Let's Talk News Letter Updates
Exemptions are gone.
The $4,050 income reduction for each exemption is now 0.
Child tax credit :
Is now $2,000 with a qualified child under 17 years of age.
Standard Deductions for 2018
Single $12,000
Joint or qualifying Window 24,000
Head of Household 18,000
Married Filing Separate 12,000
Mileage rates for 2018
Business 54.5 cents /mile
Medical /moving 18.0 cents / mile
Charitable 14.0 cents / mile
Key Retirement Plan Limits
Traditional IRA, Roth IRA $5,500
(+ $1,000 50 or over) 401 (k), 403(b) 18,500
(+$6,0000 50 or over)
Simple IRA 12,500
(+ $3,000 50 or over)
Moving Expenses Gone now only those serving in military can deduct expenses.
Elimination and reduction
No longer allowed:
Miscellaneous deductions, including unreimbursed business expenses.(Union Dues, Supplies for work)
Home equity interest for funds not used to build , buy or substantially improve youe home.
Casualty losses (unless in a federally declared disaster area.)
State income, property and other taxes greater than $10,000 in total.
Here’s how the IRS contacts taxpayers
Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information.
Here are some facts about how the IRS communicates with taxpayers:
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The IRS doesn't normally initiate contact with taxpayers by email.
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The agency does not send text messages or contact people through social media.
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When the IRS needs to contact a taxpayer, the first contact is normally by letter delivered by the U.S. Postal Service. Fraudsters will send fake documents through the mail, and in some cases will claim they already notified a taxpayer by U.S. mail.
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Depending on the situation, IRS employees may first call or visit with a taxpayer. In some instances, the IRS sends a letter or written notice to a taxpayer in advance, but not always.
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IRS revenue agents or tax compliance officers may call a taxpayer or tax professional after mailing a notice to confirm an appointment or to discuss items for a scheduled audit.
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Private debt collectors can call taxpayers for the collection of certain outstanding inactive tax liabilities, but only after the taxpayer and their representative have received written notice.
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IRS revenue officers and agents routinely make unannounced visits to a taxpayer’s home or place of business to discuss taxes owed, delinquent tax returns or a business falling behind on payroll tax deposits. IRS revenue officers will request payment of taxes owed by the taxpayer. However, taxpayers should remember that payment will never be requested to a source other than the U.S. Treasury.
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When visited by someone from the IRS, the taxpayers should always ask for credentials. IRS representatives can always provide two forms of official credentials: a pocket commission and a Personal Identity Verification Credential.
More Information: