[et_pb_section bb_built=”1″ next_background_color=”#055590″ _builder_version=”3.2″ global_module=”330″][et_pb_row global_parent=”330″ background_position=”top_left” background_repeat=”repeat” background_size=”initial”][et_pb_column type=”4_4″][et_pb_text global_parent=”330″ _builder_version=”3.2″]<\/p>\n
Source: IRS.GOV\/ issue Number IR-2018-166<\/p>\n
WASHINGTON \u2013 The Internal Revenue Service urges taxpayers who support dependents who can\u2019t be claimed for the Child Tax Credit to do a paycheck checkup soon. The IRS Withholding Calculator can help these taxpayers make sure they have the right amount of tax taken out of their pay.<\/span><\/p>\n \u00a0<\/span><\/p>\n The Tax Cuts and Jobs Act, enacted in December 2017, added a new tax credit \u2013 Credit for Other Dependents. It is a non-refundable credit of up to $500 per qualifying person. Taxpayers may be able to claim the new credit for dependents that these taxpayers claimed a dependency exemption for in the past. <\/span><\/p>\n \u00a0<\/span><\/p>\n This change, along with others, can affect a family\u2019s tax situation in 2018. Checking and adjusting withholding now can prevent an unexpected tax bill and even penalties next year at tax time.<\/span><\/p>\n \u00a0<\/span><\/p>\n The Credit for Other Dependents is available for dependents for whom taxpayers cannot claim the newly expanded Child Tax Credit. These dependents may include dependent children who are age 17 or older at the end of 2018, or parents or other qualifying relatives supported by the taxpayer. Families with qualifying children under the age of 17 should first review their eligibility for the expanded Child Tax Credit, which is larger.<\/span><\/p>\n The Credit for Other Dependents and the Child Tax Credit begin to phase out at $400,000 of modified adjusted gross income for joint filers and $200,000 for other taxpayers. For more information about these credits, visit Steps to Take Now to Get a Jump on Next Year\u2019s Taxes<\/a> on IRS.gov.<\/p>\n These credits are among many changes in the new law that will affect 2018 tax returns that people will file in 2019. <\/span>The IRS Withholding Calculator<\/a>, available on IRS.gov, can help people with dependents \u2013 and others \u2013 apply the new law correctly.<\/span><\/p>\n \u00a0<\/span><\/p>\n The IRS urges all taxpayers to complete their \u201cpaycheck checkup\u201d as early as possible so that if a withholding amount adjustment is necessary, there\u2019s more time for withholding to take place evenly throughout the year. Waiting means there are fewer pay periods to withhold the necessary federal tax \u2013 so more tax will have to be withheld from each remaining paycheck. <\/span><\/p>\n \u00a0<\/span><\/p>\n Taxpayers who change their withholding for 2018 should recheck their withholding at the start of 2019, especially taxpayers who reduce their withholding sometime during 2018. A mid-year withholding change in 2018 may have a different full-year impact in 2019. If taxpayers don\u2019t submit a new Form W-4 for 2019, their withholding might be higher or lower than intended.<\/span><\/p>\n \u00a0<\/span><\/p>\n Using the Withholding Calculator <\/span><\/b><\/p>\n \u00a0<\/span><\/b><\/p>\n To use the Withholding Calculator, taxpayers should have their 2017 tax returns and most recent paystubs available to determine their proper withholding for 2018. <\/span><\/p>\n \u00a0<\/span><\/p>\n Calculator results depend on the accuracy of information entered. If a taxpayer\u2019s personal circumstances change during the year, they should return to the calculator to check whether their withholding should be changed. <\/span><\/p>\n \u00a0<\/span><\/p>\n Employees can use the results from the Withholding Calculator to determine if they should complete a new Form W-4<\/a> and, if so, what information to enter on that form.<\/span><\/p>\n \n The Withholding Calculator does not request personally-identifiable information, such as name, Social Security number, address or bank account number. The IRS does not save or record the information entered on the calculator. As always, taxpayers should watch out for tax scams, especially via email or phone and be alert to cybercriminals impersonating the IRS. The IRS does not send emails related to the Withholding Calculator or the information entered on it.<\/span><\/p>\n \n Adjusting withholding <\/span><\/b><\/p>\n The Withholding Calculator will recommend how to complete new Forms W-4. If a taxpayer is at risk of being under-withheld, the calculator will recommend an additional amount of tax withholding for each job. The taxpayer can enter these amounts on their respective Forms W-4.<\/p>\n Employees who need to complete a new Form W-4 should submit it to their employers as soon as possible. Employees with a change in personal circumstances that reduce the number of withholding allowances must submit a new Form W-4 with corrected withholding allowances to their employer within 10 days of the change.<\/span><\/p>\n \u00a0<\/span><\/p>\n Certain taxpayers \u2013 including those who don\u2019t have enough income tax withheld by their employer \u2013 may have to pay estimated taxes. For additional information, refer to Publication 505,<\/a> Tax Withholding and Estimated Tax.<\/span><\/p>\n \u00a0<\/span><\/p>\n Taxpayers may also need to determine if they should make adjustments to their state or local withholding. They can contact their\u00a0state’s department of revenue<\/a>\u00a0to learn more.<\/span><\/p>\n \u00a0<\/span><\/p>\n For information about steps taxpayers can take now to get a head start on next year\u2019s taxes, including how the new tax law may affect them, visit IRS.gov\/getready<\/a>.<\/u> <\/span><\/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.GOV\/ issue Number IR-2018-166 WASHINGTON \u2013 The Internal Revenue Service urges taxpayers who support dependents who can\u2019t be claimed for the Child Tax Credit to do a paycheck checkup soon. The IRS Withholding Calculator can help these taxpayers make sure they have the right amount of tax taken out of their pay. \u00a0 The […]<\/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":"\nDo you have any question?
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Individual Income Tax:<\/strong><\/h2>\n
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