Income tax providers in Houston, Texas? Invest in Qualified Opportunity Funds: Taxpayers can defer paying capital gains by reinvesting their money into Qualified Opportunity Funds. The funds, which were created by the Tax Cuts and Jobs Act of 2017, are intended to spur economic development and job creation in distressed communities. If money is held in a Qualified Opportunity Fund for seven years, 15% of the capital gains tax on the investment is eliminated. “It’s a wonderful tax incentive,” Zollars says. However, like other provisions of the tax reform law, the funds and their tax-savings benefits are scheduled to end in 2026. That means to have your money held in a fund for seven years, you’ll need to make an investment before Dec. 31, 2019.
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The maximum amount of wages garnished varies depending on the garnishment, but they range from 15 percent of disposable earnings for student loans to as much as 65 percent of disposable earnings for child support (if the employee is at least 12 weeks in arrears). In states that have enacted laws differing from federal wage garnishment requirements, employers must comply with state laws demanding a lesser garnishment. And because state laws differ (North Carolina, South Carolina, Pennsylvania, and Texas generally prohibit wage garnishment for consumer debts altogether), employers should ascertain what’s required of them by state law before proceeding with garnishment. No matter how high the debt, employees will always be allowed to keep a certain percentage of their paycheck for general living expenses.
Our first clients have been average earners in Houston. Slowly we have grown into serving clients with higher incomes such as six-digit earners. Admittedly, for us doesn’t matter your amount of income. We help every taxpayer who is using our tax services in Houston with the same respect as the one before him/her. Due to our more than 5 years of experience in bookkeeping and tax preparation field unquestionably we have seen every type of tax issue there is to review. Additionally, more than 90 percent of our clients come back every year and express our services to friends and family. See more information at tax office Houston.
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. See more info on this website.