The IRS is changing the withholding calculations and they no long involve “allowances”. An Excel spreadsheet / macro calculator is provided by IRS for withholding starting January 2020. Links and part of the IRS email blast from IRS Newswire
Tag: IRS
Inflation Adjustment: 2020 Tax items of most interest
This just in from Internal Revenue Service (IRS) <irs@service.govdelivery.com> (see web page at https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020): The tax items for tax year 2020 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married filing jointly rises to $24,800 for tax year 2020, up $400 from the prior year. For single taxpayers…
Year 2018 Tax Returns Statistics Now Available for public review
Tax Year 2018 tax statistics data is now available from IRS. The data represent approximately 95 percent of all individual income tax returns that the IRS will process in Calendar Year 2019 and the first tax data filed under the Tax Cuts and Jobs Act.
IRS Free File opens today in advance of tax season
For Indiana Free File browse to https://www.in.gov/dor/4578.htm. An improved version of IRS Free File begins its 17th filing season today. Federal browse to https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free. Any individual or family whose adjusted gross income for 2018 was $66,000 or less can find at least one Free File software product , many taxpayers are eligible for multiple products.
Tax Refunds Unaffected by “Shut Down”
Internal Revenue Service will process tax returns beginning January 28, 2019 and provide refunds to taxpayers as scheduled. The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file their returns. The IRS strongly encourages people to file their tax returns electronically to minimize errors and for faster refunds.