Taxware Systems Client Benefit: Special Offer on TheTaxBook

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As a client of Taxware Systems you are entitled to receive 10-25% off all TheTaxBook products and free shipping year-round!

Excitement is in the air for the 2018 Tax Year! Your clients want to know how the changes in tax law affect their tax return and financial situation. TheTaxBook has three publications to help you understand and master all of the updated provisions from the Tax Cuts and Jobs Act!

When ordering, be sure to use Taxware’s Promo Code 785 to ensure you receive the negotiated discount.

Order at: www.thetaxbook.com/TaxwareSystems

Taxware Promo Code: 785

Taxware Systems clients receive 5 free services with any order from TheTaxBook:

  • Tax Industry News
  • Free Online Credit Hours
  • Tools for Tax Pros
  • Message Board
  • TheTaxBook Updates!

Tech Tips – Acknowledgements

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With the NextGen Wintax program, you can reprint and reprocess “rehang” your previously electronically filed acknowledgements whenever you may need them.

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A Comprehensive Look at EFINs and PTINs

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Electronic Filing Identification Numbers (EFINs):
An EFIN is a six digit number assigned by the IRS for identifying tax firms.
Anyone filing more than 10 returns in a tax year must do so electronically through their firm’s EFIN.

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Congratulations on a successful tax season!

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Congratulations! You made it!

The high pressure of an even more compact tax season has come to an end. All of us at Taxware Systems congratulate you on making it through and hopefully having a great tax season. The IRS made it interesting at the end with their servers going down on the last day but they are back up now and the systems should get caught up tonight with acknowledgements.

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Step-by-Step Instructions for Using the IRS Withholding Calculator

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The IRS encourages everyone to use the Withholding Calculator to perform a quick “paycheck checkup.”  This is even more important this year because of recent tax law changes.

Results from the calculator will include a recommendation of whether or not users should consider submitting a new Form W-4, Employee’s Withholding Allowance Certificate, to their employers. Before beginning, taxpayers should have a copy of their most recent pay stub and tax return.

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Don’t Fall for Scam Calls and Emails Posing as IRS

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It was last year about this time that I received more than one call from the someone claiming to be the IRS stating that I owed them money and I needed call an 800# to get it all cleared up.  It sounded so real I could see how anyone would believe it, and the fact that they called more than once I decided to get on the IRS.gov website and do a little research to make sure it wasn’t real. I knew in my gut they wouldn’t contact me that way but still I was appalled at the audacity of someone to execute this type of a scheme.

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Take the Mystery Out of Your Client’s Future Tax Return

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Tax Planning Tutorial

Some of the most common questions we are fielding this year are regarding the “The Tax Cuts and Jobs Act of 2017“ and how it affects the taxpayers taxes. It’s totally understandable as people are either excited or concerned about the unknown. To help you be able to answer some of these questions, King T. Dalton, CPA and Founder of Taxware Systems, Inc. wrote an article that is currently posted on our blog here. As more information is made available we plan on writing additional articles, so look for those in future newsletters and blog posts.

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Taxpayers Can Choose to Take Standard Deduction or Itemize for Tax Year 2017

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Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by choosing to  itemize when they file their 2017 tax return. Before making that decision, it’s a good idea to figure deductions using both methods and choose the method with the most benefit. The IRS offers the following tips to help taxpayers decide:

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Taxpayers with Expired ITINs Should Renew Now

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Taxpayers with Expired ITINs Should Renew Them Now to File Their 2017 Taxes

Taxpayers with an expired Individual Taxpayer Identification Number should renew it as soon as possible if they need to file a 2017 tax return. They can renew it by submitting a Form W-7. Tax returns with expired ITINs will face delays. Affected taxpayers may also lose out on key tax benefits until they renew their ITINs. It can take the IRS up to 11 weeks to complete an ITIN renewal during tax season.

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The Tax Cuts and Jobs Act of 2017

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By King T. Dalton, CPA and Founder of Taxware Systems, Inc.

This is a preliminary analysis of the new tax act that will affect 2018 tax returns, and is based on my understanding of the new law, which may need further clarification. The analysis is not intended to be complete, but to provide a guide to the significant changes. Taxware is working to update our Individual Tax Planning programming to incorporate the new law as much as possible.

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