Tag Archive for: taxes

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Get Ready for Taxes: What to do before the tax year ends December 31

WASHINGTON — The Internal Revenue Service reminds taxpayers there are things they should do now to get ready for the tax-filing season ahead. Charitable Contributions For most taxpayers, December 31 is the last day to take actions that will…
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Get Ready for Taxes: Important things to know about tax credits

WASHINGTON – With the tax filing season quickly approaching, the Internal Revenue Service recommends taxpayers take time now to determine if they are eligible for important tax credits. This is the second in a series of reminders to help…
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New IRS Tax Withholding Estimator helps workers with self-employment income

Freelancers, others with side jobs in the gig economy may benefit from new online tool IR-2019-149, September 4, 2019 WASHINGTON — The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes a feature…
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IRS revises EIN application process; seeks to enhance security

WASHINGTON — As part of its ongoing security review, the Internal Revenue Service announced today that starting May 13 only individuals with tax identification numbers may request an Employer Identification Number (EIN) as the “responsible…
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IRS expands relief from underpayment penalty

The IRS announced on Friday that it is amending Notice 2019-11 to lower the amount of tax that an individual must have paid in 2018 to avoid the underpayment of estimated income tax penalty to 80% (Notice 2019-25). The change was made after…
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Renew expiring ITINs now to file a return next year

The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing…
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Reduced 24% withholding rate applies to small businesses

Publication 1281, Backup Withholding for Missing and Incorrect Name/TIN(s), posted last month on IRS.gov, has been updated to reflect a key change made by the Tax Cuts and Jobs Act (TCJA). As a result of this change, effective Jan. 1, 2018,…
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How the new tax law affects tax returns next year

The Internal Revenue Service today advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year under the new tax law. This is the first in a series of reminders…
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Helping taxpayers to understand the different filing statuses

Taxpayers don’t typically think about their filing status until they file their taxes. However, a taxpayer’s status could change during the year, so it’s always a good time for a taxpayer to learn about the different filing statuses and which…