Monthly Archives July 2017

Copies of tax returns should be kept for at least 3 years.  The IRS can provide copies of prior year tax returns for a fee. IRS Tax Transcripts are often necessary for applying for a mortgage or college financial aid.  If you need a tax transcript, the IRS will provide one for free.  Transcripts provide a summary of your tax return information and they are available for the most current year and the past 3 years. Tax Transcripts can be ordered on-line, by phone, or by mail.  More information can be found here.  
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Employees with too much or too little tax withheld from their paycheck can give their employer a new Form W-4.  Mid-year is a good time to make adjustments if needed.   The IRS Withholding Calculator  can be used to determine the number of allowances to claim.  If you are self-employed, Form 1040ES should be used to remit quarterly estimated tax payments and can also be used to determine the amount of tax to remit.
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2nd Quarter Employer Federal Tax Returns (Form 941) are due on July 31, 2017.  A complete listing of all employer tax due dates can be found here.
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