Rules regarding expensing and deduction are complex. Managers should keep an eye on the latest rules to make sure their businesses are in compliance and are taking full advantage of the provisions.
"In this world, nothing can be said to be certain, except death and taxes" is a quote often attributed to Benjamin Franklin. With that in mind, it's best to be prepared, at least financially, for taxes and tax season each year.
Can you deduct medical and dental expenses? That's a complicated question. To start with, your deductions must exceed 7.5 percent of your adjusted gross income. And they have to fall into an IRS-approved category.
The Tax Cuts and Jobs Act made changes to deductions for meals. In fact, it eliminated the deduction for any expenses related to activities that used to be considered entertainment, amusement or recreation.
The IRS has announced the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019.
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.
According to a statement from the IRS, starting in 2019, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
If there is one good thing about tax season, it is definitely the idea of getting a big tax refund. In 2018, the IRS issued more than 111.9 million refunds that totaled over $324.4 billion dollars. So taxpayers could see themselves getting some extra cash after they file. Unfortunately for taxpayers, the IRS is noticing a lot of myths circulating around social media about the process of receiving your refund and are wanting to make sure taxpayers are aware of the facts when it comes to an IRS tax refund.
As the countdown to the tax deadline continues, taxpayers may be desperate to file their tax return as quickly as possible. While it is important that you file your tax return on time, it’s also very important to make sure your tax return is correct and accurate when you do file. If you do not think you are going to be able to file your tax return accurately, you need to file an extension. This will give you an additional 6 months to file your tax return.
If you haven’t filed your previous year’s tax returns, you could be missing out on hundreds of dollars! The IRS says there is a total of almost $1.4 billion in income tax refunds that have yet to go unclaimed from 1.2 million taxpayers who did not file a 2015 federal income tax return. Taxpayers who are missing out on their refund are running out of time to claim their refund.
The countdown is on! As the 2018 Tax return deadline approaches, the pressure is on for individuals to file their tax return and pay any taxes due. Most taxpayers have until April 15th to file and pay their 2018 taxes or at least file an extension. Due to the many changes created by the Tax Cuts and Jobs Act, along with the change in the 1040 form, some taxpayers are falling behind on filing their taxes. If you do not file by the deadline, you could face penalties and interest that could drastically increase the amount of taxes you owe.