August 16, 2019
Now's the time to have a “paycheck checkup”. The IRS is encouraging everyone to use the new Tax Withholding Estimator to perform a quick “paycheck checkup”.
As you know, the Tax Cuts and Jobs Act (TCJA), enacted in December 2017, changed the way tax is calculated for most taxpayers. As a result, some taxpayers ended up receiving 2018 refunds that were larger or smaller than expected, while others unexpectedly owed additional tax when they filed earlier this year. For that reason, taxpayers may need to raise or lower the amount of tax they have taken out of their paychecks throughout the year.
Follow the link below to the IRS website to use the Tax Withholding Estimator.
If you have any questions or need any assistance, please contact us.
Client’s with more complicated tax situations should reach out to our office.
The most recent issue of our newsletter was designed to reflect some of the big changes happening in our world right now. Whether you're leading a virtual meeting, opting to dine at home, or seeking new titles for your summer reading list, this issue is packed with timely and relevant articles.
The Red Fern Advisors and CPA's team would like to wish you a happy and relaxing...
Here are some key highlights from the CARES Act passed on Friday 3/27/20.
Recovery Rebate Checks
Filing statuses of single or head of household taxpayers will receive $1,200 and filing status of married filing joint taxpayers will receive $2,400 based on their Adjusted Gross Income. There is an additional $500 for each qualifying child.
The rebate check amount will be...
To our valued clients,
As of today, the IRS has issued additional guidance on the Federal filing and payment extension and we would like to provide further information as well as a link to the IRS FAQs page.
Contributions to Individual Retirement Accounts (IRAs) including SEP IRA accounts
Because the due date for filing Federal income tax returns has...