2019 is open

Longest U.S. federal government shutdown in history be damned. That's apparently the Internal Revenue Service's motto this year. It announced last week that it will start working on our 2018 tax returns — and issue any related refunds — this filing season, which is set to start on Monday, Jan. 28, even if it's technically still operating in modified shutdown mode. The IRS underscored that commitment on Friday, Jan. 11, when it announced that taxpayers who qualify to use Free File can now access...
Tags: Taxes, Wyoming, Irs, Internal Revenue Service, Rettig, Free File, VITA TCE, Credit Federal, Both the IRS


Fed shutdown underscores why to adjust payroll withholding

Today should be payday for hundreds of thousands of federal government workers. The partial government shutdown, however, means they're not getting their money. And even though the White House, Treasury and the Internal Revenue Service say that the 2019 filing season will open at the end of January as it has in years past and that refunds will be issued, there's no guarantee that things will go smoothly. We are, after all, talking about Uncle Sam's operations. Can IRS meet refund challenge? T...
Tags: Taxes, Maryland, Treasury, Capitol Hill, Irs, Fed, Don, Internal Revenue Service, Uncle Sam, White House Treasury, Sen Chris Van Hollen, Benjamin Cardin, Charles Rettig, White House s Office of Management and Budget OMB, Bank of Uncle Sam


Tax reform reminders

The Tax Cuts and Jobs Act enacted on December 22, 2017 was mostly effective starting in 2018. That was not enough time for anyone to get a good understanding of all of its over 100 changes and the effect and relevance.  The IRS has issued a lot of guidance, but there wasn't enough time to even get all of this finalized by the time any estimated tax payments for 2018 returns were due.  If any practitioners have ever used Reg. 1.163-8T, 1.163-10T or temporary regulations under section 469, that'...
Tags: Taxes, Congress, California, Senate, House, Irs, Bluebook, Professor Nellen, Nellen, 115th Congress, Joint Committee on Taxation JCT, TCJA, Technical Corrections, 116th Congress, JCT Bluebook, Ways Means Committee Chair Brady


Some IRS online services, including ways to pay estimated taxes, are working despite shutdown

The Internal Revenue Service still is mostly closed due to the Capitol Hill impasse over how to fund the federal government. Just a relative handful of employees are in a few IRS offices, doing what have been deemed essential jobs, but not getting paid for their work. Some of the agency's online operations, however, are up and running. And other IRS services, particularly those that are funding in part by fees, could be restarted despite the closure of many of Uncle Sam's offices. In fact, one ...
Tags: Taxes, United States, Social Security, Treasury, Medicare, Capitol Hill, Sam, Irs, Bureau, Internal Revenue Service, Treasury Department, U S Postal Service, Ives, The IRS, Income Verification Express Service IVES, IRS staffing Treasury


UK has ‘red flagged’ 4,600 sellers for tax evasion on marketplaces like Amazon in 2 years

Sites like Amazon and eBay have made it very compelling for consumers to buy online rather than in stores, in part because prices are very competitive and in many cases cheaper than what buyers might find in traditional retailers. But in the U.K., it turns out that some of those low prices are in part due to sellers dodging taxes, so now the government is cracking down. The U.K.’s tax authority has “red-flagged” 4,600 online merchants, from a total of 7,000 investigations, in the last two years ...
Tags: Amazon, TC, Ecommerce, UK, Taxes, Ebay, Tech, Eu, Hmrc, Customs, Asos, Amazon EBay, JSL, Treasury Mel Stride


7 divorce tax tips in light of the Bezos' breakup

Jeff and MacKenzie Bezos are getting a divorce. I know, it's hard to feel too bad for folks who are so wealthy. They tend to come through difficult circumstances quite well. But the joint announcement today (on Twitter, of course) from the world's richest man and his soon-to-be ex-wife got me thinking about, of course, taxes. By making the decision to end their marriage in 2019, Bezos is losing a tax break while Mrs. Bezos is getting one. As I said, I'm sure neither Mr. or Mrs. Bezos won't suff...
Tags: Texas, Taxes, Social Security Administration, Irs, Jeff, Bezos, Internal Revenue Service, MacKenzie Bezos, TCJA, Mrs Bezos


