Filing Feed

Most of us who've ever worked for someone else are very familiar with Internal Revenue Service Form W-2. This is the statement you get early every year to tell you how much you were paid. Your W-2 also reports the amount of income tax withheld at both federal and, where applicable, state and/or local levels. There also are details on such things as the amount of tax-deferred money went into or you took out of your 401(k), how much your employer paid for your health care coverage and how much help you got from the boss in paying for care... Read more →


NASCAR's 2019 season started today with the auto racing series' biggest event, the Daytona 500. Congratulations to Denny Hamlin and Joe Gibbs Racing for taking the checkered flag in the Great American Race. Things aren't so clear-cut, though for the expired tax break for motorsports speedway improvements and more than two dozen other assorted tax benefits. These tax breaks expired in 2017 and are not on track for reinstatement. Yet. In fact, they're looking as messy as today's closing laps pile-up. Extenders indecision: These assorted tax breaks are known collectively as the extenders. They get that name because they are... Read more →


There's better news for taxpayers this week. Internal Revenue Service data for the second week of the 2019 tax filing season shows a slightly larger refund amount. When the IRS released its first-week data, which covered 2018 tax returns filed by Feb. 1, the number of 1040s submitted and processed, as well as the number of refunds and average amount of those fewer checks, were dramatically lower than at the same time last year. That led to much grumbling by filers and arguments among supporters and opponents of the Tax Cuts and Jobs Act (TCJA) about how the major tax... Read more →


By now, everyone knows that a lot of taxpayers are getting the worst news ever at filing time. They owe the U.S. Treasury money. We can debate the reasons for the unexpected tax bills ad infinitum. Withholding tables were rejiggered in 2018 following the changes in the Tax Cuts and Jobs Act (TCJA). Itemized deductions and exemptions were reduced or eliminated by that tax legislation. Taxpayers didn't adjust their withholding to get their paycheck amounts more in line with the new law. The bottom line is that more than the usual number of filers this year are going to have... Read more →


The National Taxpayer Advocate this year selected 21 major problems that taxpayers encounter in their dealings with the Internal Revenue Service. I found five of those issues particularly troublesome. Every year, the National Taxpayer Advocate issue a report to Congress. The 2018 version released this week included a look at, not surprising, how the recent government shutdown affected not only Internal Revenue Service operations, but also the taxpayers who, particularly at this time of year, are relying on IRS services. Part of that annual report also includes at least 20 tax matters that the Taxpayer Advocate identifies as the most... Read more →


Victorian Valentine courtesy School of Art, Kimball Jenkins Estate It's fitting that Valentine's Day — it's this Thursday in case the most romantic day of the year is sneaking up on you — comes during tax filing season. While most of us marry for love, finances and the related taxes are a big part of our coupled relationships. Here's a look at five love and taxes considerations. 1. Marriage date matters. Your wedding day is important to the Internal Revenue Service. No, the tax collector doesn't want to send you an anniversary card. But when you said "I do" matters... Read more →


This tax filing season is a troubling and troublesome one for millions of filers. They're dealing with major tax law changes which many are finding have adversely affected their expected tax refund amounts. Things are slowly getting back to normal at the Internal Revenue Service following the recent federal government shutdown. Some quick indicators that more IRS workers are back include my email box getting more messages from the agency, more updates on IRS.gov and reports on how well (or not) the 2019 filing season is going. About that last matter, IRS has resumed its annual weekly postings of tax-filing... Read more →


Most tax preparers are honest and work to help their clients. Some, however, use shady methods to make money off unsuspecting filers. Don't be one of them! More of us every tax-filing season are turning to tax professions. The 2019 filing season in particular has underscored the value that tax professionals add. This is the first year taxpayers have had to deal with the real-life effects of the many Tax Cuts and Jobs Act (TCJA) change. A knowledgeable tax preparer can help you navigate this new maze. But you need to be careful in picking the person to be your... Read more →


I never seem to be able to submit our joint Form 1040 early in the filing season, partly because I have to sort through all this material to fill out the forms! There are many reasons why millions of taxpayers procrastinate when it comes to submitting their annual returns. Much of the time, those excuses aren't good. But there are some times when you shouldn't rush to finish your Form 1040 early in the filing season, even if you're expecting a tax refund. Here are six reasons to wait a bit before filing: 1. To get your return right. Doing... Read more →


Updated Feb. 20, 2019 We're well into the 2019 tax filing season and things have been a little slow, thanks in large part to the longest government shutdown in U.S. history that hampered Internal Revenue Service preparations for the millions of tax returns it receives each year. Still, millions of taxpayers already have filed their returns. After the second week of the filing season, which ended on Feb. 8, the IRS had received almost 29 million returns. Most, if not all, of those filers were expecting refunds, although some were unpleasantly surprised. At least, though, they have their taxes out... Read more →


