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TAX ALERT – COLA, Updates and Useful Information From the IRS

The IRS website (https://www.irs.gov/) provides useful information as we approach a new tax year.  Recent updates include:

 

Updated Mileage rates: https://www.irs.gov/newsroom/irs-updates-guidance-for-deductible-business-charitable-medical-and-moving-expenses

Tax inflated tax rate schedules, standard deductions, earned income credits https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2020

Increase in 401(k) contribution limit and catch-up limit https://www.irs.gov/newsroom/401k-contribution-limit-increases-to-19500-for-2020-catch-up-limit-rises-to-6500

New estimator tool available to calculate withholding and income taxes for those with:

Social Security and pension payments, https://www.irs.gov/newsroom/tax-withholding-estimator-helps-retirees-figures-tax-on-social-security-benefits

Self-employment income,  https://www.irs.gov/newsroom/new-irs-tax-withholding-estimator-helps-workers-with-self-employment-income

And a salary https://www.irs.gov/newsroom/irs-launches-new-tax-withholding-estimator-redesigned-online-tool-makes-it-easier-to-do-a-paycheck-checkup

List of chronic conditions added to list of preventative care benefits under a high deductible plan https://www.irs.gov/newsroom/irs-expands-list-of-preventive-care-for-hsa-participants-to-include-certain-care-for-chronic-conditions

Check the status of your refund (you will need the amount to input) https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

And apply for an employer identification number https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

 

The website provides relevant information in a limited format.  After viewing the website, you may have additional questions.  We are available to you for tax-related questions.