How Existing Funding Could Keep The FAA Open In A Future Shutdown

The United States is entering the third week of a partial government shutdown, and there is no end in sight. One of the departments affected is the Department of Transportation under which the Federal Aviation Administration is housed. Only a small number of FAA employees have been furloughed and forced to stay at home during the government shutdown. Most employees have been required to work with the promise of pay once funds are fully appropriated.   Most of those working are air traffic cont...
Tags: Taxes, Congress, Legislation, Nas, Spotlight, United States, Editorials, Aviation, Airport, Faa, Shutdown, Department Of Transportation, Federal Aviation Administration, Dot, Usdot, Peter DeFazio


Tax filing season 2019 will start Jan. 28, even if the IRS is still in partial shutdown

Tax filing time! (Photo by MoneyBlogNewz via Flickr) The Internal Revenue Service will begin processing 2018 tax returns on Jan. 28. That's essentially the same the time, the last Monday of the month, that filing season started last year. Free File, the partnership between the IRS and the tax software industry, has in the past opened at least a few days earlier (it was available on Jan. 12 last year), but there's no word on that 2019 no-cost online tax prep and filing option yet. But one th...
Tags: Taxes, Congress, White House, Treasury, Irs, Internal Revenue Service, Treasury Department, OMB, Congress The IRS, Office of Management and Budget OMB, Trump Administration, Chuck Rettig, MoneyBlogNewz


Tax Software: Buy Download Or CD, Not Online Service

[Updated on January 7, 2019.] The latest statistics from the IRS show that of all the e-filed individual tax returns for a recent tax year, 59% were done by tax professionals and 41% were self-prepared. That 59% number is still surprisingly high to me, but today we focus on the 41% self-prepared returns. When you are part of the 41% who do your own taxes, software makes it a lot easier than doing it directly on forms. Some software such as FreeTaxUSA are purely online. Others such as TurboTax an...
Tags: Taxes, Marketing, Software, Agi, Irs, Tax Prep, Turbotax, H&R Block, TurboTax Online, Amazon TurboTax Deluxe, H R Block Deluxe, Amazon TurboTax Deluxe State, H R Block Deluxe State


8 Tax Benefits for Buying and Owning a Home

Home is where the heart is… and the tax breaks. Here are 8 tax benefits for buying and owning a home. I recently took a new job in another state, which caused me to sell my home and find a place to rent. I’ve now been renting for over a year and must say that I love it. I like not having to worry about repairs or paying property taxes. But one of the things I was reminded of this tax season that I really do miss are the tax benefits for buying and owning a home. Seriously, owning a home can n...
Tags: Taxes, Time, Marketing, Irs, Trump, Turbotax, TCJA, House Loan Blog


Tax refunds will be issued even if partial government shutdown continues into 2019 filing season

Good news today for folks who are expecting a tax refund when they file their 2018 returns this year. You'll get your money, even if the partial government shutdown drags out into the 2019 tax filing season. That's the word from the Office of Management and Budget (OMB), according to Hallie Jackson, chief White House correspondent for MSNBC. Jackson made that announcement during Ali Velshi's show this afternoon after leaving an hour-plus White House press briefing, led by Vice President Mike Pe...
Tags: Taxes, White House, Treasury, Jackson, Irs, Mike Pence, Congressional, Internal Revenue Service, Hallie Jackson, OMB, Office of Management and Budget OMB, Trump Administration, Ali Velshi, Vought, MSNBC Jackson, Office of Management and Budget Russ Vought


"The controversy of the moment involves AOC’s advocacy of a tax rate of 70-80 percent on very high incomes, which is obviously crazy, right?"

"I mean, who thinks that makes sense? Only ignorant people like … um, Peter Diamond, Nobel laureate in economics and arguably the world’s leading expert on public finance. (Although Republicans blocked him from an appointment to the Federal Reserve Board with claims that he was unqualified. Really.) And it’s a policy nobody has ever implemented, aside from … the United States, for 35 years after World War II — including the most successful period of economic growth in our history.... [Despite] t...
Tags: Taxes, Law, Economics, United States, Paul Krugman, Aoc, Krugman, Federal Reserve Board, Ann Althouse, Alexandria Ocasio Cortez, Ocasio-Cortez, Peter Diamond Nobel


What to Know About Marginal Tax Rates

You may have heard that over the weekend newly minted Congresswoman Alexandria Ocasio-Cortez said in an interview with 60 Minutes that there’s precedent for wealthy Americans at the “tippy tops”—in this case, those earning over $10 million—to pay a marginal tax rate “as high as 60 percent or 70 percent.” Read more...
Tags: Personal Finance, Money, Taxes, Lifehacks, Tax Rates, Alexandria Ocasio Cortez, Congresswoman Alexandria Ocasio Cortez


