Taxpayers With Children, Other Dependents Should Check Their Withholding Soon.
Aug30

Taxpayers With Children, Other Dependents Should Check Their Withholding Soon.

The Internal Revenue Service urges taxpayers with children and other dependents to use the Withholding Calculator at IRS.gov to do a “paycheck checkup.” Changes made by the 2017 Tax Cuts and Jobs Act will affect 2018 returns that taxpayers will file in 2019.   The law expanded and made significant changes to the Child Tax Credit. It also suspended the deduction for personal exemptions. Parents and caregivers should do a “paycheck...

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Treasury, IRS Issue Proposed Regulations On Charitable Contributions And State And Local Tax Credits.
Aug29

Treasury, IRS Issue Proposed Regulations On Charitable Contributions And State And Local Tax Credits.

Today the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations providing rules on the availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit.   The proposed regulations issued today are designed to clarify the relationship between state and local tax credits and the federal tax rules for charitable...

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Key tax change affects taxpayers with dependents; We urge workers to check withholding.
Aug26

Key tax change affects taxpayers with dependents; We urge workers to check withholding.

The Internal Revenue Service urges taxpayers who support dependents who can’t be claimed for the Child Tax Credit to do a paycheck checkup soon. The IRS Withholding Calculator can help these taxpayers make sure they have the right amount of tax taken out of their pay. The Tax Cuts and Jobs Act, enacted in December 2017, added a new tax credit – Credit for Other Dependents. It is a non-refundable credit of up to $500 per qualifying...

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Separation Or Divorce May Affect Taxes.May Affect Taxes.
Aug23

Separation Or Divorce May Affect Taxes.May Affect Taxes.

Taxpayers who are divorcing or recently divorced need to consider the impact divorce or separation may have on their taxes. Alimony payments paid under a divorce or separation instrument are deductible by the payer, and the recipient must include it in income. Name or address changes and individual retirement account deductions are other items to consider.   Account On Us has resources that can help along with these key tax tips:...

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Job Search Expenses May Be Tax Deductible.
Aug22

Job Search Expenses May Be Tax Deductible.

Taxpayers who are looking for a new job that is in the same line of work may be able to deduct some job-hunting expenses on their federal income tax return, even if they don’t get a new job. Here are some important facts to know about deducting costs related to job searches: Same Occupation. Expenses are tax deductible when the job search is in a taxpayer’s current line of work. Résumé Costs. Costs associated in preparing and mailing...

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