Monthly Archives April 2018

The IRS has published Tax Tip 2018-63 with tips for amending a tax return: Tips for Taxpayers Who Have to Amend a Tax Return Taxpayers who discover they made mistakes or omissions on their tax return can correct them by filing an amended tax return. Those who need to amend should remember these tips: File using paper form. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct the tax return. Taxpayers can’t file amended returns electronically. They can obtain the form on IRS.gov/forms. Mail the Form 1040X to the address listed in the form’s instructions. Amend to correct errors. File an
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The Tax Cuts and Jobs Act, signed Dec. 22, 2017, changed some laws regarding depreciation deductions. TCJA increases the maximum deduction for a section 179 property deduction from $500,000 to $1 million. It also increases the phase-out threshold from $2 million to $2.5 million. You can read the IRS Depreciation and Expensing Fact Sheet for more information.
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If you are self-employed or have income from sources besides a W2 job, estimated tax payments throughout the year can help you avoid a big tax liability on tax day. The IRS has updated their information for calculating estimated tax payments.  Please click here to access this information.
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