How the New Tax Bill will Impact Housing – Economic Insights from realtor.com

When the GOP passed their tax plan in 2017 there was a lot of questions on how it will impact the housing market. It’s been a year, and with tax filings for 2018 starting soon people are starting to wonder if the tax bill will impact them and the housing market. In today’s video, realtor.com’s chief economist Danielle Hale will break down what the tax bill changed and how it impacts housing and the economy. See more of the 2019 housing forecast on realtor.com.
Tags: Taxes, Tax, Radio, Gop, Property, General Interest, Realtor.com, Danielle Hale


7 Tax Benefits for Married Couples

For richer or poorer, till tax season do you part? Wait, there’s no need to file separately. Here are 7 tax benefits for married couples. W hen deciding to tie the knot, you don’t often sit down and work out the tax benefits for married couples. However, as you consider your finances as a couple, one of the items you need to figure out is how to manage your tax bill in a way that benefits your situation. As you consider how to file your taxes and manage your money as a couple, here are some of...
Tags: Taxes, Marketing, Ira, Sam, Turbotax, HSA


6 top tax issues of 2018 and what to expect in 2019

Whew! We made it through 2018, the first full year that the latest major tax law changes were in effect. Now we're about to see, depending on when Congress and the White House can agree to get the government (including the Internal Revenue Service) fully operational, if we can deal with the first tax filing season under those laws. But before we get lost in the intricacies of the Tax Cuts and Jobs Act (TCJA), I'm taking this one early day in 2019 to look at the six tax stories that turned out t...
Tags: Taxes, Supreme Court, Congress, California, Senate, White House, Virginia, Democrats, Gop, South Dakota, House, New Jersey, Treasury, Capitol Hill, Las Vegas, Party


What is FAVR and Why is It Important for Small Businesses?

Small businesses need to be aware of the Fixed and Variable Rate (FAVR) because it’s designed to reimburse employees who drive their vehicles for business. Most companies use the more familiar IRS business mileage standard, but FAVR presents another more precise option. Small Business Trends contacted Craig Powell, Motus CEO, to dig deeper into how this rate can benefit small businesses. He started by giving us a high-level overview of what FAVR is and what it does. What is FAVR and Why is It ...
Tags: Taxes, California, Sales, Irs, Powell, Small Business Trends, New Hampshire Montana, FAVR, Craig Powell Motus, IRS Mileage Standards The IRS, Benefit States, RadioShack Starbucks


It's Filing Season 2019 Tax Tip time

It's that time of year again, tax season. OK, not officially, especially since we're waiting for Congress and the White House to reach a deal that will end the partial government shutdown and let the Internal Revenue Service resume operations at full speed again. But we taxpayers can't afford to wait on the politicians. We know that we still have to file our taxes, even it we end up having to wait on the IRS to process our returns. Yeah, I know. Not fair. But c'est la tax laws. To make sure that...
Tags: Taxes, Congress, White House, Irs, Internal Revenue Service


New year brings notable state tax changes

Close-up of National Geographic United States wall map. Click image to see all 50 states. Most states tend to operate on fiscal years, with July 1 being an effective date for a lot of law change State leaders, however, realize that their residents follow the Gregorian calendar, so they still make Jan. 1 the effective date for major revisions of law. I was surfing the Web on New Year's Day — doesn't everybody?!? — and ran across some interesting state tax law changes that took effective w...
Tags: Taxes, California, Washington, New Hampshire, Lincoln, Illinois, Rhode Island, South Carolina, Granite State, Tax Foundation, Walczak, Jared Walczak, National Geographic United States


Tax Day 2019 is April 15 and April 17

We still don't know when the 2019 tax filing season will start. But that uncertainty has no bearing on the tax deadlines we're all expected to meet, even when some of Uncle Sam's offices are closed or operating with fewer staff than normal. The Internal Revenue Service usually begins accepting and processing returns around mid- to late-January. Meeting that traditional opening date already was going to be tough. The agency has been in crunch mode this year with the added work to make sure forms...
Tags: Taxes, Massachusetts, Maine, Wisconsin, District Of Columbia, Sam, Irs, Concord, Abraham Lincoln, Internal Revenue Service, Uncle Sam, Lexington, New Englanders


Trump's tax returns, plus future candidates' filings, are first target of House Democrats

