Tax Time Guide: Contribute to an IRA by April 17, claim it for 2017

Issue Number:    IR-2018-65 WASHINGTON —The Internal Revenue Service reminded taxpayers today that it’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2017 tax return. Anyone with an IRA may be eligible for a tax credit or deduction on their 2017 tax return if they make contributions by …

Highlights of the Tax Cuts and Jobs Act

Individual: Net Income Tax Rates: 10%, 12%, 22%, 24%, 32%, 35%, 37% Capital Gains & Qualified Dividends Tax Rates Remain: 0%, 15%, 20%; however, the 15% breakpoint is $77,200 MFJ and the 20% breakpoint is $479,000 MFJ. Standard Deduction: increased to $24,000 MFJ and adjusted for inflation for years after 2018 Personal Exemption: suspended for …

Four Things to Know about Taxes and Starting a Business

New business owners have tax-related things to do before launching their companies. IRS.gov has resources to help. Here are some items to consider before scheduling a ribbon-cutting event. Choose a business structure When starting a business, an owner must decide what type of entity it will be. This type determines which tax forms a business …

RETIREMENT with Social Security

If you have not already done so, go to www.ssa.gov and create a mySocialSecurity online account.  Here you can learn more about your benefits based on your facts and circumstances. Social Security Retirement Benefits: Who is eligible? Worked and paid Social Security Taxes to earn 40 credits Reached a minimum age of 62 for early …