Bottomline TAXES INC

ATTENTION!!! Get ready for Tax Reform. Employees as of Jan 1, 2018 you can longer deduct Employee Un-Reimbursed expenses. such as Travel, mileage, meals and entertainment as an employee. You must have a business return (sole proprietor, LLC, sub chapter S) to claim Business qualified expenses. Call Ron, The Tax Guy for further guidance.

2018 Estimates are ready. Just call with your estimated income and details of filing status, dependents, etc. No names, Social Security numbers needed to get an estimate.

WARNING! STOP! LOOK at your pay stub after July 1st. You now have 6 months of information to help you see where you stand. Call your Tax Preparer, if you have one. Or me you want to give me some number and information to see if you to make any changes in your withholding or Estimated taxes. That is BottomLine TAXES INC (on facebook) 912-313-1711. Open year round by phone or appointment. Conveniently located on DeRenne next to Walgreens.

ATTENTION!!! Get ready for Tax Reform. Employees as of Jan 1, 2018 you can longer deduct Employee Un-Reimbursed expenses. such as Travel, mileage, meals and entertainment as an employee. You must have a business return (sole proprietor, LLC, sub chapter S) to claim Business qualified expenses. Call Ron, The Tax Guy for further guidance.

CALL RON TO FIND OUT YOUR REFUND FOR 2018 TAXES!

2018 Estimates are ready. Just call with your estimated income and details of filing status, dependents, etc. No names, Social Security numbers needed to get an estimate.

WARNING! STOP! LOOK at your pay stub after July 1st. You now have 6 months of information to help you see where you stand. Call your Tax Preparer, if you have one. Or me you want to give me some number and information to see if you to make any changes in your withholding or Estimated taxes. That is BottomLine TAXES INC (on facebook) 912-313-1711. Open year round by phone or appointment. Conveniently located on DeRenne next to Walgreens.

Issue Number: IR-2018-120 Inside This Issue Taxpayers who usually itemize deductions should check their withholding to avoid tax surprises WASHINGTON The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a paycheck checkup....Continue reading

S-Corp vs. C-Corp: What’s Best for Your Business in 2018? Posted: 16 Apr 2018 01:06 PM PDT In the wake of the Tax Cuts and Jobs Act, business owners nationwide are looking closely at whether incorporating as an S corporation or a C corporation will offer a greater reduction in their tax burdens over the long haul. While C corporations pay corporate taxes to the IRS, S corporations don’t have any entity tax rather, taxes are paid via individual returns. An S corp does no...Continue reading

Want to see new withholding tables to see how much will be withheld from your payroll You might have to click on link and select go to https://www.irs.gov/pub/irs-prior/n1036--2018.pdf Courtesy of Ron,The Tax Guy, facebookpage Bottomline TAXES INC

Taxpayers Should Review Their Withholding; Avoid Having Too Much or Too Little Federal Income Tax Withheld IRS YouTube Video: IRS Withholding Calculator: Englis...h | Spanish WASHINGTON The Internal Revenue Service today encouraged taxpayers to consider checking their tax withholding, keeping in mind several factors that could affect potential refunds or taxes they may owe in 2018. Reviewing the amount of taxes withheld can help taxpayers avoid having too much or too little federal income tax taken from their paychecks. Having the correct amount taken out helps to move taxpayers closer to a zero balance at the end of the year when they file their tax return, which means no taxes owed or refund due. During the year, changes sometimes occur in a taxpayer’s life, such as in their marital status, that impacts exemptions, adjustments or credits that they will claim on their tax return. When this happens, they need to give their employer a new Form W-4, Employee’s Withholding Allowance Certificate, to change their withholding status or number of allowances. Employers use the form to figure the amount of federal income tax to be withheld from pay. Making these changes in the late summer or early fall can give taxpayers enough time to adjust their withholdings before the tax year ends in December. The withholding review takes on even more importance now that federal law requires the IRS to hold refunds a few weeks for some early filers claiming the Earned Income Tax Credit and the Additional Child Tax Credit. In addition, the steps the IRS and state tax administrators are now taking to strengthen protections against identity theft and refund fraud mean some tax returns could face additional review time next year. So far in 2017, the IRS has issued more than 106 million tax refunds out of the 142 million total individual tax returns processed, with the average refund well over $2,700. Historically, refund dollar amounts have increased over time. Making a Withholding Adjustment In many cases, a new Form W-4, Employee’s Withholding Allowance Certificate, is all that is needed to make an adjustment. Taxpayers submit it to their employer, and the employer uses the form to figure the amount of federal income tax to be withheld from their employee’s pay. The IRS offers several online resources to help taxpayers bring taxes paid closer to what they owe. They are available anytime on IRS.gov. They include: IRS Withholding Calculator Online tool helps determine the correct amount of tax to withhold. IRS Publication 505 Tax Withholding and Estimated Tax. Tax Withholding Complete information on withholding, estimated taxes, FAQs, and more. Self-employed taxpayers, including those involved in the sharing economy, can use the Form 1040-ES worksheet to correctly figure their estimated tax payments. If they also work for an employer, they can often forgo making these quarterly payments by instead having more tax taken out of their pay.

New Standard mileage regs: Here is the latest news on Standard business mileage from IRS: 2017 Standard Mileage Rates Announced 53.5 cents per mile for Business Miles 17 cents per mile for Medical Miles... 14 cents per mile for Charity Miles... See More See more

Here is the current language on ObamaCare (ACA) exemptions: The lowest-cost coverage available to you is considered unaffordable You have a gap in coverage that is less than 3 consecutive months You qualify for an exemption for one of several other reasons, including having a hardship that prevents you from obtaining coverage, or belonging to a group specifically exempt from the coverage requirement