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New Form W-4 Changes

Pay Now or Pay Later: New Changes to Your Form W-4 Could Leave You Owing More to Uncle Sam in 2018 (… What You Do Now Can Prevent That)   2018 Form W-4 (Employee’s Withholding Allowance Certificate) was released by the Internal Revenue Service.  All employees must complete this form so that your employer can withhold the correct federal income …

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How To Save on Taxes with the Republican Tax Plan

The Republican Tax Plan | How to Save on Taxes. The Republican tax plan signed into law recently has drawn plenty of criticism from both sides of the aisle. Skeptics have voiced concerns that the plan favors big corporations and the wealthy, and will exacerbate income inequality. Despite these concerns, however, the future for a middle-class individual filing taxes in …

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Tax Deductions When Disaster Strikes

Affected taxpayers are granted an extension to file 2016 California tax returns and make payments until January 31, 2018. Taxpayers may deduct a disaster loss for any loss sustained in California that is proclaimed by the Governor to be in a state of emergency. For a complete list of all disasters, see the “Qualified Disasters” chart on FTB’s Disaster Loss …

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IRS Tax Tips Before Filing Your 2017 Return

Recently married or divorced taxpayers who change their name should notify the Social Security Administration. They should also notify the SSA if a dependent’s name changed. Taxpayers need to do this so that when the taxpayer files next year, the new name on the tax return matches A mismatch between the name shown on their tax return and the SSA …

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Social Security Taxable Maximum Amount

In October of each year, the Social Security Administration announces adjustments that take effect the following January that are based on the increase in average wages. Based on the wage data Social Security had at the time of the October 13, 2017, announcement, the maximum amount of earnings subject to the Social Security tax (taxable maximum) was to increase to …