The Tax Relief for American Families and Workers Act of 2024
The Tax Relief for American Families and Workers Act of 2024 – Wolters Kluwer https://bit.ly/42mNjEt
Read More The Tax Relief for American Families and Workers Act of 2024Month: January 2024
How secure is your tax data?
How secure is private tax data following a “historic leak of taxpayer information” over three years ago? That’s the focus of a letter sent by U.S. House Ways and Means Committee Chair Jason Smith (R-MO) to IRS Commissioner Danny Werfel. Two leaks by an IRS contractor exposed tax data of former President Donald Trump and […]
Read More How secure is your tax data?How much of my Social Security is taxable? It varies by state
How much of my Social Security is taxable? It varies by state – USA TODAY https://bit.ly/3vG3q3y
Read More How much of my Social Security is taxable? It varies by stateWhat’s the difference between a deduction and a credit?
One of the most common misunderstandings about filing an income tax return is the difference between deductions and credits. Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can either take the standard deduction or itemize deductions if it will reduce your taxable income more. […]
Read More What’s the difference between a deduction and a credit?Congress has a deal to expand the Child Tax Credit
Congress has a deal to expand the Child Tax Credit. Here’s who would benefit. – CBS News https://bit.ly/3S19yuK
Read More Congress has a deal to expand the Child Tax CreditIRS reminds taxpayers about account options
Now that Jan. 29 has been announced as the start of the 2024 tax season, the IRS is reminding taxpayers about free tools that can make filing easier. It strongly encourages taxpayers to set up accounts at irs.gov/account to file, make payments, monitor the status of refunds, manage tax records and electronically sign power of […]
Read More IRS reminds taxpayers about account optionsThe kiddie tax could affect your children until they’re young adults
The so-called “kiddie tax” can cause some of a child’s unearned income to be taxed at the parent’s higher marginal federal income tax rates instead of at the usually much lower rates that a child would otherwise pay. For purposes of this federal income tax provision, a “child” can be up to 23 years old. […]
Read More The kiddie tax could affect your children until they’re young adultsTax Season opening day set by IRS
Mark your calendar for Jan. 29! The IRS announced that’s the date the 2024 tax season opens, meaning it’s the first day the tax agency will accept tax returns. It expects more than 128.7 million individual tax returns to be filed by the April 15 tax deadline. The agency recommends taxpayers file electronically with direct […]
Read More Tax Season opening day set by IRSDoes your business have employees who get tips? You may qualify for a tax credit
If you’re an employer with a business where tipping is routine when providing food and beverages, you may qualify for a federal tax credit involving the Social Security and Medicare (FICA) taxes that you pay on your employees’ tip income. Credit fundamentals The FICA credit applies to tips that your staff members receive from customers […]
Read More Does your business have employees who get tips? You may qualify for a tax creditIRS funding may be reduced in proposed 2024 spending proposal
Under a recently announced bipartisan fiscal year 2024 spending proposal, a portion of IRS funding initially provided by the Inflation Reduction Act (IRA) may be rescinded sooner than first announced. The IRA provided the IRS $80 billion in new funding. Subsequent legislation has chipped away at that amount. The Fiscal Responsibility Act cut $1.4 billion. […]
Read More IRS funding may be reduced in proposed 2024 spending proposal
Our Blog 