The Texas heat can be unbearable, but people of all ages look forward to the summer months. There are many fun things to do for families with young folks not in school, the cost of which can often qualify for tax credits or deductions. Parents of older kids also need to remember that those with part-time work or a full-time seasonal job can file a federal tax return to get back money if they are due to get a refund on money withheld on paychecks.
There’s that old saying that death and taxes are the two things that cannot be avoided. One reason it is still used is that it is true. Nevertheless, this should not prevent taxpayers from asking questions about their tax burden and how to best address notices from the government.
The recent tax season is behind us unless the taxpayer decided to file an extension. With a year under our belt with the new tax laws, it is now a perfect time to reevaluate the number of withholdings used and make any changes with employers as soon as possible. This will sidestep tax season surprises (good or bad), or it can ensure that the taxpayer gets a bigger refund next year.
This tax season has been one for the ages. The IRS seems to understand this better than most and has made several concessions to accommodate frustrated citizens.
Some of us get our taxes done early and cross it off our to-do list. However, there is a sizable number of procrastinators out there who wait until the 11th hour (sometimes literally) to file their taxes. With the major changes due to the Tax Cuts and Jobs Act, waiting this year is even a bigger mistake than ever. Nevertheless, we have your back with some last-minute tips on how taxpayers can determine their obligations.
There is more than the usual amount of confusion this tax season with 2017’s Tax Cuts and Job Creation Act going into effect. Addressing this issue, the IRS said that it would be more lenient if filers were close to tax liability for the year.
There have been extensive budget cuts at the IRS and the average audit rate is just .6 percent. The president has bragged and been cagey about how little he paid in taxes. Nevertheless, an annual IRS survey claims that nine out of ten Americans believe that it is their civic duty to pay taxes.
Austin and the state of Texas have a lot of assets that add up to a great quality of life for many. To start with: theres are the food and music, the weather, the tech industry, and of course the fact that we do not pay income taxes. Many would seem to agree with this assessment, and the moving trucks seem to arrive daily, helping grow what was once a college town with the capital to a thriving and economically metropolis.
The IRS has taken many steps to modernize the way it processes tax returns and pays its refunds. It all happens much more quickly now than it once did. This is good news for those who are hoping that their refund arrives before their big spring vacation – having extra cash on hand would reduce the costs incurred or enable some nice upgrades. However, waiting for a check in the mail is seemingly exponentially harder than watching grass grow and certainly longer than waiting for a pot to boil.
Small business owners are working towards the filing deadline, which is March 15 or April 17 for many of them. Ideally, they are poring over the books and seeing some positive numbers. Nevertheless, there is always room for improvement in all areas. Now with a year under our belts with the new tax system, we offer a few tax tips for small businesses to adjust as they move forward into the second year of the Tax Cuts and Jobs Act.