Here we are on Friday the 13th of September with a full harvest moon in our prospects tonight. 

We now realize there is one month left  before 2018 individual returns on extension are due. October 15th is the day! C-Corporations on extension are also due on that day. September 16th is the last day for all partnerships and S-Corporations! We hope you are ready!

The IRS has announced that they believe that many taxpayers who are used to getting a refund may owe on their 2018 tax return. This is not only because of Trump's Tax Cuts and Jobs Act, but also because the witholding tables were changed many times in early 2018.  The changes caused less to be withheld from worker's paychecks.

The IRS suggests that taxpayers use their withholding calculator with their most recent paystub, to check if they are on track to owe or get a refund. https://www.irs.gov/individuals/irs-withholding-calculator 

From the IRS Website:

"Who Needs a Paycheck Checkup

The IRS always recommends employees check their withholding at the beginning of each year or when their personal circumstances change to make sure they’re having the right amount of tax withheld from their paychecks. With the new tax law changes, it’s especially important for certain people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding.

The IRS always recommends employees check their withholding at the beginning of each year or when their personal circumstances change to make sure they’re having the right amount of tax withheld from their paychecks. With the new tax law changes, it’s especially important for certain people to use the Withholding Calculator on IRS.gov to make sure they have the right amount of withholding.

Among the groups who should check their withholding are:

• Two-income families.
• People working two or more jobs or who only work for part of the year.
• People with children who claim credits such as the Child Tax Credit.
• People with older dependents, including children age 17 or older.
• People who itemized deductions in 2017.
• People with high incomes and more complex tax returns.
• People with large tax refunds or large tax bills for 2017.

The law increased the standard deduction, removed personal exemptions, increased the child tax credit, limited or discontinued certain deductions and changed the tax rates and brackets.

When personal circumstances change that reduce withholding allowances they are entitled to claim, including divorce, starting a second job, or a child no longer being a dependent, an employee has 10 days to submit a new Form W-4 to their employer claiming the proper number of withholding allowances."

Please feel free to message us or give us a call with any questions!

The IRS has just released the list of middle numbers that will be expiring at the end of 2018.  If you or someone you know has an ITIN, please review this list because the processing of 2018 returns will be delayed, and credits will be reduced if there are ITIN's that have not been renewed on the return.

ITIN's with the middle digits of 73, 74, 75, 76, 77, 81, or 82 expire 12/31/18!

example: 999-73-9999

In addition, ITIN's that have not been used in 3 years will also expire 12/31/18.

El IRS anuncio los numeros de ITIN que van a vencer el 31 de diciembre de 2018. El procesimiento de sus impuestos de 2018 estara tardado si alguno de los numeros de ITIN en su declaracion esta vencido. Tambien afectara su reembolso.

Numeros de ITIN con los digitos intermedios de 73, 74, 75, 76, 77, 81, u 82 vencera 31/12/18!

ejemplo: 999-73-9999

Tambien venceran los numeros de ITIN que no hayan usado por los ultimos 3 anos.

Thanks for visiting our site. We hope to fill this page with good tips for your business and tax time!