Other Personal Income Tax Info  

IRS Web Site for Individual Taxes
__Get your forms, instructions (Pub 17), and answers to various questions here.

Georgia Income Taxes
__Get your instruction booklet & forms HERE.  It's also a good first stop for information.
__Check out the Frequently Asked Questions HERE.

Health Insurance Deduction For Self-Employeed Individuals
General Ledger Newsletter, Oct 2016
The IRS allows self-employeds to deduct health insurance premiums from gross income in calculating Adjusted Gross Income (AGI).  See this PDF file.

Limit on Direct Deposit of IRS Refunds Will Go Into Effect In 2015

Journal of Accountancy, July 7 2014

In its latest attempt to fight tax refund fraud, the IRS said that, beginning in January 2015, it will impose a limit of three electronic direct deposits of tax refunds into a single financial account or prepaid debit card. 
Read more.

New IRS System For Individual Tax And Estimated Tax Payments
IR-2014-67, May 22, 2014

Washington - The Internal Revenue Service announced the successful start of its new web-based system - IRS Direct Pay - on IRS.gov, which lets taxpayers pay their tax bills or make estimated tax payments directly from checking or savings accounts without any fees or pre-registration.

“IRS Direct Pay reflects our latest effort to add more online tools to provide additional service options to help taxpayers,” said IRS Commissioner John Koskinen. “IRS Direct Pay simplifies the payment process, and taxpayers can make a payment from the convenience of a home computer.”

To date, more than 150,000 taxpayers have paid more than $340 million in taxes through the new IRS Direct Pay system. With IRS Direct Pay, taxpayers receive instant confirmation that the payment has been submitted, and the system is available 24 hours a day, 7 days a week. Bank account information is not retained in IRS systems after payments are made.

From the “Pay Your Tax Bill” icon at the top of the IRS home page, taxpayers can access IRS Direct Pay, which walks the taxpayer through five simple steps. The steps include providing your tax information, verifying your identity, entering your payment information, reviewing and electronically signing and recording your online confirmation.

IRS Direct Pay offers 30-day advance payment scheduling, payment rescheduling or cancellations, and a payment status search. Future plans include an option for e-mailed payment confirmation, a Spanish version and one-time registration with a login and password to allow quick access on return visits.

IRS Offers Videos to Help Taxpayers Preparing to File in 2014
IR-2014-1, Jan. 3, 2014

WASHINGTON - The Internal Revenue Service is offering taxpayers a number of instructional YouTube videos to help prepare their taxes for the upcoming filing season, which begins on Jan. 31.

2013 Simplified option for claiming Home Office Deduction
IRS   15 Jan 2013    IR-2013-5

Revenue Procedure 2013-13 sets up a new safe-harbor option
     New for tax year 2013
     Maximum deduction of up to $1500
          $5 per square foot, up to 300 square feet
          No depreciation
          Mortgage interest and property taxes not used - can be fully taken on Schedule A

Here's a Detailed Comparison of the new vs old methods by the AICPA
Tim's Place
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Tax-Related Identity Theft
AICPA Insights     30 Aug 2013

Tax-related identity theft has surged over the last decade and while the Internal Revenue Service is working to address the issue, affected taxpayers may expect a delay in any refunds owed them. Tactics the agency is using include screening filters that prevent the processing of false returns and the issuance of identity theft PINs to theft victims. This post looks at how individuals fall victim to identity theft and steps to take if it does happen.
Various IRS pages:
    Latest News
    Tax Info for Armed Forces
    Tax Scams
    Tax Tips
    Taxpayer Bill of Rights
    Withholding Calculator
WebBuilder logo & link
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IRS Direct Pay
for individual taxes
Business Use of Home
archived webinar
WYSIWYG Web Builder
2017 Updates     All IRS current and archived news releases can be found HERE

2017 Standard Mileage Rates Lower than 2016
IRS Press Release IR-2016-169, Dec.13, 2016     Also see IRS Notice 2016-79

The Internal Revenue Service optional standard mileage rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
    53.5¢/mi. for business miles
    17¢/mi. for medical or moving purposes
    14¢/mi. driven in service of charitable organizations

The 2016 standard mileage rates were:
IRS Press Release IR-2015-137, Dec.17, 2015     Also see IRS Notice 2016-1
    54¢/mi. for business miles driven
    19¢/mi. driven for medical or moving purposes
    14¢/mi. driven in service of charitable organizations

The 2015 standard mileage rates were:
    57.5¢/mi. for business miles driven
    23¢/mi. driven for medical or moving purposes
    14¢/mi. driven in service of charitable organizations

The 2014 standard mileage rates were:
    56¢/mi. for business miles driven
    23.5¢/mi. driven for medical or moving purposes
    14¢/mi. driven in service of charitable organizations

The 2013 standard mileage rates were:
    56.5¢/mi. for business miles
    24¢/mi. for medical or moving purposes
    14¢/mi. driven in service of charitable organizations

A portion of the standard mileage deduction must be used to reduce a vehicle’s basis, as follows:
    25¢/mi. for 2017          22¢/mi. for 2014
    24¢/mi. for 2016          23¢/mi. for 2013
    24¢/mi. for 2015           

IRS 2017 Inflation-Related Adjustments
IRS 25 Oct 2016

The Internal Revenue Service has announced annual tax year 2017 inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2016.55 provides details about these annual adjustments.

