Click on link below:
Click on the link below for details:
Use the IRS Paycheck Checkup to determine if the right amount of withholding is being taken from your wages.
Click the link below:
Click link below
President Trump recently signed the tax reform bill into law, and it makes major revisions to the U.S. tax code for both individuals and corporations. In fact, the bill represents the most significant tax changes in the United States in more than 30 years.
With that in mind, here's a guide to all of the changes that will go into effect -- the new tax brackets, modified deductions and credits, corporate tax changes, and more.
Uber will remain operating in Houston at least through the Super Bowl, after City Council approved changes to the city’s paid ride rules ironed out between the popular ride-hailing service and Mayor Sylvester Turner.
Council members, after a sometimes contentious discussion on Wednesday, approved the revised city rules for taxis, so-called transportation network companies like Uber and limo providers. The changes – which keep Houston’s fingerprint check for drivers in place but eliminates other requirements to operate here such as a mandatory drug test and physical – came after Uber indicated it would leave rather than cooperate with many of the rules.
Uber Texas general manager Sarfraz Maredia said in a statement the compromise keeps the company operational in Houston through Super Bowl LI on Feb. 5.
“We look forward to partnering with the City to help make the Super Bowl as successful as possible,” Maredia said.
City officials said the changes do not compromise passenger safety, while giving Uber and taxi companies more latitude to quickly and easily enroll drivers. When Uber and other companies that connect riders and drivers via smartphone app hit the road in Houston in early 2014, city officials opted to keep many of the same requirements in place that had existed for taxi drivers. After more than two years of study, the city thinks it can roll back some of the unnecessary rules, said Tina Paez, director of the city’s regulatory affairs department.
WASHINGTON ― The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 23, 2017, and reminded taxpayers claiming certain tax credits to expect a longer wait for refunds.
The IRS will begin accepting electronic tax returns that day, with more than 153 million individual tax returns expected to be filed in 2017. The IRS again expects more than four out of five tax returns will be prepared electronically using tax return preparation software.
Many software companies and tax professionals will be accepting tax returns before Jan. 23 and then will submit the returns when IRS systems open. The IRS will begin processing paper tax returns at the same time. There is no advantage to filing tax returns on paper in early January instead of waiting for the IRS to begin accepting e-filed returns.
The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. In addition, the IRS wants taxpayers to be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.
“For this tax season, it’s more important than ever for taxpayers to plan ahead,” IRS Commissioner John Koskinen said. “People should make sure they have their year-end tax statements in hand, and we encourage people to file as they normally would, including those claiming the credits affected by the refund delay. Even with these significant changes, IRS employees and the entire tax community will be working hard to make this a smooth filing season for taxpayers.”
The IRS also reminds taxpayers that they should keep copies of their prior-year tax returns for at least three years. Taxpayers who are changing tax software products this filing season will need their adjusted gross income from their 2015 tax return in order to file electronically. The Electronic Filing Pin is no longer an option. Taxpayers can visit IRS.Gov/GetReady for more tips on preparing to file their 2016 tax return.
April 18 Filing Deadline
The filing deadline to submit 2016 tax returns is Tuesday, April 18, 2017, rather than the traditional April 15 date. In 2017, April 15 falls on a Saturday, and this would usually move the filing deadline to the following Monday — April 17. However, Emancipation Day — a legal holiday in the District of Columbia — will be observed on that Monday, which pushes the nation’s filing deadline to Tuesday, April 18, 2017. Under the tax law, legal holidays in the District of Columbia affect the filing deadline across the nation.
“The opening of filing season reflects months and months of work by IRS employees,” Koskinen said. “This year, we had a number of important legislative changes to program into our systems, including the EITC refund date, as well as dealing with resource limitations. Our systems require extensive programming and testing beforehand to ensure we’re ready to accept and process more than 150 million returns.”
