Harless Tax Blog

Harless Tax Blog

Before visiting an IRS office, taxpayers should call to make an appointment

Wednesday, March 20, 2019

Source from irs.gov | Before visiting an IRS Taxpayer Assistance Center for in-person help with their tax issues, a taxpayer needs to call 844-545-5640 to schedule an appointment. All TACs provide service by appointment. The Contact Your Local Office tool on IRS.gov helps taxpayers find the closest IRS TAC, the days and hours of operation and a list of services provided.

Once they make an appointment , taxpayers will receive an automated email to the address they provide. The email will confirm the day and time of their appointment. Taxpayers should consider the self-service options on IRS.gov before calling for an appointment. Taxpayers can resolve many questions online without taxpayers having to travel to a Tax Assistance Center.

Taxpayers checking on a tax refund status can:  See More

Phony IRS calls increase during filing sea

Friday, March 15, 2019

Source from irs.gov | The tax filing season is a busy time for taxpayers, but scammers also stay busy. Taxpayers should be aware of several types of tax scams, but phone scams start to increase during the beginning of tax season and then remain active throughout the remainder of the year. Here’s how this scam generally work:  See More

IRS urges taxpayers to check their tax withholding early in 2019

Tuesday, March 12, 2019

Source from irs.gov | WASHINGTON – The Internal Revenue Service today renewed its effort to encourage taxpayers to review their tax withholding using the IRS Withholding Calculator and make any needed adjustments early in 2019.

Doing a Paycheck Checkup can help taxpayers avoid having too little or too much tax withheld from their paychecks. The IRS reminds taxpayers that they can generally control the size of their refund by adjusting their tax withholding.

This news release is part of a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income Tax, and the tax reform information page.  See More

Mortgage and Divorce: Navigating Financial Independence

Friday, March 08, 2019

Source from redfin.com | If you look at the data provided by the Centers for Disease Control and Prevention for 2016, you can easily see that nearly half of all married couples end up getting a divorce. According to this information, 6.9 people per 1000 total population got married, while 3.2 people per 1000 total population got divorced. If you are getting a divorce and have a shared mortgage, you certainly aren’t alone.

Happily ever after may seem harder to achieve these days, but it is possible with some planning and cooperation. Learning everything you can about your options when faced with legal separation, divorce, mortgage, and co-owned home alleviates the stress attached to this type of experience while also providing valuable strategies to preserve the peace. Just remember that you had choices before you tied the knot, and you still have legal choices now. Whether you have a current mortgage in Portland or Atlanta, here’s a look at what you need to know. See More

Here’s how a name change affects a tax return

Friday, March 08, 2019

Source from irs.gov | When someone legally changes their name, there are tax consequences they need to know about, especially at tax time. People change their names for several reasons:

  • Taking their spouse’s last name after a marriage
  • Hyphenating their last name with their spouse’s after getting married
  • Going back to their former name after a divorce
  • Giving an adopted child the last name of their new family
 See More

Why that secret cash payment to your nanny could backfire on your taxes

Tuesday, February 26, 2019

Source from cnbc.com | If you're paying your nanny cash under the table, you might catch heat from the IRS.

It's no secret that child-care costs are a massive expense for working parents. Families with infants pay a nanny an average of $580 a week, according to Care.com — or $30,160 annually.

To put things into perspective, average tuition, fees, room and board adds up to $21,370 at a public four-year school and $48,510 at a private four-year school for the 2018-2019 tax year, according to the College Board.

It may be tempting to slip your caregiver some cash off the books, but you're taking a chance with the IRS for failure to pay the appropriate employment taxes.  See More

IRS Withholding Calculator

Tuesday, February 05, 2019

Source from irs.gov | The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.” This is even more important following the recent changes to the tax law for 2018 and beyond.

The Calculator helps you identify your tax withholding to make sure you have the right amount of tax withheld from your paycheck at work.

There are several reasons to check your withholding:  See More

Small-business owners look to grab this 20 percent tax break

Monday, February 04, 2019

Source from cnbc.com | Small-business owners filing their 2018 taxes may be able to take advantage of a brand-new 20 percent tax break.

One of the new features of the Tax Cuts and Jobs Act is the introduction of the qualified business income deduction, which went into effect last year.

This tax break allows owners of “pass-through” entities, including sole proprietorships, S-corporations and partnerships, to deduct up to 20 percent of their qualified business income. See More

Make an estimated tax payment now

Friday, December 21, 2018

Source from irs.gov | WASHINGTON — The Internal Revenue Service today advised employees, whose 2018 federal income tax withholding unexpectedly falls short of their tax liability for the year, that they can still avoid a tax-time surprise by making a quarterly estimated tax payment directly to the IRS. The deadline for making a payment for the fourth quarter of 2018 is Tuesday, Jan. 15, 2019.

Although the Tax Cuts and Jobs Act (TCJA), the tax reform law enacted last December, lowered tax rates for most people, it also nearly doubled the standard deduction and limited or discontinued many deductions, among other changes. Though most 2018 tax filers are still expected to get refunds, the number who owe tax, and in some cases a penalty, is likely to be larger than in recent years, and many of them are likely to be people who have always gotten refunds.  See More

IRS reminds employers, business owners of Jan. 31 filing deadline

Friday, December 14, 2018

Source from irs.gov | WASHINGTON — The Internal Revenue Service today reminded employers and other businesses that Jan. 31 remains the filing deadline for wage statements and independent contractor forms.

The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by Jan. 31. Certain Forms 1099-MISC, Miscellaneous Income, filed with the IRS to report non-employee compensation to independent contractors are also due at this time. Such payments are reported in box 7 of this form.  See More