Feb 11, 2020 | Tax Tip
Taxpayers should know the difference between standard and itemized deductions It’s a good idea for people to find out if they should file using the standard deduction or itemize their deductions. Deductions reduce the amount of taxable income when filing a federal...
Jan 10, 2020 | Tax Tip
IRS Free File opens today; do taxes online for free WASHINGTON – Most taxpayers can get an early start on their federal tax returns as IRS Free File – featuring brand-name online tax providers − opens today at IRS.gov/FreeFile for the 2020 tax filing season. Taxpayers...
Nov 6, 2019 | Tax Tip
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...
Oct 16, 2019 | Tax Tip
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...
Sep 4, 2019 | Tax Tip
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...
Aug 20, 2019 | Tax Tip
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...
