Lower My Tax Now Blog

FBAR filing due soon

The IRS and the Treasury Department are getting increasingly interested in U.S. citizens who maintain foreign bank, savings, and investment accounts. If you have any foreign investments, there’s an approaching reporting requirement that you should be aware of.

You are required to file “Treasury Department Form 90-22.1,” the “Report of…

Check your 2013 tax withholding

If you have a sizable refund of your 2012 taxes, it may be time for you to check your withholding. After all, when you overpay your taxes, you?re making an interest-free loan to the government.

Reducing your withholding is as simple as filing a new Form W-4 with your employer….

New withholding obligation for employers

The Medicare tax on earned income increases this year for individuals earning more than $200,000 and married couples earning more than $250,000. The tax on earnings above these thresholds will increase from 1.45% to 2.35%. This tax increase will also apply to self-employment income exceeding the threshold amounts.

Employers are…

IRS announces second quarter interest rates

Interest rates charged by the IRS on underpaid taxes and paid by the IRS on tax overpayments will remain the same for the second quarter of 2013 (April 1 through June 30). Therefore, for the first six months of 2013, the rates will be the following for individuals and…