This blog contains accounting and income tax tips to help answer questions businesses and individuals have about topics that affect most businesses and/or individuals.
Summertime
workers often qualify for tax credits or deductions. Taxpayers working summer jobs should
file a return regardless of whether they earn enough to owe federal income tax.
Filing a return provides a refund for taxes withheld when they file next year. For more
information, see: Have a sunnier tax season with these summertime IRS tax tips.
The Internal
Revenue Service is alerting the small business and self-employed community
about its recent launch of a new IRS Tax Withholding Estimator online tool.
It replaces and expands the previous IRS Withholding Calculator. The new tool
offers a mobile-friendly, step-by-step way for employees, self-employed
individuals, and retirees to tailor the amount of income tax withheld from
their wages, self-employment income and pension payments. Other features
include:
The
ability to more effectively project either a tax due amount close to zero,
or a refund amount during filing time.
Self-employment
tax for individuals who have self-employment income in addition to wages
or pensions.
A
new progress tracker to help users see how much more information they need
to input.
The
ability to move back and forth through the steps, correct previous entries
and skip questions that don’t apply.
Tips
and links to help the user quickly determine if they qualify for various
tax credits and deductions.