2018 2nd Quarter Estimated Tax Payments are due on June 15, 2018. Instructions and a payment voucher can be found here. Checks should be written to the United States Treasury with Form 1040-ES listed on the memo line along with the taxpayer’s social security numbers.
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2018 standard mileage rates have been announced by the IRS. Beginning on Jan. 1, 2018, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54.5 cents for every mile of business travel driven, up 1 cent from the rate for 2017. 18 cents per mile driven for medical or moving purposes, up 1 cent from the rate for 2017. 14 cents per mile driven in service of charitable organizations (unchanged from 2017). The complete announcement and more information can be found here The complete announcement and more information can be found here.
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Monthly payroll depositors have November payroll tax deposits due December 15th. Information about depositing and reporting employment taxes can be found here.
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Giving Tuesday is November 28th. If you donate to a charity and want to deduct the contribution, certain criteria must be met. The donation must given to a qualified tax exempt charity and not to individuals, political organizations, or political candidates. The IRS Exempt Organizations Select Check Tool can be used to see if a charity is tax exempt. If a contribution is deducted, you must file Form 1040 and itemize your deductions on Schedule A of your tax return. If you receive something in return for your donation, you can only deduct the amount of the donation that’s more than the fair market
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Payroll Tax Deposits for the month of October are due November 15th. Information about depositing and reporting employment taxes can be found here.
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Here’s what the IRS says about written acknowledgements for charitable donations: Taxpayers who make single donations of $250 or more to a charity must have one of the following: A separate acknowledgment from the organization for each donation of $250 or more. One acknowledgment from the organization listing the amount and date of each contribution of $250 or more. The $250 threshold doesn’t mean a taxpayer adds up separate contributions of less than $250 throughout the year. For example, if someone gave a $25 offering to their church each week, they don’t need an acknowledgement from the church, even though
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2017 3rd QTR Form 941 is due on October 31, 2017. If you timely deposited all taxes when due, you have 10 additional calendar days to file the return.
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The IRS announced the following 2018 tax year inflation adjustments: The standard deduction for married filing jointly will rise to $13,000 for tax year 2018. The standard deduction for single taxpayers and married individuals filing separately, will rise to $6,500 in 2018. The standard deduction for heads of households will rise to $9,550. The personal exemption for tax year 2018 rises to $4,150. This exemption is subject to a phase-out that begins with adjusted gross incomes of $266,700 ($320,000 for married couples filing jointly). It phases out completely at $389,200 ($442,500 for married couples filing jointly.) The limitation for itemized
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Taxpayers who filed extensions should complete and file their returns by Monday, October 16th. Information from the IRS about tax credits can be found here. 7 reminders for extension filers can be found here. If you owe taxes, filing on time will help you avoid a potential late filing penalty. If you owe tax money and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. The IRS offers installment agreements so taxpayers can pay their bill over time. Interest and penalties will accrue until the tax bill is paid. So, it’s
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Taxpayers who filed extensions should complete and file their returns by Monday, October 16th. Information from the IRS about tax credits can be found here. 7 reminders for extension filers can be found here. If you owe taxes, filing on time will help you avoid a potential late filing penalty. If you owe tax money and can’t pay all of your taxes, pay as much as you can to reduce interest and penalties for late payment. The IRS offers installment agreements so taxpayers can pay their bill over time. Interest and penalties will accrue until the tax bill is paid. So, it’s
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