Paycheck Checkup

We met up with an IRS representative and have some important info for you.

They recommend that you do a paycheck checkup to see that your employers withhold the right amount of income tax from your paychecks.

This is important because checking your federal income tax withholding now can avoid an unexpected bill or penalty at tax time.

You should check if you:

  • Are a two-income family.

  • Have two or more jobs at the same time or only work part of the year.

  • Claim credits like the child tax credit.

  • Have dependents age 17 or older.

  • Itemized deductions in 2017.

  • Have high income or a complex tax return.

  • Have a large tax refund or tax bill for 2017.

IRS Withholding Calculator

Once you do the calculations and get the results, then what?

This helps determine whether you need to give your employer a new Form W-4 to adjust your income tax withholding.

Beware of SCAMS!

As many people are working to file their taxes, many scammers are also.

There are different types of tax scams that you should know about, but the telephone con continues to be the most popular. 

Here is how the IRS says the scam works:

  • Scammers call taxpayers telling them they owe taxes and face arrest if they don’t pay. Sometimes, the first call is a recording, asking taxpayers to call back to clear up a tax matter or face arrest.
  • When taxpayers call back, the scammers often use threatening and hostile language. The thief claims the taxpayers may pay their debts using a gift card, other pre-paid cards or wire transfers.
  • Taxpayers who comply lose their money to the scammers.

Taxpayers should remember that the IRS does not:

  • Call taxpayers demanding immediate payment using a specific payment method, but will first mail a bill.
  • Threaten to have taxpayers arrested for not paying taxes.
  • Demand payment without giving taxpayers an opportunity to question or appeal the amount the IRS believes they owe.
  • Ask for credit or debit card numbers over the phone.

Taxpayers who receive these phone calls should:

  • Hang up the phone immediately, without providing any information.
  • Report these calls to the:

More Information:
How to know it’s really the IRS calling or knocking on your door

Source Directly from: IRS.Gov

New due date for filing FBAR

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15. 

This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).  Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 15 to coincide with the Federal income tax filing season. 

The Act also mandates a maximum six-month extension of the filing deadline.  To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year.  Accordingly, specific requests for this extension are not required. 

(Please note: The due date for FBAR filings for foreign financial accounts maintained during calendar year 2016 is April 18, 2017, consistent with the Federal income tax due date.) 

Source: click here.

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