IRS confirms tax filing season to begin January 28

Despite the government shutdown, the Internal Revenue Service today confirmed that it will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government shutdown. I appreciate the hard…
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What’s new with the child tax credit after tax reform

Many people claim the child tax credit to help offset the cost of raising children. Tax reform legislation enacted last year made changes to that credit. Here are some important things for taxpayers to know about the changes to the credit. Credit amount. The new law increases…
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Taxpayers can now instantly get tax info on Instagram

Taxpayers can now get tax tips and helpful news from the IRS on Instagram. The agency just debuted it’s official Instagram account, IRSNews, which users can access at www.instagram.com/irsnews or on their smartphone using the Instagram app. Last year’s tax reform law brought many tax law changes…
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Get Ready for Taxes

Get 2018 tax documents ready for upcoming filing season The IRS reminds taxpayers to keep a copy of their past tax returns and supporting documents for at least three years. Certain key information from their prior year return may be required to file in 2019.…
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Taxpayers who have an ITIN set to expire should renew it ASAP

Taxpayers with expiring Individual Taxpayer Identification Numbers should submit their renewal applications as soon as possible. Failing to renew them by the end of this year will cause refund and processing delays in 2019. ITINs are used by people who have tax filing requirements under…
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Not too early: Here are steps taxpayers can take now to get ready to file their taxes in 2019

The IRS reminds taxpayers there are steps they can take now to make sure their tax filing experience goes smoothly next year. Taking these steps will also help them avoid surprises when they file next year. To help get people the information they need, the…
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Changed accounting methods for small businesses

The Tax Cuts and Jobs Act — better known simply as tax reform — allows more small business taxpayers to use the cash method of accounting. The new law defines a small business taxpayer as a taxpayer who has average annual gross receipts of $25 million or…
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Tax reform affects if and how taxpayers itemize their deductions

  Tax reform that affects both individuals and businesses was enacted in December 2017. It’s commonly referred to as the Tax Cuts and Jobs Act, TCJA or simply tax reform. In addition to nearly doubling standard deductions, TCJA changed several itemized deductions that can be…
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Get Ready for 2019 tax filing season

Get Ready for Taxes: Learn how the new tax law affects tax returns next year The Internal Revenue Service advised taxpayers about steps they can take now to ensure smooth processing of their 2018 tax return and avoid surprises when they file next year. This is…
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Business owners can claim a qualified business income deduction

Eligible taxpayers may now deduct up to 20 percent of certain business income from domestic businesses operated as sole proprietorships or through partnerships, S corporations, trusts, and estates.  The deduction may also be claimed on certain dividends.  Eligible taxpayers can claim the deduction for the…
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