Many taxpayers are choosing to pay their taxes online because it is faster and more convenient. You can pay direct with a bank checking account with no charge. If you choose to pay with a debit or credit card, there is a fee. You can also elect to pay through an electronic federal tax payment system, a same-day wire transfer or with a check or money...
Read MoreThe Tax Cuts and Jobs Act changed the way tax is calculated The IRS encourages everyone to perform a quick “paycheck checkup” to ensure you have the right amount withheld. For employees, withholding is the amount of federal income tax withheld from your paycheck. The amount of income tax your employer withholds from your regular pay depends on two things: The...
Read MoreMyth 1: All Refunds Are Delayed The IRS issues more than nine out of 10 refunds in less than 21 days. Eight in 10 taxpayers get their refunds faster by using e-file and direct deposit. It’s the safest, fastest way to receive a refund and is also easy to use. While more than nine out of 10 federal tax refunds are issued in less than 21 days, some refunds may be...
Read MoreTaxpayers who give money or goods to a charity may be able to claim a deduction on their 2017 federal tax return, which basically reduces the amount of their taxable income. Here are some important facts about charitable donations: Qualified charities. To receive a deduction, taxpayers must donate to a qualified charity. To check the status of a charity, use the IRS...
Read MoreCheck the status of your Form 1040X, Amended U.S. Individual Income Tax Return, for this year and up to three prior years. 1. When to check… Your amended return will take up to 3 weeks after you mailed it to show up on our system. Processing it can take up to 16 weeks. 2. What you need… Social Security Number Date of birth Zip Code 3. How...
Read MoreDon’t Fall for Scams We do not use unsolicited email, text messages or any social media to discuss your personal tax issue. Retirement Income Special Rules Social Security and Equivalent Railroad Retirement Benefits Retirement Savings Contributions Credit (Savers Credit) Distributions from Individual Retirement Arrangements IRA Distributions and Withdrawals...
Read MoreYou cannot keep retirement funds in your account indefinitely. You generally have to start taking withdrawals from your IRA, SIMPLE IRA, SEP IRA, or retirement plan account when you reach age 70½. Roth IRAs do not require withdrawals until after the death of the owner. Your required minimum distribution is the minimum amount you must withdraw from your account each...
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