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Source: IRS Media Advisory<\/p>\n
With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven\u2019t yet done a \u201cPaycheck Checkup\u201d to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law.<\/p>\n
A summertime check on tax withholding is critical for millions of taxpayers who haven’t reviewed their tax situation. Recent reports note that many taxpayers could see their refund amounts change when they file their 2018 taxes in early 2019.<\/p>\n
To help raise awareness for these taxpayers, the IRS is conducting a second \u201cPaycheck Checkup\u201d effort beginning the week of Aug. 13. During this week, the IRS is spotlighting a variety of tools \u2013 including the online Withholding Calculator \u2013 to help taxpayers learn if they need to make changes soon to avoid an unwelcome surprise come tax time.<\/p>\n
The IRS is also encouraging partner groups inside and outside the tax community to share this important information with their members and employees. The IRS will also be holding special sessions on withholding for tax professionals and industry partners Aug. 15-16 in English and Spanish.<\/p>\n
The Tax Cuts and Jobs Act, passed in December 2017, made significant changes, which will affect 2018 tax returns that people file in 2019. These changes make checking withholding amounts even more important. These tax law changes include:<\/p>\n
Checking and adjusting withholding now can prevent an unexpected tax bill and penalties next year at tax time. It can also help taxpayers avoid a large refund if they\u2019d prefer to have their money in their paychecks throughout the year. The IRS Withholding Calculator<\/a> and Publication 505<\/a>, Tax Withholding and Estimated Tax, can help.<\/p>\n Special Alert: Taxpayers who should check their withholding include those who:<\/strong><\/p>\n What<\/u><\/strong>:\u00a0<\/strong> IRS promotes mid-year \u201cPaycheck Checkup\u201d initiative with news releases, tax tips, YouTube videos and other products.<\/p>\n When<\/u><\/strong>:<\/strong>\u00a0\u00a0 Aug. 13-17, 2018<\/p>\n Where<\/u><\/strong>:<\/strong>\u00a0 Via email distribution<\/a> for those who subscribe and online at the IRS Newsroom<\/a><\/p>\n [\/et_pb_text][et_pb_divider global_parent=”330″ _builder_version=”3.2″ \/][et_pb_text global_parent=”330″ _builder_version=”3.2″ header_3_line_height=”1.7em”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”330″ background_position=”top_left” background_repeat=”repeat” background_size=”initial”][et_pb_column type=”4_4″][et_pb_contact_form global_parent=”330″ email=”jonathan@ucrancpa.com” custom_message=”Questions from blog.||et_pb_line_break_holder||Name: %%Name%%||et_pb_line_break_holder||Email: %%Email%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Commentaries%%||et_pb_line_break_holder||” success_message=”Thank you! We will contact you soon within working hours.” submit_button_text=”Submit” module_id=”et_pb_contact_form_0″ _builder_version=”3.2″ custom_button=”on” button_text_color=”#ffffff” custom_margin=”-75px|||” custom_css_captcha_label=”color:#000000;” saved_tabs=”all” custom_css_contact_title=”display:none;”][et_pb_contact_field field_id=”Name” field_title=”Name” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||” border_radii=”11px” text_orientation=”justified” use_border_color=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Email” field_title=”Email Address” field_type=”email” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||”][\/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone” max_length=”10″ allowed_symbols=”numbers” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||” use_border_color=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Commentaries” field_title=”Your Message” field_type=”text” required_mark=”off” fullwidth_field=”on” _builder_version=”3.0.89″][\/et_pb_contact_field][\/et_pb_contact_form][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section bb_built=”1″ _builder_version=”3.0.85″ background_color=”#055590″ global_module=”134″ prev_background_color=”#ffffff”][et_pb_row global_parent=”134″ _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.90″ background_layout=”dark”]<\/p>\n [\/et_pb_text][et_pb_divider global_parent=”134″ color=”#ffffff” _builder_version=”3.2″ \/][et_pb_image global_parent=”134″ src=”http:\/\/ucrancpa.wpengine.com\/wp-content\/uploads\/2017\/11\/Calendar.png” url=”http:\/\/ucrancpa.wpengine.com\/appointments\/” align=”center” _builder_version=”3.0.90″ \/][et_pb_button global_parent=”134″ button_url=”http:\/\/ucrancpa.wpengine.com\/appointments\/” button_text=”Schedule Now!” button_alignment=”center” _builder_version=”3.0.90″ custom_button=”on” button_text_color=”#ffffff” button_border_color=”#ffffff” button_border_color_hover=”#055590″ background_layout=”dark” \/][\/et_pb_column][et_pb_column type=”1_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.90″ background_layout=”dark”]<\/p>\n [\/et_pb_text][et_pb_divider global_parent=”134″ color=”#ffffff” _builder_version=”3.2″ \/][et_pb_image global_parent=”134″ src=”http:\/\/ucrancpa.wpengine.com\/wp-content\/uploads\/2017\/11\/jpg.jpeg” align=”center” _builder_version=”3.0.85″ border_width_all=”5px” border_color_all=”#6c1909″ border_style_all=”solid” custom_padding=”5px|5px|5px|5px” use_border_color=”on” border_color=”#6c1909″ border_width=”5px” \/][et_pb_text global_parent=”134″ _builder_version=”3.2″ text_text_color=”#ffffff” header_3_text_color=”#dddddd”]<\/p>\n A CPA can provide assurance services which include examining annual reports and performing Read More…<\/a><\/p>\n Simply<\/strong> put, a CPA<\/strong> will SAVE YOU MONEY<\/strong><\/em> [\/et_pb_text][et_pb_button global_parent=”134″ button_url=”mailto:jonathan@ucrancpa.com” button_text=”Ask a Question” button_alignment=”center” _builder_version=”3.0.89″ background_layout=”dark” \/][\/et_pb_column][et_pb_column type=”1_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.85″ background_layout=”dark”]<\/p>\n [\/et_pb_text][et_pb_divider global_parent=”134″ color=”#ffffff” _builder_version=”3.2″ \/][et_pb_text global_parent=”134″ _builder_version=”3.0.89″ header_2_text_color=”#dddddd” background_layout=”dark”]<\/p>\n We can help you and your team improve your business results.<\/p>\n We’re entrepreneurs too.<\/p>\n Our clients and their families know we’re here to help at every stage of life.<\/p>\n Our Business Advisory Services can help you turn risk into opportunity.<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”134″ _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″][et_pb_divider global_parent=”134″ color=”#dddddd” _builder_version=”3.2″ \/][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”134″ _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”2_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.89″ background_layout=”dark”]<\/p>\n [\/et_pb_text][et_pb_divider global_parent=”134″ color=”#ffffff” _builder_version=”3.2″ \/][et_pb_contact_form global_parent=”134″ email=”jonathan@ucrancpa.com” title=”Appointment Request – Footer Website” custom_message=”Questions from website Footer||et_pb_line_break_holder||Name: %%Name%%||et_pb_line_break_holder||Email: %%Email%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Commentaries%%||et_pb_line_break_holder||” success_message=”Thank you! We will contact you soon within working hours.” submit_button_text=”Submit” module_id=”et_pb_contact_form_0″ _builder_version=”3.2″ custom_button=”on” button_text_color=”#ffffff” custom_margin=”-75px|||” custom_css_captcha_label=”color:#ffffff;”][et_pb_contact_field field_id=”Name” field_title=”Name” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||” border_radii=”11px” text_orientation=”justified” use_border_color=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Email” field_title=”Email Address” field_type=”email” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||”][\/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone” max_length=”10″ allowed_symbols=”numbers” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||” use_border_color=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Commentaries” field_title=”Your Message” field_type=”text” required_mark=”off” fullwidth_field=”on” _builder_version=”3.0.89″][\/et_pb_contact_field][\/et_pb_contact_form][\/et_pb_column][et_pb_column type=”1_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.89″ header_text_color=”#dddddd”]<\/p>\n [\/et_pb_text][et_pb_post_slider global_parent=”134″ posts_number=”1″ include_categories=”8″ show_arrows=”off” show_pagination=”off” more_text=”Learn More” show_meta=”off” image_placement=”top” use_text_overlay=”off” _builder_version=”3.0.89″ background_color=”#2ea3f2″ box_shadow_style=”preset6″ box_shadow_blur=”10px” box_shadow_color=”rgba(0,0,0,0.1)” show_inner_shadow=”on” box_shadow_horizontal=”0px” box_shadow_vertical=”0px” box_shadow_spread=”0px” box_shadow_position=”inner” \/][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”134″ _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″][et_pb_text global_parent=”134″ _builder_version=”3.2″]<\/p>\n Well, maybe it\u2019s time you found out! Tax legislation can be very complex\u2026And\u2026It changes all the time\u2026<\/p>\n We make it a point to train and educate our CPAs and tax preparers on a regular basis\u2026We pride ourselves on\u00a0ALWAYS\u00a0<\/strong>being current and up to date on\u00a0ALL<\/strong>\u00a0tax legislation laws.<\/p>\n<\/div>\n You are taxed, like all US citizens, on your individual taxable income, which is your total gross pay, minus some allowed exclusions, exemptions, and deductions.<\/p>\n Tax rates are determined, depending on your taxable income. Sometimes you may have tax credits that apply, which may lower your individual tax liability.<\/p>\n Under the Internal Revenue Code of 1986 (the \u201cCode\u201d), gross income means \u201cincome from whatever source derived\u201d except for certain items specifically exempt or excluded by statute.<\/p>\n Sources of income could include capital gains, rents, dividends, alimony, compensation for services, pensions, interest, royalties, annuities, income from life insurance, pensions, and gross profits from a business, or income from S Corporations, trusts, or estates.<\/p>\n Statutory exclusions from gross income would include death benefits paid under a life insurance contract, interest on some state and local bonds, health insurance provided by your employer, pension contributions provided by your employer and other benefits or contributions paid by your employer.<\/p>\n Your\u00a0adjusted gross income<\/strong>, also referred to as your\u00a0AGI,<\/strong>\u00a0is determined by subtracting your deductions, or exemptions, from your\u00a0gross income<\/strong>. These deductions could include such items as business expenses, contributions to a retirement plan if you\u2019re self-employed, contributions to IRA\u2019s, some moving expenses, certain educational costs, alimony payments, and more.<\/p>\n To determine what your taxable income is, we reduce your AGI by any personal exemptions you are eligible for, and either the standard deductions that apply to you, or your itemized deductions.<\/p>\n We determine each case on an individual basis, determining how best to save you money. Personal exemptions are allowed for you, your spouse, and any dependents you may have. The amount of money allowed for each personal exemption changes annually, allowing for inflation rates.<\/p>\n You may be in a situation in which it would be more beneficial for you to itemize your deductions rather than just take your standard individual deductions\u2026This may save you more money on your taxes\u2026<\/p>\n Some examples of items that can be used as itemized deductions include state and local income taxes, business expenses for self-employed individuals, property taxes, mortgage interest payments, charity contributions, some investment interest, and medical expenses if they are more than 10% of your AGI, as well as, some miscellaneous expenses.