IRS Clarifies Some Common Early Filing Season Myths
With the 2018 filing season in full swing, the Internal Revenue Service today offered taxpayers some basic tax and refund tips to clear up some common misbeliefs. Myth 1: All Refunds Are Delayed The IRS issues more than nine out of ten refunds in less than 21 days. Eight in 10 taxpayers get their refunds... Continue reading→
Some Refunds Will Be Delayed in 2018
By law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit (ACTC) before mid-February. This applies to the entire refund — even the portion not associated with the EITC and ACTC. While the IRS will process those returns when received, it cannot issue related... Continue reading→
2018 Tax Filing Season Begins Jan. 29th
The Internal Revenue Service announced that the nation’s tax season will begin Monday, January 29, 2018. The IRS will begin accepting tax returns on January 29, with nearly 155 million individual tax returns expected to be filed in 2018. Although the IRS will begin accepting both electronic and paper tax returns on January 29th, paper... Continue reading→
Penrose & Associates Mobile App
This powerful new free Finance & Tax App has been developed by the team at Penrose And Associates to give you key financial and tax information, tools, features and news at your fingertips, 24/7. The Penrose And Associates App is designed to be a helpful place to get critical information whenever you need it. As... Continue reading→
ACT BEFORE DECEMBER 31 TO INCREASE YOUR TAX BREAKS
Whether you are having a good year, rebounding from recent losses, or still struggling to get off the ground, you may be still able to save on your taxes if you make the right moves before the end of the year by taking advantage of the tips below. Not all actions may apply in your... Continue reading→
Check Your Withholding to Avoid Surprises at Tax Time
As the end of 2017 approaches, taxpayers are encouraged to consider a tax withholding checkup. Taking a closer look at the taxes being withheld now can help ensure the right amount is withheld, either for tax refund purposes or to avoid an unexpected tax bill next year. The withholding review takes on even more importance... Continue reading→
Some Refunds Will Be Delayed in 2018
The IRS wants taxpayers to be aware of several factors that could affect the timing of their tax refunds next year. Due to a December 2015 law, the IRS cannot issue refunds on tax returns claiming the Earned Income Tax Credit or the Additional Child Tax Credit before mid-February. Under the change required by Congress... Continue reading→
Seven Daily Habits of Credit Savvy Business Owners
In order to enjoy success in any business, there are several ingredients that an entrepreneur needs to practice on his day to day running of the business. One of the key things that determine the success of any enterprise is finance management. Money makes the business go round as it does to the world. This means... Continue reading→
IRS to Block/Suspend Some 2017 Tax Returns
The IRS says that it will block or suspend processing of 2017 income tax returns that do not comply with the Affordable Care Act (Obamacare) rules requiring filers to disclose their health insurance status. The new move to tighten Americans’ compliance with the Affordable Care Act comes even as the Trump administration takes steps to undercut it. “Taxpayers... Continue reading→
Ten Tax Write-Offs That Are Easy to Overlook
No one wants to pay more in taxes than they have to and we don’t want you to either. Below, are at 10 tax deductions that are sometimes overlooked but which can add up to considerable savings. Job search expenses Money you spend looking for a job in the same line of work as your... Continue reading→