Beware, Changes are Coming to Form W4
If you are employed, chances are you have filled out a W-4 form. Currently, employers are required to have all employees fill out a Form W-4 indicating their marital status and the number of withholding allowances they prefer. When an employer calculates an employee’s paycheck, the income taxes taken out of the paycheck are determined by the allowances claimed on the employee’s Form W-4. Seems simple, right? It’s about to get more complicated.
Read POSTIs an Idaho MSA Right for You?
Tax Free Medical Expenses with an Idaho medical Savings Account (MSA) Due to the ever-rising cost of medical care in the U.S., finding a tax-advantaged means of paying (or saving) for an inevitable health care related expense has become a top priority for many Idahoans. Fortunately, the state of Idaho offers Idaho Medical Savings Accounts (MSA) which allow for a number of benefits for all residents of the state. The MSA’s are similar to a standard savings account, and may be opened through any participating financial institution in Idaho for a small fee.
Read POSTFMLA Tax Credit
There is a new tax credit available to employers who provide paid family and medical leave to their employees under the Family Medical Leave Act. If you offer paid leave to your employees be sure to contact our office to make sure you are taking full advantage of this tax credit.
Read POSTIdaho Tax Withholding
The Idaho State Tax Commission has published a new Idaho specific Form W4 to assist taxpayers with updating their paycheck withholding. We recommend you complete this Form W4 and submit it to your employer’s payroll department. A copy of the Form W4 and instructions can be found here: https://tax.idaho.gov/i-2033.cfm
Read POST4th Quarter Estimated Tax Payments
The federal government may be closed, but they still want your quarterly tax payments. Reminder, 4th quarter estimated tax payments are due January 15. If you have any questions, don't hesitate to contact our office.
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