<\/p>\n So\u2026Are You Sure?<\/em>\u00a0This is only the tip of the iceberg! Tax legislation changes every year\u2026Sometimes it changes within the year\u2026<\/p>\n But\u2026One thing is for sure\u2026And\u00a0never\u00a0<\/em>changes\u2026Tax legislation is complicated\u2026<\/p>\n Therefore\u2026If\u00a0you<\/em>\u00a0want to save the most on\u00a0your<\/em>\u00a0taxes\u2026And make sure\u00a0you\u00a0<\/em>are following all the proper tax legislation laws when\u00a0your<\/em>\u00a0taxes are filed\u2026Make sure\u00a0your\u00a0<\/em>CPA is current on tax legislation\u2026<\/p>\n We\u00a0ARE<\/strong>\u00a0Sure\u2026That\u2019s what we pride ourselves on\u2026Making sure\u00a0your<\/em>\u00a0taxes are done right, and in\u00a0your<\/em>\u00a0best interests\u2026<\/p>\n<\/div>\n [\/et_pb_text][et_pb_text global_parent=”134″ _builder_version=”3.2″ header_3_line_height=”1.7em”]<\/p>\n [\/et_pb_text][et_pb_divider global_parent=”134″ _builder_version=”3.2″ \/][et_pb_text global_parent=”134″ _builder_version=”3.2″]<\/p>\n [\/et_pb_text][et_pb_contact_form global_parent=”134″ email=”jonathan@ucrancpa.com” custom_message=”Questions from blog.||et_pb_line_break_holder||Name: %%Name%%||et_pb_line_break_holder||Email: %%Email%%||et_pb_line_break_holder||Phone: %%Phone%%||et_pb_line_break_holder||Message: %%Commentaries%%||et_pb_line_break_holder||” success_message=”Thank you! We will contact you soon within working hours.” submit_button_text=”Submit” module_id=”et_pb_contact_form_0″ _builder_version=”3.2″ custom_button=”on” button_text_color=”#ffffff” custom_margin=”-75px|||” custom_css_captcha_label=”color:#000000;” saved_tabs=”all”][et_pb_contact_field field_id=”Name” field_title=”Name” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||” border_radii=”11px” text_orientation=”justified” use_border_color=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Email” field_title=”Email Address” field_type=”email” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||”][\/et_pb_contact_field][et_pb_contact_field field_id=”Phone” field_title=”Phone” max_length=”10″ allowed_symbols=”numbers” fullwidth_field=”on” _builder_version=”3.0.89″ form_field_font=”||||||||” use_border_color=”off”][\/et_pb_contact_field][et_pb_contact_field field_id=”Commentaries” field_title=”Your Message” field_type=”text” required_mark=”off” fullwidth_field=”on” _builder_version=”3.0.89″][\/et_pb_contact_field][\/et_pb_contact_form][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”134″ _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”4_4″][et_pb_divider global_parent=”134″ color=”#ffffff” _builder_version=”3.2″ \/][\/et_pb_column][\/et_pb_row][et_pb_row global_parent=”134″ _builder_version=”3.0.47″ background_size=”initial” background_position=”top_left” background_repeat=”repeat”][et_pb_column type=”1_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.98″ background_layout=”dark”]<\/p>\n [\/et_pb_text][\/et_pb_column][et_pb_column type=”1_3″][et_pb_image global_parent=”134″ src=”http:\/\/ucrancpa.wpengine.com\/wp-content\/uploads\/2018\/02\/yelp_logo.png” url=”https:\/\/www.yelp.com\/biz\/jonathan-l-ucran-cpa-llc-greenville-2″ url_new_window=”on” align=”center” _builder_version=”3.0.98″ \/][\/et_pb_column][et_pb_column type=”1_3″][et_pb_text global_parent=”134″ _builder_version=”3.0.98″ border_width_all=”2px” border_color_all=”#ffffff” background_layout=”dark”]<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Source: IRS Media Advisory With the year more than halfway over, the Internal Revenue Service urges taxpayers who haven\u2019t yet done a \u201cPaycheck Checkup\u201d to take a few minutes to see if they are having the right amount of tax withholding following major changes in the tax law. A summertime check on tax withholding is […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[9],"tags":[],"yoast_head":"\n\n
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