With much of this website devoted to the major changes in the Federal tax code, one may wonder how their own taxes will fare. As of this writing, we don’t even know when tax returns will be accepted by IRS.
Generally, IRS accepts electronically filed returns beginning the end of January, and starts processing mailed-in returns in mid-February. However, with all of the changes coming, will IRS be ready by the end of January? In recent years, even minor changes in the tax code have delayed the beginning of filing season.
Also, with more parents eligible for the enhanced Child Tax Credit, more refunds may be delayed. IRS must, by law, not issue refunds for these returns or those claiming the Earned Income Credit until mid-February.
Our advice? Make your tax appointment at the time you normally do. We’ll get them filed as soon as IRS is ready.
Farmers have been particularly affected by complexities in the new tax law. Due to this, the IRS announced today, February 28, qualifying farmers may file their returns and pay their taxes without estimated tax penalties by April 15, 2019. Normally, farmers who don't make estimated tax payments must file and…
Congress has renewed a few tax breaks that had expired on 12/31/16. Among them: Itemized deduction for qualified mortgage insurance premiums Above-the-line deduction for tuition and fees Exclusion of qualified principal residence debt forgiveness These aren't the most widely-used tax breaks, but they sure can make a difference on what…
IR-2019-03, January 16, 2019 WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is generally waiving the penalty…
Generally, IRS accepts electronically filed returns beginning the end of January, and starts processing mailed-in returns in mid-February. However, with all of the changes coming, will IRS be ready by the end of January? In recent years, even minor changes in the tax code have delayed the beginning of filing season.