Scammers were very successful last year with a scheme to pry W-2 pay stub data away from employers. The IRS warned that it may be one of several techniques they use again this year. How the W-2 scam works Fraudsters simply identify employees with access to company...
Start your engines! Tax filing season officially begins on Monday, Jan. 29. Not many people file that early, but for some taxpayers it makes sense to do so. Here are common reasons to consider trying to be at the head of the line. You’re worried about...
The IRS released new income tax withholding tables that reflect the changes to the tax bracket structure in the Tax Cuts and Jobs Act (TCJA) passed in late December. Employers will have until Feb. 15 to update their payroll systems to reflect the new changes,...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The fourth-quarter due date is now here. Normal due date: Tuesday, January 16, 2018 Remember you are required to withhold at...
Inheriting a retirement account like a 401(k) or an IRA is more complicated tax-wise than if you’d been left a house or a set of golf clubs. Here’s a tip on how to use a “stretch out” to avoid being hit with a big tax...
Tax reform was passed by Congress this week and is expected to be signed into law soon. Most of the new laws take place in the 2018 and 2019 tax years, but there are a couple items that you need to know about right away...
The IRS recently announced mileage rates to be used for travel in 2018. The Business mileage rate increases by 1 cent. The Medical and Moving mileage rates are also raised by 1 cent. Charitable mileage rates are unchanged. 2018 New Mileage Rates Here are 2017 rates for...
Lending to friends and relatives is a tricky business, and not only because of the stress it can place on your relationships. There are tax issues involved as well. If you have to lend money to someone close, here are some tips to do it...
We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD)...
Mutual funds benefit from the long-standing belief that they allow investors to diversify their holdings without buying individual stocks. But to the unwary investor, tax surprises abound. From a tax planning viewpoint, here are some great mutual fund tips. Most of these tips assume your...
