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No Estimated Tax Penalty for 2018

The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two.The usual percentage threshold is 90 percent to avoid a penalty.

 

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What you should know about the new 2018 Tax law?
  • 1) Slightly lowers the Individual tax rates.
  • 2) Eliminates personal exemption.
  • 3) Higher standard deduction – A
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Child Tax Credit and important changes for 2018

Child Tax Credit (CTC) reduces the tax liability to IRS. It is an important credit that is worth as much as $2,000 per qualifying child.

Changes for 2018 tax year

Below are the changes based on the President Trump s

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Qualifying Business Income deduction

The new tax law introduced 20% pass through deduction for small business owners. This deduction is also called Sec 199 deduction. This is a significant tax benefit for many non-corporate businesses (Don’t forget that there is a sizable tax rate cut for C corporations as well — from a maximum graduated rate of 35% down to a flat 21% rate)

Who can get the Section 199 deduction?

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Qualified Plug-in Electric Drive Motor Vehicle Credit

You may be eligible to claim the credit for Qualified Plug-in Electric Drive Motor Vehicles if you purchased a new vehicle that runs on electricity.

Vehicles purchased after December 31, 2009 are qualified for the credit. If the vehicle satisfies the IRS minimum requirements, you can claim the credit to the maximum of

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