Summer 2019 Newsletter
June 17, 2019
Dear Clients & Friends:
School is letting out and the tourists are arriving, a definite sign that summer is upon us. If you get a free moment between the hustle and bustle of kid’s activities, vacations, and work, please take a few minutes to read the enclosed summer edition of our quarterly financial planner.
Once your 2018 tax return has been filed, you will have a better understanding of the effects of the new tax bill. As you may have heard on the news, some taxpayers ended up owing on their tax return when they typically received a refund. While the overall tax may not have changed, the withholding tax tables generated by the IRS were incorrect and less was withheld from paychecks throughout the year. You can correct the withholding from your paycheck or retirement by completing a W-4 for employees and W-4P for pension and annuity recipients. Adjusting your withholding throughout the year can ease the burden of owing taxes when it’s time to prepare your tax return. If you need assistance with the Form W-4 or Form W-4P or if you expect any changes to your tax situation, please contact us so we can help you plan accordingly.
While discussing the new tax law, did you know that most states did not adapt the federal tax bill changes? The state of Delaware is an example. We remind our clients to still keep track of their itemized deductions as they can be used on your state tax return.
Please remember that the IRS will never contact you by email or by phone. It is important to not give anyone claiming to be from the IRS any information over the phone or through email. You do not owe these callers an explanation, simply hang up if they say they are from the IRS or report the emails to your spam. Identity and tax theft scams are certainly evolving and so are their tactics to get information from you. Please call us if you have any concerns that you may have answered one of these phone calls or emails and given your personal information to them.
Important dates to remember for this quarter are June 17, July 31 and September 16. June 17 is the due date for the second installment of 2019 individual estimated tax, July 31 is the due date for filing 2018 retirement or employee benefit plan returns and September 16 is the due date for extending Corporate and Partnership tax returns and the third installment of estimated individual tax for 2019.
We are working faithfully to complete the tax returns we have on extension. If you have not dropped off your 2018 information, please do so as soon as possible. During the busy tax season, we sometimes forget to tell our clients how much we appreciate their patronage. We enjoy interacting and assisting you with your individual and business tax and financial needs. We appreciate any comments you have on the services we provide and welcome any referrals. If you haven’t already, please check out our website. We have recently made changes and welcome your feedback.
Starkey & Company, CPA’s