Income tax companies in Houston, TX? Pick Up Capital Gains if You’re in a Low Tax Bracket: The end of the year is also a good time for some people to sell stocks that have appreciated significantly in value. This can be a particularly good strategy for those who are in the 10% and 12% tax brackets since their capital gains tax may be zero. The stocks can then be repurchased, which resets the basis and minimizes the amount of tax to be paid on future gains. Even if you’re not in the lowest tax brackets, you may want to sell winning stocks to reset the basis if you’re also harvesting losses. “What you want to do is balance (gains) with stocks that have losses,” Barlin says.
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A wage garnishment is any legal or equitable procedure where some portion of a person’s earnings is withheld by an employer for the payment of a debt. This is typically initiated through a court order or government agency action (such as an IRS levy) that requires an employer to withhold a percentage of an employee’s compensation. When notified of an order to garnish wages, an employer is legally obligated to make the appropriate deductions from an employee’s salary and direct payments to a designated agency or creditor.
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Automate or Outsource Tax Calculation and Filing: While the IRS has made an effort to simplify tax forms and reduce the time and complexity of filing a tax return, it remains a daunting task, especially since it occurs only once per year and is often stressful. Fortunately, companies like TurboTax and H&R Block offer sophisticated tax software programs to help filers complete the task quickly and relatively inexpensively. The IRS even offers free tax filing software for taxpayers with an adjusted gross income of $69,000 or less. To determine whether you’re eligible for the free software, check last year’s return for your adjusted gross income (AGI), which appears on line 7 of the 2018 version of Form 1040. For those with incomes greater than $69,000, the IRS provides Free File fillable forms for electronic filing. However, these forms offer only basic guidance, so you must know how to do your taxes yourself. Most of the filing programs allow you to keep track of any refund due and select your preferred method of payment – direct deposit, paper check, or holding and applying the refund for the coming tax year. When deciding whether to use a professional preparer or a software program, consider your income, the complexity of your return, unusual events that significantly affect your income or expenses, and your concern about a tax audit.
Decide how much tax you want withheld: If you received a big refund on your tax return last year, it may mean your employer is withholding too much tax from your paychecks. Decreasing those withholdings might “[give] you access to more of your money throughout the year to invest or pay down debt,” says Fraim, “assuming you have the discipline to actually save the funds.” If you’d rather have a bigger paycheck to work toward your financial goals, instead of that potentially big refund next year, meet with your payroll manager to review your withholding allowances on your W-4 form. Just be careful not to reduce your withholding by too much. Overly reducing your withholding may result in having too little tax withheld throughout the year, and could mean a big tax bill in April and potentially a penalty for failing to properly estimate your taxes as well.
Earned Income Tax Credit (EITC): Millions of lower-income people take this credit every year. However, 25% of taxpayers who are eligible for the Earned Income Tax Credit fail to claim it, according to the IRS. Some people miss out on the credit because the rules can be complicated. Others simply aren’t aware that they qualify. The EITC is a refundable tax credit-not a deduction-ranging from $529 to $6,557 for 2019. The credit is designed to supplement wages for low-to-moderate income workers. But the credit doesn’t just apply to lower income people. Tens of millions of individuals and families previously classified as “middle class”-including many white-collar workers-are now considered “low income” because they: lost a job, took a pay cut, or worked fewer hours during the year. The exact refund you receive depends on your income, marital status and family size. To get a refund from the EITC you must file a tax return, even if you don’t owe any taxes. Moreover, if you were eligible to claim the credit in the past but didn’t, you can file any time during the year to claim an EITC refund for up to three previous tax years. Discover even more information at https://greentree.tax/.