Posted by Manisha Hansraj on August 6, 2019 Last modified: August 6, 2019
With life, situations change and they come with certain tax implications.
One year makes a difference. From getting married, transitioning into a new job to having your own bundle of joy, your tax situation changes as well.
Here are some examples.
1. Tying the knot
Getting married is a big step in everyone’s lives. Along with getting married, you now are able to file jointly which should lower your tax rate. For the 2018 tax year, your standard deduction is now $24,000. With that in mind, don’t forget to update your allowances (Form W-4) at your job. Read the rest of this entry »
Tags: ACTC, allowances, child tax credit, divorce, EIC, estate tax, filing status, IRS, job expenses, life changes, marriage, mortgage, performing artist, qualified expenses, tcja, unreimbursed job expenses, w-2 job expenses, W-4
Category: Tax and Life Changes, Tax Deductions and Credits, Tax News, Tax Tips and Tricks, Taxes for Prior Years
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Posted by Manisha Hansraj on May 31, 2019 Last modified: June 17, 2019
Did you miss the tax deadline for your 2017 taxes?
Although you’re late, you can still file your late 2017 taxes. However, you won’t be able to e-file your tax return.
Dates to remember
The 2018 tax season ran from January 29, 2018, to October 15, 2018. The official tax deadline was April 17, 2018, due to April 15 falling on a weekend and Emancipation Day following after. The e-file and extension deadline was October 15, 2018; therefore, you are now required to mail your return to the IRS.
Can I still claim a refund?
Read the rest of this entry »
Tags: 1099, 1099-MISC, 2017 tax calculator, 2017 tax return, 2017 tax year, 2017 taxes, e-file, e-file deadline, efile, file 2017 taxes, file 2017 taxes in 2019, form 1040, form 4506-T, IRS, IRS penalties, late taxes, lost W-2, paperfile, prior year tax, statute of limitations, tax deadline, tax debt, tax refund, Wage and Income Transcript
Category: Tax Deadlines, Tax News, Tax Tips and Tricks, Taxes for Prior Years
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Posted by Manisha Hansraj on May 6, 2019 Last modified: May 9, 2019
Set an alarm on your phone, write on your notepad or put an “x” on your calendar.
Like most taxpayers, you may be rushing to claim your prior year refunds. If you remember that you have a 2016 refund waiting for you, you’re not too late.
Read below to find out if you can still claim your refund.
Can I still claim my refund?
Luckily, because of the IRS Statute of Limitations for prior year refunds. You have three years from the original tax deadline of your return to claim your refund. Otherwise, your refund expires and goes straight to the IRS. That being said, the original tax deadline for 2016 taxes was April 18, 2017, due to April 15th falling on the weekend and Emancipation Day right after.
Deadline to claim your refund
Read the rest of this entry »
Tags: 2016 refund, april 15, contact the IRS, failure-to-file, failure-to-pay, IRS penalties, statute of limitations, tax deadline, tax extension, tax refund
Category: Tax and Life Changes, Tax Deadlines, Tax News, Tax Tips and Tricks, Taxes for Prior Years
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Posted by Manisha Hansraj on April 12, 2019 Last modified: April 12, 2019
Important upcoming deadlines you need to know.
Tax season is a stressful time for some taxpayers. However, knowing each tax deadline will give you a heads up so you know how to stay on top of your game.
For all the 2019 tax deadlines that are left, take a look at the list of due dates below.
April 15, 2019
- Individual Income Taxes deadline
- Last day to file and pay if you owe taxes to the IRS without accumulating penalties
- Final day to file a tax extension to the IRS
- First Estimated Quarterly Tax Payment due
- Sole proprietor, LLC, and corporation taxes due
- IRA contribution deadline
- Last day to postmark, paper-file and claim your 2015 refund
April 17, 2019
Read the rest of this entry »
Tags: 2015 refund, 2018 tax return, 2018 taxes, 2019 tax season, deadline for taxes 2018, estimated tax, estimated tax payment, extension deadline, failure-to-file, failure-to-pay, form 1040, IRS penalties, late filing penalty, Maine, Massachusetts, natural disaster, paperfile, statute of limitations, tax deadline, tax extension, tax refund
Category: Tax and Life Changes, Tax Deadlines, Tax for Business, Tax News, Tax Tips and Tricks, Taxes for Prior Years
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Posted by Manisha Hansraj on March 28, 2019 Last modified: March 28, 2019
The new tax season brought in a lot of changes, and your job expenses are one of them.
If you’ve noticed on your tax returns that you can’t deduct your W-2 job expenses for 2018, you’re partially correct. Unfortunately, not everyone can claim their out-of-pocket job expenses.
Here’s the breakdown.
Eligibility
The new tax laws have narrowed down on who claims their W-2 job expenses, mainly by their occupation.
