The United States Internal Revenue Service has successfully opened the 2019 tax-filing season, it is now accepting and processing federal tax returns for the 2018 tax year.
The IRS has declared the 2019 tax filing season open one day before than it did in 2018, even with the major tax law changes introduced in the Tax Cuts and Jobs Act of 2017. More than 150 million individual tax returns for the 2018 tax year are expected to be filed before the tax deadline which is on Monday, 15th April 2019.
IRS Commissioner Chuck Rettig commended his entire workforce at IRS and intents on a smooth and prompt filing season.
The IRS expects the first refunds to go out till the first week of February. The taxpayers can check updates on https://www.irs.gov/refunds/about-wheres-my-refund. Also people are advised to check the IRS website for further queries. The option to file taxes online are also available for convenience and people are encouraged to pursue them. The IRS expects about 90 percent of returns to be filed electronically.
It is anticipated that more than 90 percent of tax refunds will be issued within 21 days. However, due to changes in the law that give the agency more time to detect and prevent fraud, some tax returns may require additional review, resulting in these refunds requiring a longer time to process. This taxing season, turn to help at get it right services, our tax filers are fully adept with all the rules and can help guide you best regarding your finances.
6 Tax Reform Changes and how they affect tax payers
The Tax Cuts and Jobs Act (TCJA) was enacted in December 2017 and affects all taxpayers.
To know more about how the following information pertains to you and how it can affect your finances, we implore you to get in touch with our tax advisors for advice.
Six tax reform changes that are commonly affecting people:
1) Tax rates lowered. Starting in 2018, there are seven income tax brackets, ranging from 10 percent to 37 percent.
2) Standard deduction nearly doubled over last year. For 2018, the basic standard deduction is $12,000 for singles, $18,000 for heads of household and $24,000 for married couples filing a joint tax return. Higher amounts apply to people who are blind or filers who are at least age 65. The increased standard deduction, coupled with other changes, means that more than half of those who itemized their deductions – for mortgage interest, charitable contributions and state and local taxes – in tax year 2017 may instead take the higher standard deduction in 2018.
3) Various deductions limited or discontinued. For example, the state and local tax deduction is limited to $10,000, $5,000 if married and filing a separate return, and new limits apply to mortgage interest. The miscellaneous itemized deduction for job-related costs and certain other expenses is not available.
4) Child Tax Credit doubled, and more people now qualify. The maximum credit is now $2,000 for each qualifying child under age 17.
5) New credit for other dependents. A $500 credit is available for each dependent who does not qualify for the Child Tax Credit. This includes older children and qualifying relatives, parent etc.
6) Personal and dependency exemptions suspended. This means that an exemption can no longer be claimed for a tax filer, spouse and dependents.
IRS Waives on 2018 Tax Withholding and Estimated Tax Payment Penalties
The Internal Revenue Service announced that it is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total 2018 tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90 percent to avoid a penalty.
This relief is designed to help taxpayers who were unable to properly adjust their withholding and estimated tax payments to reflect an array of changes under the Tax Cuts and Jobs Act (TCJA).
“We realize there were many changes that affected people last year, and this penalty waiver will help taxpayers who inadvertently didn’t have enough tax withheld,” said IRS Commissioner Chuck Rettig. “We urge people to check their withholding again this year to make sure they are having the right amount of tax withheld for 2019.”
The Notary Event of the Year
The National Notary Association will be hosting its 41rst annual NNA conference from 5th-8th May at Marriott St. Louis Grand. The NNA invites all notaries to participate and learn how to compete in the vastly expanding notary network and how to perform their duty best. The registration is open till 30th April and the procedure and details are available on their website. The experience has been regarded by many as informative and inspirational. If you are notary public, you should definitely participate in this educational experience.
Mobile Notary Services now Available
GETITRIGHT NOW OFFERS Mobile notary services anywhere on the gulf coast. Branching its horizons and appealing to the need of the masses, Get It right now facilitates its clients by delivering a licensed notary to their homes at a time of their choosing. This service has been greatly received by customers everywhere, granting Get It Right a slight edge with their competition. Costs of Mobile notary services are $.50 per mile.
Get It Right Branches Out
GET It Right is now on multiple social media websites to better appeal to the market, Clients can now subscribe, view and leave comments regarding services. Links are live.
YouTube: https://www.youtube.com/channel/UCvkVwyZ35taBgJKUWIMUZ4g
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