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IRS: Doing a ‘Paycheck Checkup’ is a good idea for workers with multiple jobs

The Internal Revenue Service urges taxpayers who work multiple jobs or who may be adding summer employment to complete a Paycheck Checkup. Doing so will help them check if they are having the right amount of tax withheld from their paychecks.

Checking and adjusting tax withholding as early as possible in 2019 is the best way to head off a tax-time surprise next year.

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Posted on: May 23, 2019

 

Tool helps donors research tax-exempt organizations

Before donating to a charity, taxpayers often want to research the organization. The IRS has a tool that lets people access information about charities and other tax-exempt organizations fast and easily. The Tax Exempt Organization Search is available anytime on IRS.gov.

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Posted on: April 17, 2019

 

Here’s a quick overview of tax reform changes and where taxpayers can find more info

Major tax law changes affect every taxpayer filing a 2018 tax return this year. To help taxpayers understand these changes, the IRS created several resources that are available on IRS.gov.

Here’s a quick overview of key changes with a link to more information on IRS.gov:

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Posted on: March 20, 2019

 

Here’s how tax reform affects taxpayers who claim the child tax credit

Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation made changes to that credit for 2018 and later. Here are some important things for taxpayers to know.

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Posted on: February 28, 2019

 

Where’s My Refund? tool lets taxpayers check status of their refund

The best way for taxpayers to check the status of their refund is to use the Where’s My Refund? tool on IRS.gov. This tool gives taxpayers access to their tax return and refund status anytime. All they need is internet access and three pieces of information:

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Posted on: February 08, 2019

 

IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.
 
The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90 percent to avoid a penalty.
 
The waiver computation announced today will be integrated into commercially-available tax software and reflected in the forthcoming revision of Form 2210 and instructions.

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Posted on: January 17, 2019

 

Saving Money on Prescription Drugs – Picking the right Part D plan is half the battle

Prescription drug pricing can be more than a little confusing. Drugs can also be costly, especially if you have a chronic illness. Choosing the right Medicare Part D plan, however, can save you a considerable amount of money on your prescriptions. With the Part D Annual Enrollment Period now open, it’s a good time to review your Part D elections.

Here are a few ways to save money on drugs: > More…


Posted on: November 15, 2018

 

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

 

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.

Here are several changes that could affect the bottom line of many small businesses: > More…


Posted on: October 17, 2018

 

Topic Number 652 – Notice of Underreported Income – CP-2000

The IRS compares the payment information reported to the IRS by employers, banks, businesses, and other payers on income documents (Forms W-2, 1098, 1099, etc.) to the income, credits, and deductions you report on your income tax return. The Automated Underreporter (AUR) function uses an automated system for this comparison and sends out a Notice CP-2000 if you didn’t report income on your return that was reported to the IRS by a payer or if it appears that payments, credits, and/or deductions are overstated. The CP-2000 isn’t a bill, it’s a proposal to adjust your income, payments, credits, and/or deductions. The adjustment may result in additional tax owed or a refund of taxes paid. > More…


Posted on: September 26, 2018

 

Many small business and self-employed taxpayers should make quarterly estimated tax payments; third quarter deadline is Sept. 17

With the last third of the year now in full view, the IRS today reminded small business and self-employed taxpayers of the importance of meeting their tax obligations. Part of those obligations normally include making quarterly estimated tax payments.

This is the third in a series of four news releases aimed at helping taxpayers pay the right amount of tax and avoid an estimated tax penalty. This is part of the wider Paycheck Checkup campaign to encourage people to check their tax situation, including withholding and estimated tax payments. > More…


Posted on: September 12, 2018

 

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