Well…it’s over. This year’s individual tax return filing deadline has come and gone. As the dust settles and we take stock of this year’s tax season, a few trends have appeared.
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On Friday, March 22, 2019, the Treasury and IRS announced they have lowered the withholding underpayment penalty threshold to 80%. This means that taxpayers who were 80% or less under-withheld on their income tax withholding or quarterly tax payments may qualify for relief.
Every year, a group of adventurous souls decides: This is the year I’m going to prepare my own tax return! While we certainly applaud an individual’s right to establish self-reliance and try to save money on preparation fees, it’s rarely a good idea.
Who should take the educational tax breaks, me or my child?
That’s a great question! The answer is: It depends.
Are 2018 Income Taxes Easier to Prepare Under the Tax Cuts and Jobs Act?
Like any good consultant, my answer is: It depends.
You check your mail and you see the return address, IRS. Your first thought? Well, that can’t be good. You open up the letter and you read that you’re being audited. Look on the bright side – less than 1% of returns get audited each year, you’re just one of the lucky ones! All jocularity aside, there’s nothing to panic about.
The IRS recently issued a warning to taxpayers who are seriously delinquent on their tax debt - you may be unable to attain a new passport or renew your existing one.
The Treasury Department and the IRS have issued guidance that provides a safe harbor for calculating depreciation deductions from passenger vehicles that qualify for the 100% additional first year depreciation deduction.