Tax Notes The Tax Cuts and Jobs Act raised the Child Tax Credit from $1,000 to $2,000. Of this, up to $1,400 can be a refundable credit. The Internal Revenue Service has not fully explained how this will work, but I’ll
Category: Tax Credits
IRS Encourages Taxpayers to Get a PayCheck Checkup
Following major tax reform in December 2017, the Internal Revenue Service (IRS) is asking employers to remind workers that a “paycheck checkup” might be necessary to make sure they have the right amount of tax taken out of their paychecks.
Updated 2018 IRS Withholding Calculator for W-4
The Internal Revenue Service (IRS) has finally released an updated Withholding Calculator which reflects changes under the new tax law. You can find the new withholding calculator on the IRS website. “The tool will help taxpayers determine whether they should update
Dozen of Expired 2017 Tax Extenders Revived with Budget Deal
On 2/9/18, the U.S. government passed a $400 billion budget bill that retroactively renews about 30 tax breaks that expired at the end of 2016, allowing taxpayers to claim them on the 2017 returns they file this year. The IRS
Tax News for 2018 Filing Season
The Internal Revenue Service (IRS) has not yet announced the date that it will begin accepting individual tax returns for the 2018 tax filing season for 2017 tax returns. As the IRS does every year, it’s continuing to update its
2018 Tax Reform – Tax Law Changes
On December 22, 2017 the President signed into law H.R. 1 (officially titled ‘An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018’). The legislation was originally
2018 Healthcare.gov Open Enrollment Deadline Dec 15th
On November 1, 2017, open enrollment for the Affordable Care Act began. It is very important that individuals/families who are not covered by healthcare plans by their employers, consider purchasing a plan through HealthCare.gov. You should act fast because the deadline is December 15,
Tax Tips – Individual Retirement Arrangements (IRA) Info
Taxpayers often have questions about Individual Retirement Arrangements, or IRAs. Common questions include: When can a person contribute, how does an IRA impact taxes, and what are other common rules. The IRS offers the following tax tips on IRAs:
Where’s My Refund – Contacting the IRS about Refunds for Held Up Returns
Where’s My Refund for Held Up Tax Returns “Where’s My Refund?” will be updated on Feb. 18 for the vast majority of early filers who claimed the Earned Income Tax Credit or the Additional Child Tax Credit. Before Feb. 18,
February Challenge – Tax Filing Time!
Get Your Taxes Done in 3 Simple Steps We all know filing taxes isn’t fun for most of us. That’s why TACCT Taxes is here to provide your tax preparation needs. It’s not complicated to get prepared for your tax