March 2019 Global Traveler

Page 25

wealth

TAX TIME

PHOTO: © TIAGO ESTIMA - DREAMSTIME.COM

The government shutdown took its toll on the IRS. AS WE ALL KNOW, the U.S. government shut down for 35 days earlier this year. As of this writing, another shutdown loomed. Because of the shutdown, the IRS has been short-staffed. Even though IRS workers were ordered to return to work, many continued to skip, claiming financial hardship due to not receiving a pay check, citing their inability to put gas in their car or pay for child care, among other reasons. They were to receive back pay upon returning to work. This tax season was already shaping up as a tough one due to the new tax laws enacted for 2018. The government shutdown exacerbated the situation. The new tax laws have had a ripple effect for a few different reasons. First, the withholding tables were changed; as a result, some groups estimate tax refunds will be more common, while others believe taxpayers will owe more this year. There have been discussions about lowering or abating the penalties for taxpayers who have not had enough tax dollars withheld due to the changing of the tax tables. Also, because of the tax law changes — and historically speaking — more incorrect tax returns will be filed, slowing the IRS’s ability to process tax returns. In addition, since the new tax laws were enacted so quickly, many tax professionals are still waiting for guidance, further slowing things down. Many cases were put on hold during the shutdown and now need to be resurrected. The amount of work to be done exceeds the number of workers who can do it quickly. It will make the IRS employees’ to-do lists rather lengthy. If you have a question for the IRS or an audit or issue that was to be worked on prior to the shutdown, it will take some time, and you may be on hold for lengthy periods before you can get your issue resolved. For those hoping or knowing they will receive a refund and looking for the best way to receive it expeditiously, take these two important steps. File your return electronically; while most taxpayers do this already, some still file with paper. If your tax return shows you are entitled to receive a refund, be sure to have it electronically deposited into your bank account. The tax laws are different for 2018, so if you are preparing your own return, be cognizant of the changes. If you have a professional assisting you, be sure to ask what, if anything, you should do differently in 2019. The content of this article is for informational purposes only. It is not intended to be a substitute for professional financial advice. Always seek the expertise of a certified financial advisor or other qualified provider with any questions you may have regarding personal finance, investment and money-related issues.

MARCH 2019

globaltravelerusa.com

25


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

Don't Ignore Joint Pain

3min
page 88

Leaps and Bounds

2min
page 86

Diversity in the Desert

1min
page 84

Polynesian Paradise

5min
pages 80-83

Work and Play in Italy

2min
page 78

Rock Stars

3min
pages 76-77

Ready for Discovery

5min
pages 72-75

Ready for Discovery

2min
pages 72-73

Belfast Revival

1min
page 70

Day and Night

2min
pages 68-69

French Finesse

3min
pages 66-67

Yankee Ingenuity

3min
pages 62-63

The Perfect Ski Resort

2min
page 61

State of Calm

3min
pages 56-58

Center Stage

3min
pages 52-53

A World of Wonders

5min
pages 48-50

All in the Family

2min
page 31

Back in the U.K.

2min
page 30

Island Bliss

3min
pages 28-29

The Great Unknown

2min
page 26

Tax Time

1min
page 25

Tasting Notes

1min
page 24

Jamie Rhee

3min
page 18
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.