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Category: Tax News

Get up to date on all tax news from the IRS. The IRS is constantly updating us with law changes and new rules. Sometimes, it’s too much to keep up with. We’ll decipher the confusing lingo while you focus on staying current  on what’s really important.

If you have more questions about staying up to date with the IRS, leave a comment. Our tax team is ready to help!

Archive for the ‘Tax News’ Category

How to File Your 2017 Tax Return in 2019

Posted by Manisha Hansraj on May 31, 2019
Last modified: June 17, 2019

2017 taxes

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?

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April 15, 2020 is the Last Chance to Claim Your 2016 Refund!

Posted by Manisha Hansraj on May 6, 2019
Last modified: May 9, 2019

2016 refund

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

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Tax Deadlines for the 2019 Tax Season!

Posted by Manisha Hansraj on April 12, 2019
Last modified: April 12, 2019

2019 tax deadlines

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

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Can I Deduct My W-2 Job Expenses?

Posted by Manisha Hansraj on March 28, 2019
Last modified: March 28, 2019

w-2 job expenses

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: (more…)

What is a 1098-T Form?

Posted by Manisha Hansraj on February 27, 2019
Last modified: February 28, 2019

1098-t

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?

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Time to E-file Your 2018 Taxes!

Posted by Manisha Hansraj on December 28, 2018
Last modified: April 2, 2019

taxes 2018

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. (more…)

Instructions for Filing the New 2018 Form 1040!

Posted by Manisha Hansraj on December 24, 2018
Last modified: January 8, 2019

2018 form 1040

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. (more…)

How are Charitable Deductions Affected by the TCJA?

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. (more…)

Cyber Monday is HERE, with some sales tax…

Posted by Manisha Hansraj on November 26, 2018
Last modified: November 26, 2018

online sales tax

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. (more…)

When is the Deadline to File Taxes for 2018?

Posted by Manisha Hansraj on September 19, 2018
Last modified: November 28, 2018

deadline to file taxes 2018

Am I too late to file my 2017 taxes?

For taxpayers who are receiving a refund, there’s absolutely nothing to worry about! The IRS does not attach penalties to late returns that have refunds. On the other hand, if you had a tax due to the IRS, you must have paid your taxes to the IRS by the tax deadline which was April 17, 2018 or you will be subject to penalties.

Read on to find out the steps you need to take in order to file your return.

Can I still E-file?

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