You can only deduct your job expenses if you’re one of the following: Read the rest of this entry »
Tags: 2018 tax return, 2018 tax year, 2018 taxes, current year tax return, extension, filing status, IRS penalties, job expenses, late filing penalty, standard deduction, tax cuts and jobs act, tax deduction, tax extension, tax refund, unreimbursed job expenses, W-2, w-2 job expenses
Category: Tax and Life Changes, Tax Deadlines, Tax News, Tax Tips and Tricks
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Posted by Manisha Hansraj on February 27, 2019 Last modified: February 28, 2019
Unfortunately, education isn’t free for some students.
If you’re a college student, parent, guardian or anyone paying out-of-pocket for tuition, fees, and required course materials needed for enrollment, you will receive a Form 1098-T. This tuition statement form reports all of your transactions, which means the payments you make to your school.
What does a 1098-T statement look like?
Read the rest of this entry »
Tags: 1098-t, 2018 tax return, 2018 tax year, 2018 taxes, AGI, american opportunity credit, e-file, education credit, IRS, lifetime learning credit, qualified educational expenses, qualified expenses, refund, student loan interest, student loan interest deduction, tax refund
Category: Tax and Life Changes, Tax Deadlines, Tax Deductions and Credits, Tax News, Tax Tips and Tricks
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Posted by Manisha Hansraj on December 28, 2018 Last modified: April 2, 2019
Are you preparing for the 2019 tax season?
The new 2018 tax return is circulating the web so now we know what it looks like.
Here’s how to be ahead of the game.
Here’s what you need to know
Mark your calendar or set a reminder on your phone because there are some important dates to remember. Read the rest of this entry »
Tags: 2018 form 1040, 2018 tax return, 2018 taxes, 2019 tax season, form 1040, tax cuts and jobs act, taxes 2018, tcja
Category: Tax and Life Changes, Tax Deadlines, Tax News, Tax Tips and Tricks
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Posted by Manisha Hansraj on December 24, 2018 Last modified: January 8, 2019
The IRS finally released the new 2018 tax return.
You’ll see some obvious changes in the new tax return. But first, here’s a breakdown of how to report your tax information.
Keep reading to find out how filing this upcoming tax season will be different.
Introducing Schedules 1 – 6
Form 1040 will be shorter than the previous form because the IRS consolidated tax information into separate schedules. That being said, all additional income and adjustments to income have moved to Schedule 1, taxes moved to Schedule 2, nonrefundable credits moved to Schedule 3, other taxes moved to Schedule 4, other payments and refundable credits moved to Schedule 5, and foreign addresses/third party designee’s moved to Schedule 6.
Here’s how you will be reporting this information. Read the rest of this entry »
Tags: 2018 form 1040, IRS forms, schedule 1, schedule 2, schedule 3, schedule 4, schedule 5, schedule 6
Category: Tax and Life Changes, Tax News, Tax Tips and Tricks
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Posted by Manisha Hansraj on November 27, 2018 Last modified: November 27, 2018
Generosity has its perks, or rather its tax benefits.
Keep in mind, taxpayers are able to easily itemize once they exceed their standard deduction. This typically happens by taxpayers claiming charitable donations along with any expenses they have. It then becomes greater than their standard deduction. However, the standard deduction is twice the amount for 2017.
Due to the Tax Cuts and Jobs Act (TCJA), taxpayers who itemize may face some difficulties next year.
Read on to find out what you can do to be prepared for next year!
“Bunching,” a word that people can’t stop talking about.
If you’re surfing the web for information on charitable donations, you might run into the term, “bunching.” It may be confusing, so we’re here to clear it up for you. Read the rest of this entry »
Tags: 2018 charitable deductions, 2018 tax return, bunching, charitable contributions, charitable deductions, charitable deductions 2018, charitable donations, filing status, gifts to charity, head of household, IRS, itemized deduction, joint tax return, late taxes, married filing jointly, married filing separately, new tax bill, non cash contribution, standard deduction, tax cuts and jobs act, tax refund, tcja
Category: Tax and Life Changes, Tax Deductions and Credits, Tax News, Tax Tips and Tricks
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Posted by Manisha Hansraj on November 26, 2018 Last modified: November 26, 2018
We’ll surf through crowds to get our hands on the newest flatscreen tv.
Like most Americans, we rush to get deals on Black Friday, or even better Cyber Monday. However, taxpayers rely heavily on Cyber Monday to buy the items they have on their wishlist because if an online retailer doesn’t have a physical presence in our state, we’re not required to pay any sales tax.
Nonetheless, consumers might notice a difference in the amount in their sales tax (depending on where they live) because of a Supreme Court ruling passed in June 2018.
E-commerce retailers are now required to collect sales tax from online purchases.
Prior to this, online retailers did not have to collect sales tax if they did not have a physical presence in your specific state. Read the rest of this entry »
Tags: black friday, cyber monday, sales tax, sate and local taxes, South Dakota v. Wayfair, use tax, wayfair decision
Category: Tax and Life Changes, Tax for Business, Tax News, Tax Tips and Tricks
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