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Posts tagged "tax law"

Who Should You Call?

June 13, 2019 / admin / IRS, TallyTaxMan, tax law
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Calling IRS with a tax law question? You won’t always get the right answer, even if you can get through to a live operator, the National Taxpayer Advocate says. Her office conducted a test by calling the agency’s toll-free help line to pose questions on the new tax law changes. In many instances, the operator […]

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northside tax services, TallyTaxMan, tax law

Tax Penalties

March 21, 2019 / admin / AGI, Capital Gains, Investment Income, Profit and Loss
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Tallahassee Tax Service Tally Tax Man

IRS gives some welcome relief on the underpayment penalty for 2018. Generally, you escape the fine if you prepay, either through withholding or by making estimated tax payments, the lesser of at least 90% of your 2018 tax bill or 100% of what you owed for 2017 (110% if your 2017 AGI was more than […]

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federal withholding payments, TallyTaxMan, tax law, Withholding

Obamacare Just Got Easier

February 5, 2019 / admin / Health Coverage, Northside Tax Service, Obamacare, TallyTaxMan, tax law
0

The fines under Obamacare’s individual mandate were repealed in late 2017. But only for post-2018 years. The penalties still apply for 2018 returns. Taxpayers who have qualifying health insurance for themselves and their dependents for all of 2018 need only to check the box on their 1040s indicating full-year coverage. If uninsured for any month, […]

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health insurance, Northside Tax Service, ObamaCare, penalty, TallyTaxMan, tax law

401(k) Loan Relief is Here

January 31, 2019 / admin / 401(k), Northside Tax Service, TallyTaxMan, tax law
0

Note this easing for workers who lose their jobs and have plan loans. The new tax law gives employees who borrow from their workplace retirement plans more time to repay the debt if they’re let go from their jobs or the plan is terminated. Under prior law, employees who left their jobs were usually required […]

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401k, 401K Loans, loan, loan relief, TallyTaxMan, tax law

Tax Law Changes 2 of 8

January 16, 2018 / admin / Tallahassee Tax Service, TallyTaxMan
0

Several other write-offs are eliminated: Deductions for job-related moves, except for the military. All miscellaneous write-offs subject to the 2%-of-AGI threshold, including employee business expenses, brokerage and IRA fees, hobby expenses and tax return preparation costs. Theft losses. Alimony for post-2018 divorce decrees, although it’s good news to recipients, who will not be taxed on […]

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deductible, deuctions, Northside Tax Service, Ta Law Changes, Tallahassee Tax Service, Tally Tax Man, tally taxman, TallyTaxMan, tax law

Tax Law Changes 1 of 8

January 11, 2018 / admin / Tallahassee Tax Service, TallyTaxMan
0

Let’s start with individual taxes. Standard deductions nearly double to $24,000 for couples, $12,000 for singles and $18,000 for household heads. Folks age 65 or up and blind people get $1,250 more per person ($1,550 if unmarried). Given these much higher amounts, it’s a sure bet that far fewer people will itemize. The new law […]

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individual taxes, Northside Tax Service, Tallahassee Tax Service, Tally Tax Man, tally taxman, TallyTaxMan, tax law, tax law changes
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