IRS Update November 2019

401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500 WASHINGTON — The Internal Revenue Service today announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other...

IRS Update October 2019

Taxpayers who donate to charity should check out these resources Taxpayers who donate to a charity may be able to claim a deduction on their tax return. These deductions basically reduce the amount of their taxable income. Taxpayers can only deduct charitable...

IRS Update September 2019

New IRS Tax Withholding Estimator helps workers with self-employment income Freelancers, others with side jobs in the gig economy may benefit from new online tool WASHINGTON — The Internal Revenue Service said today that the new Tax Withholding Estimator tool includes...

IRS Update August 2019

Tax planning should include a Paycheck Checkup Year-round tax planning is important for everyone. Just because a taxpayer already filed their tax return doesn’t mean they don’t need to think about taxes for the rest of the year. In fact, what they do now may affect...

IRS Update July 2019

Interactive tool on IRS.gov helps taxpayers get answers to their tax questions Tax questions can pop up any time of the year. When people need answers, they should start with Interactive Tax Assistant on IRS.gov. It’s a tool that provides answers to a many tax law...

IRS Update June 2019

There are two ways taxpayers can check their withholding on IRS.gov Taxpayers who haven’t done a Paycheck Checkup to check their withholding in 2019 should do one as soon as possible. The best and easiest way to do a checkup is to use the Withholding Calculator on...