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

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 […]

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

What’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. […]

IRS 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 […]

Tax 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 […]

IRS 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year 2024 spending proposal, a portion of IRS funding initially provided by the Inflation Reduction Act (IRA) may be rescinded sooner than first announced.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. […]

New E-Filing threshold in effect for 2024

The IRS is reminding businesses required to file information returns of a significant rule change that went into effect on Jan. 1: The threshold for electronically filing most information returns dropped from 250 to 10. Before the new rule, only businesses filing 250 or more information returns were required to do so electronically. Notably, the […]

IRS: Taxpayers may avoid a surprise tax bill by making a quarterly payment by Jan. 16 – CNBC https://bit.ly/47yQlX1

Congress nears deal on expanded child tax credit

Congress nears deal on expanded child tax credit – The Washington Post https://bit.ly/3u1vqhr