[et_pb_section bb_built=”1″ _builder_version=”3.2″ next_background_color=”#055590″ 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: Tax Reform Tax Tip 2018-125<\/p>\n
The IRS urges high-income taxpayers and those with complex tax returns to complete a \u201cpaycheck checkup.\u201d Doing so will help them see if they are having the correct amount of taxes withheld from their paychecks for the rest of this year. The IRS Withholding Calculator<\/a> and Publication 505<\/a>, Tax Withholding and Estimated Tax, can help these taxpayers do their checkup.<\/p>\n The Tax Cuts and Jobs Act, which was passed last year, brought many tax law changes. With that in mind, a checkup is important for taxpayers with high incomes and complex returns because they are often affected by more of these changes than someone with a simpler return.<\/p>\n Here are some of the law changes that could affect these taxpayers:<\/p>\n In the past, high-income taxpayers often found more benefit in itemizing than using the standard deduction. After these tax law changes, people should revisit their options. It may be valuable for some people who used to itemize to determine whether they will continue itemizing or take the standard deduction.<\/p>\n If a taxpayer checks and finds they need to adjust how much tax is withheld from their paycheck now, they can prevent an unexpected tax bill and penalties next year at tax time. Taxpayers need to adjust their withholding as soon as possible for an even withholding amount throughout the rest of the year.<\/p>\n Employees can use the results from the Withholding Calculator or Publication 505 to help determine if they should complete a new Form W-4<\/a>, Employee\u2019s Withholding Allowance Certificate, and what information to include.<\/p>\n Taxpayers also need to determine if they should make adjustments to their state or local withholding. They can contact their state’s department of revenue<\/a> to learn more<\/p>\n More information:<\/strong> Share this tip on social media — #IRSTaxTip: IRS urges taxpayers with high income, complex returns to check withholding. https:\/\/go.usa.gov\/xUHg6<\/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.GOV\/ Issue Number: Tax Reform Tax Tip 2018-125 The IRS urges high-income taxpayers and those with complex tax returns to complete a \u201cpaycheck checkup.\u201d Doing so will help them see if they are having the correct amount of taxes withheld from their paychecks for the rest of this year. The IRS Withholding Calculator and […]<\/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
\nWithholding Calculator Frequently Asked Questions<\/a>
\nTax Withholding<\/a>
\nTax Reform page on IRS.gov<\/a><\/p>\nDo you have any question?
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