101°F
weather icon Clear

IRS offers advice to avoid tax surprises

The Internal Revenue Service encourages taxpayers who typically itemized their deductions on Schedule A of the Form 1040 to use the Withholding Calculator this year to perform a “paycheck checkup.”

People who have itemized before may be affected by changes from the Tax Cuts and Jobs Act. Taxpayers who itemize should use the IRS Withholding Calculator at irs.gov to make sure their employers are withholding the appropriate amount of tax from their paychecks for their financial situation, the IRS said.

The law changes are effective in 2018 and affect the tax returns taxpayers will file in 2019. The new law makes a number of major changes, including:

■ Limiting the deductions for state and local taxes

■ Limiting the deduction for home mortgage interest in certain cases

■ Excluding deductions for employee business expenses, tax preparation fees and investment expenses, including investment management fees, safe deposit box fees and investment expenses from pass-through entities

The Tax Cuts and Jobs Act nearly doubled standard deductions and changed several itemized deductions.

Having too little tax withheld could result in an unexpected tax bill or penalty at tax time in 2019. Adjusting withholding after a “paycheck checkup” can also prevent employees from having too much tax withheld. With the average refund topping $2,800, some taxpayers might prefer to have less tax withheld up front and receive more in their paychecks.

Don't miss the big stories. Like us on Facebook.
THE LATEST
Pahrump fireworks show will delay Highway 160 project

Just a week before a major improvement project for Pahrump’s main highway begins, Nevada Department of Transportation officials say the project will be postponed until July 11.

Map shows 246 homes planned for Pahrump’s Beckham Heights

The residential subdivision will provide four unique floor plans. The homes range in size from 2,078 square feet to 3,030 square feet, three of the models are two-story and one is a single-story, according to project plans.

Ellie Wilshusen takes the crown at Ms. Senior Golden Years Pageant

Feathered headdresses, ropes of pearls and the flash of a sequins were on full display during the 2022 Ms. Senior Golden Years USA Pageant, where the contestants embraced their inner flapper for this year’s theme, “The Roaring ‘20s.”

Motorsports facility hosting Thursday job fair

Spring Mountain Motor Resort Country Club will be holding a job fair on Thursday, June 23, from 9-10:30 a.m.

How you can join Pahrump’s 4th of July Parade

Pahrump is well-known as a patriotic town and there is no better time for area businesses and organizations to show their patriotic spirit than during the Fourth of July Parade.