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𝐍𝐎 ππ€π’π’ππŽπ‘π“ 𝐒𝐟 π˜πŽπ” πŽπ–π„ 𝐓𝐀𝐗𝐄𝐒 𝐨𝐟 $πŸ“πŸ,𝟎𝟎𝟎 𝐨𝐫 πŒπŽπ‘π„ (𝟐/πŸπŸ–/πŸπŸŽπŸπŸ—)

The IRS warned that taxpayers owing taxes of $52,000 or more may not be able to renew a current passport or obtain a new passport. The IRS is required to notify the State Department of taxpayers the IRS has certified as owing a seriously delinquent tax debt, which is $52,000 or more. The law also […]

𝐑𝐄𝐅𝐔𝐍𝐃𝐒 π’π‡π‘πˆππŠ 𝐨𝐫 𝐓𝐔𝐑𝐍 𝐒𝐧𝐭𝐨 𝐓𝐀𝐗 ππˆπ‹π‹π’ (𝟐/πŸπŸ”/πŸπŸŽπŸπŸ—)

A lot of people have asked why refunds have shrunk or turned into bills. What happened to the tax cuts? Logically, keeping all things the same, if tax rates went down and the withholding tables didn’t change-refunds would have increased. But the withholding tables did change and refunds changed, for the worse it seems. So […]

𝐆𝐄𝐓 ππ‘πˆπŽπ‘ 𝐓𝐀𝐗 πˆππ…πŽ πŽππ‹πˆππ„ 𝐨𝐫 𝐛𝐲 πŒπ€πˆπ‹ (𝟐/πŸπŸ—/πŸπŸŽπŸπŸ—)

You prior year tax info (a β€œtranscript”) can be had online or by mail. For example, you need your prior year Adjusted Gross Income (AGI) to e-file. If you don’t have it, go online and choose the β€œtax return transcript” type when making your transcript request. If you only need to find out how much […]

ππ‘π„π’πˆπƒπ„ππ“β€™π’ πƒπ€π˜ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 𝐑𝐔𝐒𝐇 (𝟐/πŸπŸ“/πŸπŸŽπŸπŸ—)

For Presidents Day weekend, the IRS is offering taxpayers several tips and various time-saving resources to get them the help they need quickly and easily. The IRS receives more phone calls on the day after Presidents Day than on any other day of the year. Ahead of the Presidents Day weekend, the IRS is reminding […]

π†π‡πŽπ’π“ 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍 𝐏𝐑𝐄𝐏𝐀𝐑𝐄𝐑𝐒-𝐁𝐄 π€π…π‘π€πˆπƒ! (𝟐/πŸπŸ’/πŸπŸŽπŸπŸ—)

Paid tax return preparers must have a valid 2019 Preparer Tax Identification Number, or PTIN. And they must sign the return and include their PTIN. But β€˜ghost’ preparers do not sign the return. Instead, they print the return and tell the taxpayer to sign and mail it to the IRS. Or, for e-filed returns, they […]

𝐍𝐄𝐖 π…πŽπ‘πŒ πŸπŸŽπŸ’πŸŽ (𝟐/𝟏𝟏/πŸπŸŽπŸπŸ—)

Form 1040 has been redesigned. It consolidates Forms 1040, 1040A and 1040-EZ into one form that all individuals will use. The new form uses subsidiary schedules to support line items that appear on the form. Taxpayers with simple tax situations will only need to file the Form 1040 with no additional schedules. The more complex […]

πƒπŽ 𝐈 𝐍𝐄𝐄𝐃 𝐭𝐨 π…πˆπ‹π„ 𝐚 𝐓𝐀𝐗 𝐑𝐄𝐓𝐔𝐑𝐍? (𝟐/πŸ–/πŸπŸŽπŸπŸ—)

Generally, income, filing status and age determine if a taxpayer has to file a tax return. But, other rules can apply depending on the taxpayer’s circumstances. If a taxpayer is self-employed or if they are a dependent of another, other rules apply. For example, if a taxpayer is single and younger than age 65, they […]

πˆππƒπˆπ•πˆπƒπ”π€π‹ 𝐓𝐀𝐗 𝐂𝐇𝐀𝐍𝐆𝐄𝐒 (𝟐/πŸ“/πŸπŸŽπŸπŸ—)

The Tax Cuts and Jobs Act (“TCJA”) changed deductions, tax credits and other tax items that affect individuals. The IRS details these changes for individuals and tax return preparation at https://www.irs.gov/newsroom/individuals And if you would like free tax tips, updates and articles, you can subscribe to my website at https://tjcarroll-law.com/subscribe/ π“π‘π¨π¦πšπ¬ π‰πšπ¦πžπ¬ π‚πšπ«π«π¨π₯π₯, 𝐏.𝐂. 𝐒𝐬 […]