IRS launches Instagram account to help taxpayers: Agency adds social media platform to reach more taxpayers, share timely information on filing season, tax law changes, tax scams IR-2018-237, November 30, 2018 WASHINGTON — As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced today …
Issue Number: Tax Tip 2018-145 Individual Retirement Arrangements – better known simply as IRAs – are accounts into which someone can deposit money to provide financial security when they retire. A taxpayer can set up an IRA with a: bank or other financial institution life insurance company mutual fund stockbroker Here are some terms and definitions …
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 …
Issue Number: Tax Tip 2018-40 Many taxpayers may need to take out money early from their Individual Retirement Account or retirement plan. Doing so, however, can trigger an additional tax on early withdrawals. They would owe this tax on top of other income tax they may have to pay. Here are a few key points to …
Most taxpayers can claim one personal exemption for themselves and, if married, one for their spouse. This helps reduce their taxable income on their 2017 tax return. They may also be able to claim an exemption for each of their dependents. Each exemption normally allows them to deduct $4,050 on their 2017 tax return. While …
Items to Consider: Withholding and Estimated Taxes: If you expect to owe at least $1000 in tax, the required tax payment to avoid underpayment of tax penalties and interest is the lessor of 90% of the current year returns tax or 100% of the tax shown on the prior year’s return (unless your AGI on …