IRS’ new paycheck withholding estimator should reduce tax refund surprises in 2020
Paycheck withholding is most Americans' introduction to taxes. But even though millions of us have been seeing income taxes come out of our checks for years, the system still is confusing for many. It became a bigger mess this filing season, when folks filed their first tax returns under the…
4 tax law changes home buyers need to heed
It's been a summer of change for my neighborhood. Several of our neighbors have moved, including our next-door neighbors that I really liked. My former suburban Austinites are heading off to new jobs, other subdivisions they've discovered or to be closer to families across the state or country. A few…
New IRS guidance expands high deductible health plan HSA options for treatment of chronic medical conditions
I finally filed away all the paper copies of last year's tax documentation and for the first time, I had more medical paperwork than work receipts. Yep, 2018 (like 2017) was one of those medical years. And while I'm still enriching various Austin doctors, labs and hospitals with follow-up care in…
Deadline near for tax refunds due combat injured veterans
A year ago, the Internal Revenue Service alerted combat-injured veterans that some of them might be due tax refunds. This is the case for eligible service members who received disability severance payments after 1991 and then claimed that money as income on their tax returns. That was a mistake. The…
Tax law changes mean March tax moves
We thought we wanted you March, but your "in like lion" approach this year is way too fierce. Severe weather roared through the south today, with a rash of tornadoes claiming lives and destroying property. Meanwhile, a serious winter storm is heading to the northeast, making March's appearance more like…
How to get tax help for your natural disaster losses
If you're claiming a vehicular loss or other personal property, the adjusted basis may be determined by the depreciation that reduces the auto's or property's value. An appraisal of your property's post-disaster value can help here. Compare that amount to your adjusted basis and the difference between the two amounts…
A QUICK GLANCE AT THE PROPOSED “POSTCARD TAX RETURN”
Now that you know what it looks like, let me point out some glaring issues that I see immediately: The most obvious is that lines 4-6 and 10-12 are deductions and credits that would still require additional worksheets/forms to be completed in order to calculate the totals – these calculations…
Tax Tip…
The key to cutting your taxes is to make the proper moves not just on April 15, but all year round. These tips will help ensure that you don't miss any tax-saving opportunities. You'll find an ongoing collection of Tax Tips (just click that phrase), which includes all the posts that are tagged…
IRS warns of email tax transcript scam containing malware
The billions of holiday shoppers who head for their electronic devices instead of malls are well aware of the precautions they need to take as they pick perfect gifts from websites. This year, everyone also needs to be on alert for tax crooks who've joined this annual online crime wave. Specifically,…
