We are at the end of a challenging tax season which included a comprehensive change to the tax law and a change to the Form 1040 and six additional schedules to accompany the new Form 1040 in its ‘postcard’ design. Yeah, this is our government’s idea of “simplify”.
While most of you experienced significant benefits from the new tax law, many of our clients were faced with smaller refunds or even a balance due which they were not expecting.
In 2018 the IRS started their campaign for the “Paycheck Checkup.” If you had a large tax refund last year, verify that you are having the correct amount taken out of your pay towards federal income taxes. Conversely, if you had a tax bill last year, avoid another surprise by adjusting your payroll withholding accordingly. Alas, the IRS Withholding Calculator, like all things government, is a bit tedious, so let us know if you need assistance.
A note on Georgia Refunds – In an effort to combat identity theft, Georgia will sometimes hold refunds until you call them. If your refund is more than a month past due, call 877-423-6711 to find out why. It’s likely they just want to hear your sweet voice before putting out the $$.
Extension due date reminder – If you filed an extension for your personal income taxes, they are due on Oct 15, 2019. Partnership and S-Corp income taxes under extension are due Sept 15, 2019. Please do not wait until the last minute!
Our Off-season availability – We are usually in the office 1-2 days per week during the off-season, but the best way to reach us is email.