Screenshot from C-SPAN broadcast of the convening of the 116th Congress. Click image for full video. It's official. The 116th Congress is in session, with the Democrats retaking control of the House. As expected, longtime California legislator Rep. Nancy Pelosi is now Speaker of the House. Also as expected, presidential tax returns are atop the House Democrats agenda. Yes, I'm talking about the still unseen 1040s of Donald J. Trump, both those he filed while a candidate (and before), as w...
Tags: Taxes, Maryland, Congress, California, Washington Post, Senate, White House, Gop, House, Treasury, Nancy Pelosi, Party, Irs, Trump, U S Supreme Court, Congressional


Comparing the 6 Best Tax Software Programs

With the right software, filing your own taxes can be easy and affordable. But with so many DIY options, how do you choose? Here we’ll compare the 6 best tax software programs to help you find your perfect fit. In 2016, 43% of tax filers used a digital tax preparation tool. Being that was a few years ago, I’d venture a guess that the number has gone up since then. So, why the huge jump in e-filing taxpayers? The federal “Free File” program may be one answer. Free File is an alliance between the...
Tags: Amazon, New York, Taxes, Marketing, Irs, Turbotax, TaxAct, Best Tax Software Programs, TurboTax TurboTax, TurboTax H R Block TaxAct Tax Slayer Free Tax USA, Direct Deposit Check American Express Serve Card, TurboTax Review Try TurboTax H R Block H R Block, American Express Serve Free, TaxSlayer Review, Software Federal eFile Cost Best, Tax Slayer


6 tax breaks that are gone or reduced

Hello 2019! I'm not sure we're ready for you, particularly when it comes to the major tax code changes under the Tax Cuts and Jobs Act (TCJA). We'll deal with the real-life effects of the new tax laws for the first time when we file our 2018 returns. When that will be is still up in the air and depends on a resolution to the partial government shutdown. But even though Capitol Hill and many of Uncle Sam's offices remain in limbo, we taxpayers need to start now taking an up close and personal lo...
Tags: New York, Taxes, Congress, California, White House, Time, United States, Capitol Hill, Sam, Internal Revenue Service, TCJA


New year, new baby, new tax breaks

While millions of folks worldwide were greeting 2019's arrival, many were awaiting a more personal welcome for the planet's newest residents. The United Nations Children’s Fund (UNICEF) estimates that more than 395,000 children will be born today, Jan. 1, 2019. There's always much to-do over babies who arrive right after midnight on New Year's Day. Much-needed tax breaks for parents: But for tax purposes, as long as a child is born or adopted any time during a tax year, be it on the first day...
Tags: Taxes, Usda, Social Security, Irs, U S Department of Agriculture, Internal Revenue Service, CTC, Child Tax Credit, United Nations Children 's Fund UNICEF, ACTC, TCJA


Dec. 31 wedding and divorce tax matters

Change is the only constant, as the old saying goes, and that's as true on the last day of the year as it is on the first. Those changes also could mean changes to your taxes, as some life-altering situations on Dec. 31 affect your taxes for the preceding 364 days. Take, for example, tying the knot. If you get married today, congratulations. Have a spectacular combined wedding reception and New Year's Eve party. Also get ready after the confetti and toasts to deal with some filing changes to yo...
Tags: Texas, Taxes, Irs, Internal Revenue Service, TCJA


IRS issues new W-4 for 2019 tax year withholding

There's one more day in 2018, but it's too late to adjust your withholding for this almost over tax year. Following enactment of the Tax Cuts and Jobs Act (TCJA), a lot of folks earlier this year should have tweaked the amount of federal taxes they have taken out of their paychecks. Those TCJA changes, which went into full effect for 2018, could mean some — OK, a lot; one estimate says 30 million — taxpayers could face an unexpected tax bill when they file their returns in 2019. If you discover...
Tags: Taxes, Irs, Christine, Internal Revenue Service, The IRS, American Institute of CPAs AICPA, TCJA, National Association of Tax Professionals NATP, The National Association of Enrolled Agents NAEA


How To Report Backdoor Roth In TurboTax

Updated on December 30, 2018 with new screenshots from TurboTax Online 2018. If you use other tax software, see: How To Report Backdoor Roth In H&R Block Software How To Report Backdoor Roth In TaxACT How to Report Backdoor Roth In FreeTaxUSA If you did a Backdoor Roth, which involves making a non-deductible contribution to a Traditional IRA and then converting from the Traditional IRA to a Roth IRA, you need to report both the contribution and the conversion in the tax software. For more info...
Tags: Taxes, Marketing, Ira, Don, Roth, Turbotax, ROTH IRA, Backdoor Roth, The Best Of Collection, Expand Tax Tools, Roth TurboTax, Tah Dah You