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Wednesday September 18, 2019

Advisor Resources
Advisor Resources
We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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Making Correct Quarterly Estimated Tax Payments
Washington News
In IR-2019-152, the Service reminded certain taxpayers the third quarter estimated tax payment is due on September 16, 2019. The fourth quarter's estimated tax payment for tax year 2019 will be due on January 15, 2020. Most investors, self-employed individuals and workers in the sharing economy do not have wage withholding, but instead must make quarterly estimated tax payments. The IRS explained, "The Tax Cuts and Jobs Act (TCJA), enacted in December 2017, fundamentally changed the way tax is calculated for most taxpayers, including those with income not subject to withholding." Most of these individuals have interest, dividends, capital gains, rental income or other types of taxable income. If you have substantial income, you may avoid an underpayment penalty by owing less than $1,000 in added tax for the year or (for most taxpayers) paying 90% or more of your 2019 tax obligation. Another option is to pay 100% of the tax due on last year's tax return (110% for taxpayers with adjusted gross income over $150,000). Many taxpayers file IRS form 1040 ES (Estimated Tax for Individuals) by mail. A Form 1040 ES sent through the U.S. Mail must be postmarked prior to the payment due date. Another payment option is a credit card charge through PayUSATax.com, OfficialPayments.com or PAY1040.com. You can enroll in the Electronic Federal Tax Payment System (EFTPS) on...
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Charitable Tax Reference
GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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Deduction Calculator
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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Case of the Week
Jim Thompson, a retired engineer, and his wife Janet Thompson, a retired nurse, are currently considering funding a term-of-years charitable remainder unitrust with an arts charity. The charity is...
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Private Letter Ruling
Foundation was established as a trust. Foundation is a Sec. 501(c)(3) and is the sole member of Corporation. Foundation requested approval from the Service to be treated as a single entity with...
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Article of the Month
The Internal Revenue Service requires donors who claim charitable income tax deductions to substantiate the value of their charitable contributions. Some donors may not understand the specific...
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