Filing Status

Whatever your status is (single, married, etc.) as of Dec. 31 counts as your tax filing status for the entire year. Learn more about what constitutes the following five filing statuses: single, married filing jointly, married filing separately, head of household, or qualifying widow(er) with dependent child. You can use the IRS Interactive Tax Assistant …

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Individuals Who Need Passports for Imminent Travel Should Contact IRS Promptly to Resolve Tax Debt

The following article was published by the IRS. The Internal Revenue Service is reiterating its warning that taxpayers may not be able to renew a current passport or obtain a new passport if they owe federal taxes. To avoid delays in travel plans, taxpayers need to take prompt action to resolve their tax issues. In …

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For Small Business Week: Backup Withholding Rate Now 24 Percent, Bonuses 22 Percent; Workers Urged to do a Paycheck Checkup

The following article was published by the IRS. Recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. Employees should check their withholding using the IRS Withholding Calculator. This year, National Small Business Week is May …

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Contribute to an IRA by April 15 to Claim It on 2018 Tax Returns

The following article was published by the IRS.  It’s not too late to contribute to an Individual Retirement Arrangement (IRA) and still claim it on a 2018 tax return. Anyone with a traditional IRA may be eligible for a tax credit or deduction on their 2018 tax return if they make contributions by April 15, …

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5 Ways to Separate Your Personal and Business Finances

The following article was published by the SBA.  As a business owner, establishing a distinct separation between your personal finances and your business finances is pivotal for protecting your own assets and credit. This above all things should be a top priority for managing money the right way. An incorporated business is treated as a …

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