Social Security 2017 Inflation-Related Adjustments
Social Security Administration   18 Oct 2016

    The Social Security Administration announced a cost-of-living increase for Social Security benefits of 0.3% that will take effect next year.
    The amount of earnings subject to Social Security taxes increases to $127,200 in 2017 from $118,500 in 2016.
    See other changes on the SSA Fact Sheet (or on the Social Security page of this website).

2016-2017 Travel Per Diems
IRS Notice 2016-58     &    Journal Of Accountancy   27 Sep 2016   &   AIPB General Ledger   Nov 2016 (quoted here)

The following rates are effective Oct. 1, 2016. 
(The rates for meals & incidentals is unchanged from the 2015-2016 year.)
Incidental expenses only: $5/day
Meals & Incidental Expenses:
    High-cost locale M&IE: $68
    Other locales M&IE: $57
Lodging, Meals, & Incidental Expenses combined:
    High-cost locales: $282/day (this includes $68 for meals)
    Other locales: $189/day (this includes $57 for meals)

Incidental expenses include:
    fees and tips to porters, baggage carriers and hotel staff.
    Those employees using the per diem rates may separately deduct or be reimbursed for
    transportation and mailing expenses.
Incidental expenses do not include:
    transportation between lodging or business and where meals are taken,
    or payment of employer-sponsored charge-card billings.

2017 Pension Plan Limitations
(mostly unchanged from 2016)

IRS   27 Oct 2016

IRS 2017 Withholding
IRS  website

The IRS 2017 Withholding Tables begin with instructions on page 43 of the 2017 Pub 15.  For other Employer Tax info, also see the 2017 Pub 15A.  For 2016 info see 2016 Pub 15.

New Ways To Save

The U.S. Treasury's Roth IRA
IRS  e-News for Payroll Professionals, issue 2015-4 dated 20 April 2015

Titled "my Retirement Account" (or "myRA"), it's a new retirement savings program that uses payroll deductions to fund a Roth IRA managed by the United States Department of Treasury.  Labled "a simple, safe and affordable retirement account for the millions of Americans who face barriers to saving for retirement", it's a single-fund investment guaranteed to not lose value and to earn the same interest rate as the government securities fund available to Federal employees.  Over the 10 years from December 2003 to Dec 2013, this fund had an average annual  return of 3.39%. 

Also see:
Welcome to Your myRA!
Top Questions About myRA
See Yourself Save For Retirement
See Yourself Saving With myRA

New Tax-Favored Savings Accounts For Disabled Taxpayers
Journal of Accountancy 16 Dec 2014

As part of the 2014 tax extender legislation, Congress approved the Achieving a Better Life Experience (ABLE) Act of 2014 (H.R. 647), which will allow disabled individuals to save money to pay for their disability expenses in tax-favored accounts, called ABLE accounts.

Compare Professional Accounting Software
Contact Tim email link
Forms W-2 & 1099

No Longer Available At IRS Taxpayer Assistance Centers
Connecticut Society of CPAs website, Dec 2015

Small Businesses Should Get Their Blank Wage and Tax Statements Forms Early

Don’t wait until the last minute to get blank Forms W-2, W-3 or 1099. The demand for paper tax products is declining because of an increase in e-filing and the availability of products online. Due to the decreased demand and printing and shipping costs, the IRS will no longer stock Forms W-2, W-3 and 1099 in Taxpayer Assistance Centers. The forms, which are used by small business owners, can be ordered online or by telephone and mailed directly to the taxpayer’s home or business address.

To order online, go to the IRS’ Online Ordering for Information Returns and Employer Returns website at: https://www.irs.gov/Businesses/Online-Ordering-for-Information-Returns-and-Employer-Returns.

To order by phone, call the IRS at: 1-800-829-3676.

The Social Security Administration also offers an online option to create and file electronic Forms W-2. File Forms W-2/W-2c and W-3/W-3c electronically by visiting the Social Security Administration’s Employer Reporting Instructions and Information website at: https://www.socialsecurity.gov/employer to create and file electronic fill-in versions of Forms W-2 and W-3.
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Other Info  

IRA, Defined Contribution Plan participants given option to purchase Longevity Annuities
Journal of Accountancy,  July 1 2014

Individuals with IRAs and defined contribution plan participants will be allowed to use IRA or plan funds to purchase longevity annuities under new rules issued by the Internal Revenue Service on Tuesday. Longevity annuities do not have to start distributions until the participant is 85 and are used as a hedge against the participant outliving his or her retirement savings. 
Read more

Tips for Employers Who Outsource Payroll Duties
IRS  9 Jul 2013     FS-2013-9

Many employers outsource their payroll and related tax duties to third-party payers.  Though most of these businesses provide very good service, there are, unfortunately, some who do not have their clients’ best interests at heart.  Employers who outsource this function are still legally responsible for any and all payroll taxes due.  See these IRS tips for Employers to protect themselves
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Excerpts: 2017 2016 2015 2014
__401k Contribution Limit $18,000 $18,000 $18,000 $17,500
__401k Catch-Up Limit (age 50-up) $6,000 $6,000 $6,000 $5,500
__IRA Contibution Limit $5,500 $5,500 $5,500 $5,500
__IRA Additional Catch-up Limit $1,000 $1,000 $1,000 $1,000
__IRA Contribution Phase-Out Ranges
____& other details
see IR-
  see IR-
  see IR-
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Identity Theft - Tax Related
IRS Updates
ObamaCare Issues
_IRS Website
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_GA Exchange
_Tool For Business Owners
New Ways To Save
Other Personal Tax Info
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