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This important tax period is today. What you need to know



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If you ask the IRS for another six months to work on your tax return for 2018, you're running out of time.

This spring, about 15 million taxpayers have asked the IRS to renew their tax return 2018 tax return.

While these actors had to pay their planned taxes by April 15, they had to complete and submit their tax returns by October 15.

Zauderer note: If you miss this deadline, you are The law on tax cuts and jobs, which came into force in 201

8, is also faced with the extension.

The auditors are still dealing with last-minute briefs and added complexity.

] "We're coming through the renewal season – a nightmare," said Dan Herron, CPA and director of Elemental Wealth Advisors in San Luis Obispo, California. "We still have a long way to go to understand the tax reform."

The changes resulting from the new tax legislation include the elimination of personal exemptions and almost double the standard deduction.

Certain individual prints are now available are also subject to new restrictions. For example, state and local tax deductions are now limited to $ 10,000.

Taxpayers should know this when they reach this extension period.

A new tax relief

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There are several reasons why the actors were looking for more time.

For example, investors in partnerships expected Forms K-1 forms from these companies. These documents indicate the investor's share of income from the partnership, and they often arrive late in the spring.

In addition, small businesses – including those who owned these partnerships – sought to ascertain whether they were qualified. Over 15 million taxpayers made use of this deduction in their tax return for 2018, starting on 25 July, the IRS noted.

The so-called QBI Deduction was still in flux during most of the year 2018 and part of the year 2019. This was a case in which it was better to wait for certainty, the accountants said.

Being a trade or a business, we did not wait until later to find additional guidance, "said Chris Hesse, CPA and chair of the USC's Tax Executive Committee.

" We believe your risk is sinking, if we wait so long possible to archive, "he said.

Next Yes Blueprint

It's essentially too late for all tax saving maneuvers of 2018, but you can still use the annual return to support your year-end planning. [19659003] Consider buying equipment for your small business. If you're an entrepreneur, you deduct the cost of real estate you buy for your business.

"If I have a good year in 2019 and I'm in the upper tax bracket, I can also buy the equipment now in operation and deduct it for 2019 in deduction, "said Hesse.

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Think about donations to charity. With the higher standard deduction of $ 12,000 for singles and $ 24,000 for joint filing with spouses, filers may need to aggressively donate to reach the item listing threshold in a year to get the standard deduction can exceed.

Exceed your withholding tax. If you owe more than you expected, you should update your W-4 form – this is the form your employer uses to withhold the correct amount of tax from your salary.

Less than three months remain in 2019 You do not have much time to get it right.


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