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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Taxpayers With High Incomes, Complex Returns: Check Withholding Soon.
Aug16

Taxpayers With High Incomes, Complex Returns: Check Withholding Soon.

Account On Us urges high-income taxpayers and those with complex tax returns to check their withholding soon to avoid an unexpected tax bill or penalty when they file their 2018 federal income tax return in 2019.   The Tax Cuts and Jobs Act, the tax reform legislation passed in December, made major changes to the tax law, including increasing the standard deduction, removing personal exemptions, increasing the Child Tax Credit,...

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If You Are Starting A Business, Here’s Four Tax Tips.
Aug14

If You Are Starting A Business, Here’s Four Tax Tips.

If summer plans include starting a business, be sure to visit IRS.gov. The IRS website has answers to questions on payroll and income taxes, credits and deductions plus more. New business owners may find the following four IRS tax tips helpful: Business Structure.  An early choice to make is to decide on the type of structure for the business. The most common types are sole proprietor, partnership and corporation. The type of business...

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Taxpayers Need To Check Withholding Now to Avoid Tax Surprises Later.
Aug11

Taxpayers Need To Check Withholding Now to Avoid Tax Surprises Later.

With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven’t yet done a “Paycheck Checkup” to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law.   A summertime check on tax withholding is critical for millions of taxpayers who haven’t reviewed their tax situation. Recent reports note that many taxpayers could see their...

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Guidance On Recent 529 Education Savings Plan Changes.
Aug02

Guidance On Recent 529 Education Savings Plan Changes.

The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans.   Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs Act (TCJA). Taxpayers, beneficiaries, and administrators of 529 and Achieving a...

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