2019 – 09/17 Are you a retiree who may owe taxes this year on your Social Security or pension income? The IRS has created a tool that calculates the taxable portion of benefits. It also incorporates that information into an overall estimate of the projected tax liability and withholding for the year. If a withholding change is needed, you can choose between a tax due that will bring your tax bill close to zero, or a refund amount. The estimator tool then links to Form W-4P (“Withholding Certificate for Pension or Annuity Payments”) and provides a specific withholding recommendation, based on the option chosen. Visit this IRS link, https://bit.ly/2lZ0riD, and see “Special help for retirees.”
Similar Posts
Electric Vehicle Credits
2022 – 07/14 Toyota is the latest auto manufacturer to sell enough plug-in electric vehicles (EVs) to trigger a gradual phaseout of federal tax incentives for specified models sold in the U.S., joining Tesla and General Motors. Toyota reported that it has sold more than 200,000 EVs, meaning that its federal EV credits will begin…
New law provides a variety of tax breaks to businesses and employers
2019 – 12/30 While you were celebrating the holidays, you may not have noticed that Congress passed a law with a grab bag of provisions that provide tax relief to businesses and employers. The “Further Consolidated Appropriations Act, 2020” was signed into law on December 20, 2019. It makes many changes to the tax code,…
Who can deduct car expenses?
2019 – 08/05 Who can deduct car expenses on a tax return? Business owners and self-employed persons who use their cars for business may be able to deduct car expenses, the IRS reminds us. But if a car is used both for business and personal purposes, the expenses must be split based on mileage. There…
How Long Does the IRS Have to Assess Additional Taxes?
2019 – 09/25 Once a tax return is properly filed, the IRS generally has three years to assess additional taxes. If no return is filed, no limit applies. One taxpayer faxed his 2001 partnership tax return to an IRS revenue agent, in July 2002. In 2010, when the IRS added tax on the return, the…
More Updates: Paycheck Protection Program Loan Information 4-3-2020
On Thursday April 2, 2020 there was more breaking news regarding the Paycheck Protection Program (PPP)Loans. Final Borrower Applications The SBA and US Department of the Treasury released a Final Borrower Application. Loan Amount: The application now includes the Average Monthly Payroll + EIDL Net of Advance (if Applicable) = Loan Request. There is additional new language and questions…
Ten Key Questions of PPP Loans
2020 – 04/15 The Paycheck Protection Program (PPP) has been in the news and on the minds of business owners across the country. As its name implies, PPP was designed to help businesses keep employees on, or return employees to, the payroll during the upheaval of the COVID-19 crisis. It is one of several components…