Perspective: What to do right now to improve your 2019 tax return
If you didn't pay Uncle Sam enough during the year, you could be hit with an underpayment penalty during tax time. By Michelle Singletary Michelle Singletary Personal finance columnist Email Bio Follow Columnist March 26 Despite claims that it would be simple, the Tax Cuts and Jobs Act has proved to be anything but.
We have a pay-as-you-go tax system. As a wage earner, this means you pay your federal income tax by having it withheld from your paycheck throughout the year. What you pay is based on the number of allowances you claim on your W-4.It's up to you to determine how many allowances to take. Allowances are based on your anticipated tax deductions such as mortgage interest, charitable gifts or deductible medical expenses.
The IRS has tried to get folks to review their withholdings through its “Paycheck Checkup” initiative. The agency issued consumer alerts pointing out that the updated federal tax-withholding tables released in early 2018 didn't fully factor in some changes, such as reduced itemized deductions.
The IRS says the revised waiver percentage will be integrated into commercial tax software and reflected in a revision of the instructions for Form 2210, “Underpayment of Estimated Tax by Individuals, Estates, and Trusts." To help people do a paycheck checkup, the IRS is offering a free 60-minute webinar in English and Spanish this Thursday, March 28. The session will walk you through how to use the IRS “Withholding Calculator.” There will also be a live question-and-answer period following the online presentation.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Perspective | The danger of denying black Americans political rightsWithout access to political rights, violence becomes a crucial tool in the fight for freedom.
Read more »
Perspective | How New York’s new monument whitewashes the women’s rights movementPerspective: How New York’s new monument whitewashes the women’s rights movement
Read more »
Perspective | A parade to fight the far rightThe innovative story at the heart of this year's samba parade.
Read more »
Perspective | Trump’s executive order on free speech is remarkably thin — but a signal to the rightEverything about the order suggests it's about sending a message to conservatives, not preserving robust debate across all universities.
Read more »
Gillibrand releases tax returns, challenges other 2020 Democratic candidates to do the sameSen. Kirsten Gillibrand just disclosed her 2018 tax return and called on 2020 Democratic presidential rivals to follow suit
Read more »
Only half of voters want Congress to force release of Trump’s tax returnsThere’s no groundswell among voters for Congress to force Donald Trump to release his tax returns, according to a new POLITICO/Morning Consult poll
Read more »
Democratic presidential candidate Gillibrand releases tax returns in challenge to rivalsDemocratic U.S. Senator Kirsten Gillibrand's presidential campaign on Wedne...
Read more »
Democratic hopefuls vague on releasing their tax returnsGillibrand puts her returns online and others promise to do so, but it’s not clear when or how far back they’ll go.
Read more »
Forget taking this tax break on your 2018 return if you have an IRAThe Tax Cuts and Jobs Act did away with a tax break for investment fees, which might mean investors will need to rethink the way they pay for these expenses.
Read more »
Trump lawyer talks potential presidential pardons, tax returns and NY probesNEW on The Investigation podcast: Attorney for President Trump Jay Sekulow tells abc after the Mueller Report: “No collusion, no obstruction.” 🎧:
Read more »