Clumeck Stern Schenkelberg & Getzoff

The Internal Revenue Service recently launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. The Tax Cuts and Jobs Act created a lot of changes for 2018 and for this year too. One change directly affects the rate at which taxes are withheld from paychecks for last year and again for this year, generally reducing the amount taken out. This change, combined with the other changes, may reduce the amount of an expected refund or may even cause an amount to be owed. But if you check now, you can make any adjustments needed before tax time. Click here to for the full Tax Tip--https://www.clumeckstern.com/daily-news

Did you forget to file your 2018 tax return by April 15, 2019? Have you not filed tax returns for several years? If the answer is yes to either, we have some information to help you catch up with your filing requirements. It’s important to file past due tax returns before the IRS does it for you. If you do not file a return nor file a petition with the United States Tax Court, then the IRS will proceed with the proposed tax assessment, bill you and, if not paid, begin collec...tion and enforcement actions. For those who repeatedly do not file, they could be subject to additional enforcement measures, such as additional penalties and criminal prosecution. Stay informed: http://ow.ly/AZv350vuhKs

Monthly News for August: Know a Teacher? Tell Them About This Tax Break & Planning for the Net Investment Income Tax When teachers are setting up their classrooms for the new school year, it’s common for them to pay for a portion of their classroom supplies out of pocket. A special tax break allows these educators to deduct some of their expenses. This educator expense deduction is especially important now due to some changes under the Tax Cuts and Jobs Act (TCJA). Also, desp...ite its name, the TCJA didn’t cut all types of taxes. It left several taxes unchanged, including the 3.8% tax on net investment income (NII) of high-income taxpayers. There are many strategies for reducing the NII tax, but you will want to consult with a tax advisor before implementing any of them. Remember that, while tax reduction is important, it’s not the only factor in prudent investment decision-making. For more: http://ow.ly/2OUC50vuhB0

Done with taxes this year? Then use your 2018 return to get your 2019 tax withholding right. It’s very important to have the correct amount of taxes withheld from your paycheck. Use the IRS Withholding Calculator and your 2018 tax return information to adjust your withholdings to ensure you don’t have too little or too much withheld. Checking and then adjusting tax withholding can help make sure you:... - don’t owe more tax than you are expecting; - don’t get a surprise tax bill, and possibly a penalty, when filing next year; and - don’t receive a refund that is much larger or smaller than expected. For more: http://ow.ly/mE2G50uVdqJ

Monthly News for July: Why You Should Check Your Tax Bracket & Estate Planning Portability Lives on Under The TCJA Many taxpayers learned some tough lessons upon completing their 2018 tax returns regarding the changes brought forth by the Tax Cuts and Jobs Act (TCJA). If you were one of them, or even if you weren’t, now’s a good time to check your bracket to avoid any unpleasant surprises next April. Also, when the TCJA was passed, the big estate planning news was that the fe...deral gift and estate tax exclusion doubled from $5 million to an inflation-indexed $10 million. It was further indexed for inflation to $11.18 million for 2018 and now $11.4 million for 2019. Somewhat lost in the clamor, however, was (and is) the fact that the new law preserves the portability provision for married couples. Portability allows your estate to elect to permit your surviving spouse to use any of your available estate tax exclusion that is unused at your death. Click for more on these topics: http://ow.ly/wv9C50uVdmx