Personal Tax

Article Highlights: Excess Business LossComputing the Loss LimitsNet Operating Losses (NOL)NOL Carryovers Note: This is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of 2017, could affect you and your family, both in 2018 and future years. … [Read more...] about Tax Reform Puts a Cap on Deducting Business Losses

Article Highlights: Deferring Tax with Like-Kind ExchangesChanges Made by Tax ReformImpact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you and your family in 2018 and future … [Read more...] about Tax Reform Limits Exchanges to Defer Taxes

Article Highlights: What to Do If You Can’t PayLoansCredit Card PaymentsIRS Installment AgreementsRetirement Funds If you aren’t one of those lucky Americans who gets a tax refund from the IRSyou might be wondering about your options for paying off your tax liability by the April due date. The IRS encourages taxpayers to pay the full amount of their tax liability on … [Read more...] about Can’t Pay Your Taxes by the April Due Date?

Article Highlights 24/7 Access Quick Posting Direct DepositNecessary Information If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among … [Read more...] about Checking Your Federal Refund Status Is Easy

March 12 - Report Tips to Employer  If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 12.  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 March 2018 Individual Due Dates