The IRS also has been working with the tax industry and state revenue departments as part of the Security Summit initiative to continue strengthening processing systems to protect taxpayers from identity theft and refund fraud. A number of new provisions are being added in 2017 to expand progress made during the past year.
Refunds in 2017
Choosing e-file and direct deposit for refunds remains the fastest and safest way to file an accurate income tax return and receive a refund.
The IRS still anticipates issuing more than nine out of 10 refunds in less than 21 days, but there are some important factors to keep in mind for taxpayers.
Beginning in 2017, a new law requires the IRS to hold refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit until mid-February. Under the change required by Congress in the Protecting Americans from Tax Hikes (PATH) Act, the IRS must hold the entire refund — even the portion not associated with the EITC and ACTC — until at least Feb. 15. This change helps ensure that taxpayers get the refund they are owed by giving the IRS more time to help detect and prevent fraud.
As in past years, the IRS will begin accepting and processing tax returns once the filing season begins. All taxpayers should file as usual, and tax return preparers should also submit returns as they normally do — including returns claiming EITC and ACTC.
The IRS will begin releasing EITC and ACTC refunds starting Feb. 15. However, the IRS cautions taxpayers that these refunds likely won’t arrive in bank accounts or on debit cards until the week of Feb. 27 (assuming there are no processing issues with the tax return and the taxpayer chose direct deposit). This additional period is due to several factors, including banking and financial systems needing time to process deposits.
After refunds leave the IRS, it takes additional time for them to be processed and for financial institutions to accept and deposit the refunds to bank accounts and products. The IRS reminds taxpayers many financial institutions do not process payments on weekends or holidays, which can affect when refunds reach taxpayers. For EITC and ACTC filers, the three-day holiday weekend involving President’s Day may affect their refund timing.
Where's My Refund? on IRS.gov and the IRS2Go phone app will be updated with projected deposit dates for early EITC and ACTC refund filers a few days after Feb. 15. Taxpayers will not see a refund date on Where's My Refund? or through their software packages until then. The IRS, tax preparers and tax software will not have additional information on refund dates, so Where’s My Refund? remains the best way to check the status of a refund.
If you claimed the credit and / or sold your home, you may need to find out if you have to repay this IRS tax credit on your current tax return.
2016 Tax Planning! Buy A Home in Texas!
My First Texas Home
is a Taxable Mortgage Program (TMP Program 79) offering mortgage loans at more competitive, fixed, low interest annual percentage rates with down payment assistance for first time homebuyers.
A Mortgage Credit Certificate allows the homebuyer to claim a tax credit for some portion of the mortgage interest paid per year. It is a dollar for dollar reduction against their federal tax liability. Note: The Mortgage Interest Credit (MCC) is a non-refundable tax credit, therefore, the Homebuyer MUST have tax liability in order to take advantage of the tax credit. Contact: Main Phone: (512) 475-2120 Toll Free: (800) 792-1119
I have been getting questions on how to start making payments to IRS for legitimate tax debt. If you owe IRS, you need to make arrangements to start making payments. Check out this IRS webpage below:
If you can not wait until Jan 11th. Complete the two attached forms and send it to the address of the collection notice you received via mail.or call the IRS. 800-829-1040
Then you can begin the process of seeing if you can qualify for an Offer In Compromise.
An offer in compromise (offer) is an agreement between you (the taxpayer) and the IRS that settles a tax debt for less than the full amount owed. The offer program provides eligible taxpayers with a path toward paying off their tax debt and getting a “fresh start.” The ultimate goal is a compromise that suits the best interest of both the taxpayer and the IRS. To be considered, generally you must make an appropriate offer based on what the IRS considers your true ability to pay. Submitting an application does not ensure that the IRS will accept your offer. It begins a process of evaluation and verification by the IRS, taking into consideration any special circumstances that might affect your ability to pay.
Complete the Pre-Qualifier at the webpage below; All tax returns must be filed and you can not have filed for bankruptcy.
I hope this helps....