After the Tax Cuts and Jobs Act, it’s a whole new ballgame. If you have lots of dependents, you may not be pleased with the changes in the Tax Cuts and Jobs Act. The IRS has started accepting returns and tax season is officially under way. Almost all of the Tax Cuts and Jobs Act… Read More
Connie Wegge is feeling good about her situation this tax season. Not only did she and her husband get a small pop into their take-home pay over the past year, they also are getting about $100 more in their federal tax refund compared to last winter. “In the beginning, I was a little nervous” about… Read More
You don’t have to be a credit expert to know that tactics like keeping your debt low and paying bills on time are proven ways to improve your FICO score. But they aren’t the only ways to see a spike. These lesser-known tactics can also do the trick—fast. Apply for new credit. Your credit utilization ratio,… Read More
The American Institute of CPAs voiced concerns about the impact of the partial government shutdown on both taxpayers and tax practitioners in a letter to officials at the Internal Revenue Service and the Treasury Department, a day before President Trump announced a deal to reopen the affected government agencies for three weeks. In a letter Thursday to… Read More
Understand tax-filing fundamentals, from due dates to itemized deductions. FILING TAXES CAN FEEL daunting, regardless of your income bracket, filing status or familiarity with current rules and regulations. Fortunately, getting important documents prepped and learning basic concepts, including how taxes are assessed and collected, can help make the process easier to navigate. After all, even if… Read More
Here’s how to determine what tax bracket you fall into and its impact on taxes owed. DETERMINING WHICH TAX bracket your income falls into is surprisingly complex. But performing this calculation can be instrumental in helping you find strategies to reduce your federal tax bill and double-check any calculations done by a tax-software program or tax preparer. Taxpayers… Read More
If you follow this guide closely, you may finally master your money. Start living within your means. You’re in good company if you’re living paycheck to paycheck, says Jon Brodsky, U.S. country manager for personal finance comparison website Finder.com. “It’s common in every single income bracket,” he explains. While Brodsky argues people shouldn’t beat themselves up… Read More
BEFORE THE TAX LAW overhaul, the Trump administration and Republican-led Congress touted a postcard-size income tax return form designed to simplify filing your taxes. In June, the Internal Revenue Service and U.S. Treasury Department released a draft copy of the new 1040 income tax form. However, critics say that while the tax return is shorter, it may… Read More
Warning signs The IRS is constantly on the lookout for people who might be flouting tax rules by underreporting their income, claiming deductions and credits that don’t apply to them or partaking in an array of other tax-dodging techniques. If the IRS does request more information from you, it will usually do so in the form of a letter, so… Read More
The Internal Revenue Service (IRS) has issued the 2019 standard mileage rates. Beginning on January 1, 2019, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 58 cents per mile for business miles driven (up from 54.5 cents in 2018) 20 cents per mile driven for medical or moving… Read More