It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act style.
If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter.When the Internal Revenue Service needs more information from you, or needs to communicate an action that they intend to take , you won’t receive a call or an email: you’ll receive a notice. The notice will explain why the IRS is contacting you and tell you what you need to do next.
The IRS may send a notice if they have a question about your tax return, or if they need additional information from you. For example, if there is a Social Security number on your return that doesn’t match the IRS’ records, or if there is a mismatch between what you’ve reported on your tax return and what your employer or payer reported, the IRS will advise you about the problem and request more information.
When you receive the notice, read it carefully. If there is a change in your tax due, compare the information in the notice with the information in your original return. In most cases, if you receive a notice and you agree with the change or adjustment, you don’t need to take any more steps. However, you should respond if you disagree with the notice or if the notice requires a response by a specific date.The type of notice will be at the top.
If you disagree with the changes, your next steps will be outlined in the notice. Pay attention to any deadlines for filing an appeal or otherwise protesting the changes. If you need help understanding your notice, or what your options might be, you’ll want to reach out to someone. Help may available through the
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Taxes From A To Z 2019: H Is For Home Office Deduction
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Taxes From A To Z 2019: J Is For Jackpot
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Taxes From A To Z 2019: L Is For Long-Term Capital Gains Or Losses
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Taxes From A To Z 2019: M Is For Medical Expenses
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Taxes From A To Z 2019: L Is For Long-Term Capital Gains Or Losses
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IRS Will Offer Free Help For Those Struggling With Withholding TaxesIf the changes to tax rates and withholding over the past year have you scratching your head, help is on the way. The Internal Revenue Service (IRS) is offering a free online information session on how to do a Paycheck Checkup.
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Attention Wall Street: Democrats are seeking higher taxes on capital gainsThe growing blue-collar tilt of the Trump-era GOP base makes raising taxes on capital gains even more tempting, writes CNBC's John Harwood.
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Trump's Federal Reserve pick owes unpaid taxesWASHINGTON (AP) — President Donald Trump's pick to serve on the Federal Reserve's Board of Governors had a lien of more than $75,000 filed against him in January 2018 for unpaid taxes.
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$80M Roundup Verdict Is Only $2.5M After Taxes, New IRS MathCan an $80M verdict be cut to $2.5M after taxes? Bizarre new IRS tax math says yes.
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Gillibrand paid $29,000 in federal taxes on $214,000 income
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