Hello, February! If we ever were in need of your hearts and flowers, it is now. January was tough tax-wise. We had to worry about whether the Internal Revenue Service actually would get filing season open as the longest federal government shutdown in U.S. history dragged on. It opened as promised on Jan. 28, but be patient. Plus, we're dealing with our first filing season under the many, many changes brought about by the Tax Cuts and Jobs Act (TCJA). Yep, we definitely need some tax love. And some tax guidance, whether we're earlier filers awaiting refunds or procrastinators taking... Read more →


Whew! We made it through January. For a while, it looked like the 2019 filing season might be delayed due to the longest federal government shutdown in U.S. history. But a deal to fund the affected agencies was reached and the Internal Revenue Service started accepting and processing 2018 tax returns on Jan. 28. If you weren't among the early filers, you've still got plenty of time to do the job between now and April 15 (or 17). The Filing Season Tax Tips can help. You'll should be able to quickly spot them thanks to the old-school yellow No. 2... Read more →


National EITC Awareness Day was Jan. 25. Did you miss it? Probably. It's not a federal holiday, but rather the day each year when the Internal Revenue Service celebrates the tax benefits the Earned Income Tax Credit, the full name of the aforementioned acronym. It's also a time that the IRS tries to get the word out about the EITC. This year, though, the IRS' message about this tax break for lower-income workers got drowned out. EITC Day 2019 fell on the day that the longest government shutdown in U.S. history came to an end. So most attention, tax and... Read more →


Much of the mass media coverage of Tax Cuts and Jobs Act (TCJA) changes has focused on how they affect individual taxpayers. There are, after all, 150 million or so of us who, for the first time this filing season, are now dealing with the practical, real-life effects of the new law. But let's be honest. Business taxes were the impetus behind the biggest tax reform measure in more than 30 years. In this area, the 20 percent Section 199A tax deduction for certain small businesses has gotten the lion's share of coverage. It was added to the bill to... Read more →


The tax filing season every year starts with a rush of flings. Last year, the Internal Revenue Service received more than 18 million returns (that's almost 12 percent of all the returns filed in 2018) during the first week the filings were accepted. This year appears to be on a similar track. Through mid-day Monday, Jan. 28, the opening day of the 2019 filing season, the IRS says it received several million tax returns. Those early filers obviously are expecting a tax refund. They also had all the documentation they needed to file their returns. Some of us, however, no... Read more →


Just like the Highlander character of film and television fame, the new Tax Cuts and Jobs Act under which we're now filing our 2018 tax returns says there can be only one. One Form 1040, that is. The Internal Revenue Service today begins processing millions, if you go by the agency's prior filing season data, of early-filed tax returns. IRS staff are going to face more than the usual filing season chaos since most of them are coming back to work after 35 days of being shutout. (Short story: Get ready for some delays.) Filers, too, are in for some... Read more →


The red light has changed to green for the IRS now that the longest federal government shutdown in U.S. history is over. (Photo by Kari Bluff via Flickr) The Internal Revenue Service should be fully staffed as we official start the 2019 tax filing season on Monday, Jan. 28. Holdover shutdown issues, however, still could cause delays, which many taxpayers and tax professionals already have experienced. Donald J. Trump signed into law late Friday, Jan. 25, a bill to end the longest federal government shutdown in U.S. history. That same day, the White House Office of Management and Budget notified... Read more →


UPDATE, 9:05 p.m. Central Time: Donald J. Trump has signed into a law a short-term funding bill that should get paychecks flowing again for the around 800,000 federal workers affected by the longest government shutdown in U.S. history. UPDATE 2:30 p.m. Central Time: A deal to reopen the federal government fully for the next three weeks was announced by Donald J. Trump this afternoon. The government will reopen; Trump gets no funding (yet) for his campaign-promised physical border wall. This should solve the current furloughed workers' sick-out crisis. Will this truce last beyond Feb. 15, or will we go through... Read more →


The 2019 tax filing season starts on Monday, Jan. 28. That's when the Internal Revenue Service will start accepting and, more importantly, processing tax returns. While there's still some concern as to whether the IRS is up to the job this year since will be operating on half-staff (or fewer, according to reports that many recalled agency employees are skipping [unpaid] work) one thing is certain. We taxpayers have to meet tax deadlines, government shutdown or no government shutdown. So mark your calendars for this year's key filing dates. Jan. 28, 2019: Filing season 2019 begins. If you filed early,... Read more →


Even if you've been filling out Form 1040 and any other associated forms and schedules for years, things will be different this filing season. This is the first year we taxpayers (and tax pros) will be filing under the extensive new Tax Cuts and Jobs Act (TCJA) changes. In addition to new tax rates and deduction amounts, there are a variety of other tax law tweaks that could affect what goes on — or now doesn't — your Form 1040, which itself is new. So before you start working with your tax preparer or open up your tax software, either... Read more →