By Kathleen Pender Published 4:00 am PDT, Wednesday, August 7, 2019 The Internal Revenue Service has just introduced a new and highly improved online calculator that will make it much easier to get the right amount of federal tax withheld from your paycheck and avoid the surprises that many people faced when they did their 2018 taxes. Related Stories An easier way to get the right tax withheld from your paycheck this year Some of the Bay Area’s biggest property owners don’t pay property tax. Here’s why The need for a better calculator increased greatly after Congress passed sweeping tax law changes that took effect in 2018, but didn’t change the W-4 forms that tell employers how much federal tax to withhold from employee paychecks. The IRS urged taxpayers to submit a new W-4 form last year, but the clunky old calculator was so complicated as to be nearly useless. The new version, which the IRS calls a tax withholding estimator, “is … [Read more...] about The IRS just made its tax-withholding calculator actually useful
2018 taxable social security calculator
Published April 29, 2019 Markets Motley Fool Facebook Twitter Comments Print Tax season has come and gone, and American taxpayers finally have the results of what they saved -- or didn't save -- from tax reform. With so many different factors at play, there were inevitable winners and losers from the tax law changes, with the actual savings or extra tax liability depending on your individual situation. Nevertheless, one can make some general conclusions about the impact of tax reform, and many retirees getting Social Security were disappointed to find that a portion of their benefits continued to be subject to federal taxation. Yet even if the number of retirees seeing a portion of their benefits taxed stayed relatively constant, there were still considerable savings in the amount of tax those Social Security recipients had to pay. Continue Reading Below Why some seniors are upset One reason why many older Americans believe that the tax cuts left them out … [Read more...] about Here’s How Much Social Security Recipients Saved From Tax Reform
Susan Tompor Detroit Free Press Published 7:00 AM EDT Apr 4, 2019 When you're trying to get the biggest tax refund possible, don't forget the kids. Sure, parents can grumble every day about how much they're spending on everything from diapers for newborns to hockey lessons for grade-school athletes. But the closer you get to April 15, well, the more you love about packing school lunches. "People know that having children helps their taxes," said Lynn Ebel, director of the Tax Institute at H&R Block. Key changes for families took place in the Tax Cuts and Jobs Act of 2017. Even so, many tax breaks relating to children and education remain in place on the 1040 form for 2018. And some breaks are even are better than what was allowed earlier. Here are some answers to questions parents may have about their tax situation : What kind of tax breaks apply to children? The 2018 tax return includes an increased Child Tax Credit, as well as a … [Read more...] about Child tax credit 2018: What parents need to know about tax breaks
Tanza Loudenback, provided by Published 12:50 pm CST, Monday, January 28, 2019 Getty/Chip Somodevilla Tax Day 2019, the last day to file your 2018 tax return, is Monday, April 15. The IRS began accepting tax returns on January 28. The new tax law is in effect, so there are a few changes to be aware of when filing your taxes. Tax refunds typically arrive within three weeks of filing, and the IRS recommends receiving it via direct deposit. The deadline to submit your tax return in 2019 — or file an extension with the IRS — is Monday, April 15. If you live in Maine or Massachusetts, you getan extra two days to file taxes because of holidays. The new tax law is in effect, so there are a few changes to be aware of when filing your taxes. Here's what to expect when you submit your tax return this year. You can file your taxes for free if you know where to look Many online tax services allow you to file your federal taxes for free — and sometimes state … [Read more...] about The IRS is now accepting tax returns. Here’s what you can expect when filing under the new tax law.
Jan 20, 7:55 PM EST Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Dan Caplinger 01/20/19 AT 7:30 PM Tax season is about to start, and many taxpayers hope that new tax reform laws will help them pay less in tax this year than in the past. In particular, retirees who rely on Social Security to supplement their savings and provide them with a regular source of income are looking forward to any break they can get from the IRS.However, one thing that Social Security recipients need to understand as they prepare their returns for the 2018 tax year is that they may have to include some of their benefits as income on their tax returns. Even though the laws governing taxation of Social Security benefits have been on the books for decades, that fact comes as a shock to retirees each and every year, and the structure of the tax seems to snare more and more people every year.Who has to include Social Security on their tax … [Read more...] about Do I Have To Put Social Security On My Tax Return?