Now that tax season is over, it is a great time to start thinking about how to plan for Tax Year 2018. With all the changes to the tax laws, one simple thing you can do to plan is to update your W-4 withholding for yourself or your employees. Using the IRS withholding calculator helps you determine how much to withhold. It's quick, easy, and very painless and will set you on the right track to making a seamless transition next tax season!
Check out this link to go to the IRS Withholding calculator!
With all the new scams emerging, this is just a reminder that the IRS will almost always do its bidding via United States Mail. They will never call, email, text, or use social media to talk about a personal or business tax return and will not make threats of arrest or deportation or demand immediate payment using a specific payment type. They will always give tax payers an opportunity to challenge and appeal a decision.
If you receive any threatening calls, texts, or emails from someone you believe is impersonating the IRS in order to get your personal tax information report it to firstname.lastname@example.org
Unfortunately, scammers never rest so we have to always be vigilant and alert as they continue to come up with new tactics. Security is a huge priority! Never give personal or financial information out over the phone.
If you are a disabled veteran who was paid a disability severance payment after January 17, 1991 you may be entitled to a refund! Pass this along to any disabled veteran you know- they may be entitled to get a refund if they included that payment as taxable income. Most of the folks who are eligible for this refund will receive a letter from the Department of Defense. You can claim the actual amount or you can claim a standard refund of
$1,750 for tax years 1991 - 2005
$2,400 for tax years 2006 - 2010
$3,200 for tax years 2011 - 2016
Check with your tax professional or check out the IRS website to see if you are eligible for this refund!