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 […]
federal withholding payments, TallyTaxMan, tax law, Withholding
The fines under Obamacare’s individual mandate were repealed in late 2017.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, […]
health insurance, Northside Tax Service, ObamaCare, penalty, TallyTaxMan, tax law
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 […]
401k, 401K Loans, loan, loan relief, TallyTaxMan, tax lawSeveral 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 […]
deductible, deuctions, Northside Tax Service, Ta Law Changes, Tallahassee Tax Service, Tally Tax Man, tally taxman, TallyTaxMan, tax lawLet’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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