Personal Tax

Article Highlights: Tax ReformForm W-4WithholdingRefund or Tax Due As a result of tax reform, most taxpayers will be paying less tax for 2018 than they did in 2017. But that may not translate into a larger refund. Your refund is the amount that your pre-payments (withheld income tax, estimated tax payments, and certain credits) exceed your tax liability, and if … [Read more...] about Will You Get a Refund or Owe for 2018?

October 10 - Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are … [Read more...] about October 2018 Individual Due Dates

Article Highlights: Income DeferralEarnings DeferralIndividual Retirement AccountsRetirement AccountsBank SavingsShort- and Long-Term Capital GainsEducation Savings AccountsHealth Savings Accounts When you are attempting to save money for your children’s future education or your retirement, you may do so in a number of ways, including … [Read more...] about Understanding Tax-Deferred Investing

Article Highlights: Surrogate BirthsLegal ArrangementsTaxability to Surrogate MothersSocial Security TaxesBusiness DeductionsDeductibility for the New Parents Articles about the taxability and deductibility of surrogacy fees are rare because there are far fewer surrogacies than with conventional births. Surrogacy is a legal arrangement in which a surrogate mother, new … [Read more...] about Surrogacy Fees and Taxes

The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely want to avoid if possible. But there are some … [Read more...] about 5 Reasons to Amend a Previously Filed Tax Return