Were you unsatisfied with the results of your 2018 income tax returns? Perhaps you had a big surprise: Maybe you owed the government a lot of money. Or, you got a refund much larger than expected, money you could have used during the year. Either way, it’s a good time to make a withholding adjustment. Keep in mind that we’re already 5 months into the calendar year. If you need some help deciding on the adjustment amount,
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Warning: Scammers Targeting Local Businesses – Tucson Electric Power http://bit.ly/2SIAcvI
Easy Ways to Pay Your IRS Taxes – Directly from the IRS
Form 1099-G Available Online For Taxpayers
Taxpayers receiving Form 1099-G, which serves as a confirmation of the previous year’s state tax refund, can now go online to access and print the form.
Taxpayers can download and print their Form 1099-G by going to www.AZTaxes.gov, clicking on the “View My 1099-G” link and providing the necessary information.
Accessing Form 1099-G online is effective for a number of reasons:
The Arizona Department of Revenue has lowered the mandatory electronic
payment threshold for businesses with sales tax liability to $10,000.
Taxpayers with an annual transaction privilege tax (TPT) and use tax liability
of $10,000 or more in the prior calendar year are required to file and pay
electronically starting in February 2019 for the January reporting period.
Taxpayers who do not make the payments by EFT will be subject to a 5%
penalty.
Do you need a transcript from the IRS? Currently, the IRS is processing transcripts through its Income Verification Express Service (IVES) program. IVES is primarily used by the financial community, including mortgage lenders, to confirm income from borrowers. “Federal law limits what the IRS can do on behalf of taxpayers during a funding lapse,” the IRS said. But IVES “can assist taxpayers trying to obtain mortgages or taxpayers affected by disaster who need copies of their tax returns as part of the recovery effort.” For details: https://bit.ly/2Df6Vjz
The IRS has issued final regulations on the Sec. 199A qualified business income (QBI) deduction. The new deduction allows pass-through businesses, including sole proprietorships, to deduct up to 20% of their QBI. Eligible taxpayers can also deduct up to 20% of their qualified real estate investment trust (REIT) dividends and publicly traded partnership income. The deduction is available beginning in tax years starting after 12/31/17 and before 1/1/26. See the regs here: https://bit.ly/2RWdJLk.
2019 Standard Mileage Rate
The IRS has announced the standard mileage rate for
business auto use in 2019.
The 2019 rates are as follows:
$0.58 per mile for business miles driven
$0.20 per mile driven for medical or moving purposes
$0.14 per mile driven in service of charitable organizations
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HBL CPAs is a full-service Certified Public Accounting firm based in Tucson, Arizona. HBL has been providing tax services, accounting services, auditing and attestation services, consulting services, and various other services since 1973.
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