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Simplified Accounting & Business Services

IRS Tax Tip: Updated Withholding Calculator Reflects Changes in New Tax Law

3/27/2018

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IRS has a new tool to help taxpayers determine the appropriate amount of tax to withhold from their paychecks to reflect changes resulting from the tax bill passed late December 2017.

​It is highly recommended you run through this calculation so any adjustments to withholding amounts, up or down, can be submitted to your employer now.

​Many taxpayers are seeing a decrease in withholding, which results in a higher "take home" pay. 

Click on this link to learn more. Feel free to contact us if you have any questions.
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Unclaimed Property Holders in the State of Washington May Qualify for a Penalty and Interest Waiver

7/2/2017

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If you are a holder of unclaimed property, this applies to you!

​​Unclaimed property (also referred to as abandoned property) is money or intangible property owed to an individual or business. Property is considered unclaimed after it is held for a period of time with no owner contact, and a good faith effort has been made to locate the owner.

Holders of unclaimed property include financial institutions, corporations, business entities,  utility companies, insurance companies, and retailers. Examples of unclaimed property that you may be holding include funds in dormant savings and checking accounts, stocks, uncashed dividend, vendor or payroll checks, trust fund distributions, unredeemed gift certificates, customer overpayments, and security deposits.

​In the State of Washington, unclaimed property reports are due on November 1 of each year. Penalty and interest charges apply if reports are not timely filed. Electronic reporting and payment is now required.

If You Have Neglected To Report and Pay Unclaimed Property - Qualifying unclaimed property holders may get a waiver of penalty and interest for prior unreported periods if they report and pay outstanding unclaimed property prior to November 1, 2017. Refer to Washington Department of Revenue Special Notice for complete information on obtaining a waiver. 

Businesses holding unclaimed property may visit http://ucp.dor.wa.gov/ for guidelines on how to report and pay unclaimed property.

​On the flip side, YOU may wish to check to see if the State is holding money or property that belongs to you, a family member or a friend. Click here to start your search!
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2017-2018 FAFSA Changes

11/22/2016

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Do you have children who are college-bound or already pursuing post-secondary education? If so, this is for you.

​The U.S. Department of Education (DOE) is encouraging all students who plan to attend school between July 1, 2017 and June 30, 2018 to begin the Free Application for Federal Student Aid (FAFSA) process now.

The DOE recently announced that the 2017-2018 FAFSA launched on October 1, three months earlier than in previous years. Completing your FAFSA as soon as possible will help to maximize your financial aid eligibility.

​In addition, the 2017-2018 FAFSA asks for income and tax information from your 2015 return rather than an estimate of your 2016 return. This will help to speed up and simplify completion of the online application since most people have already filed their 2015 return. The process is further simplified by utilizing the IRS Data Retrieval Tool. It's fast, accurate and lessens the amount of paperwork that may be required by your school.

​Your state and school have already published their application deadlines which, in all likelihood, are earlier than the federal deadline. The FAFSA website has a link to state deadlines. You should contact your school financial aid office directly for school deadlines.

For more information or to complete and submit your FAFSA, visit www.fafsa.gov.
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    About the Author

    A former certified public accountant (CPA), Sharon Weathers has 30+ years of experience in both the public accounting arena and the private sector. Her experience ranges from basic bookkeeping and payroll to reporting and tax services for small to medium sized companies. She has a passion for working with local, small businesses and start-ups, women-owned businesses, not-for-profit entities, and those in need of guardianship accounting support.

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Simplified Accounting & Business Services, LLC  |  Sharon P. Weathers, Owner
Port Orchard, WA 98367  |  808-271-1283  |  sharon@simplifiedaccountingservices.com
Member,  American Institute of Professional Bookkeepers (AIPB)  |  Member, National Association of Certified Public Bookkeepers (NACPB)

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