Prepare for the 2018 Tax Season

In 2018, many taxpayers’ withholding decreased where taxpayers experienced an increase in paychecks; however, this may cause an unexpected tax bill or a smaller refund in 2019. When preparing to file your taxes, get to know your options to ensure you are not surprised when tax season arrives.

Prepare for tax season:

  • Review your withholding.
  • Review the tax law.
  • Review your Individual Taxpayer Identification Number (ITIN).
  • Find the forms you need to file.
  • Look for resources available to you.
  • Perform a Paycheck Checkup to determine if adjusting your withholding could eliminate extra taxes you may owe this season:https://www.irs.gov/paycheck-checkup
  • Submit a new Form W-4, Employee’s Withholding Allowance Certificate: https://www.irs.gov/pub/irs-pdf/fw4p.pdf
  • Make additional estimated tax payments if your current income withholding does not cover the 2018 tax you owe by using the Form 1040-ES, Estimated Tax for Individuals worksheet to determine your estimated payments:https://www.irs.gov/forms-pubs/about-form-1040-es

When prepping for your refund and to determine if you will receive a smaller refund due to the new laws:

  • Evaluate your expected refund amount.
  • Review the Publication 5307, Tax Reform Basics for Individuals and Families for more information:https://www.irs.gov/pub/irs-pdf/p5307.pdf
  • Renew your ITIN and ensure it has not expired.

The 2018 Form 1040 has been redesigned and replaces the 1040A and 1040EZ forms. If you file electronically, you will be required to have your 2017 Adjusted Gross Income (AGI) to sign your return: https://www.irs.gov/e-file-providers/definition-of-adjusted-gross-income. If you use the same software you have used in previous years, you do not need to enter your 2017 AGI.

Learn more about taxpayer resources. Contact a Sourcewise Community Resource Specialist: (408) 350-3200, option 1.

Advocates for Long-Term Care Residents 

Living in a long-term care facility such as a nursing home may often not be the first choice for anyone. Some people have no other option but to live in a facility and for this reason, it is important that their rights are protected.   According to an article...

Recognize National Senior Citizens Day 

President Reagan declared August 21, 1988, to be the first National Senior Citizens Day. Since then, it has been celebrated on August 21 every year. This day was designated by the former president to honor the many senior citizens in the United States that have made...

Stay Safe from the Summer Heat  

Summer is here! While some people may love to have some fun in the sun, it is important to keep safety precautions in mind. Older adults, especially those with existing health problems, are at greater risk when facing high temperatures  Excessive heat can be dangerous...

Advanced Directives for Health Care Options 

An advanced directive often referred to as a “living will” or “health care power of attorney,” is a legal document providing guidance to medical professionals regarding the type of treatment one will allow in the event of a medical emergency when they may be unable to...

Respite Tips for Family Caregivers 

Being a family caregiver can be demanding and more stressful during the COVID-19 pandemic. In a recent article written by Gary Barg, Editor-in-Chief of Today’s Caregiver, he shares tips on how to achieve one day of COVID-19 safe respite per week for the rest of the...