Did you miss the due date?

Did you miss the due date? If you make estimated tax payments, be aware that April 15 isn’t just the 2024 tax filing deadline. It’s also the deadline for the first estimated tax payment for 2025. Estimated tax payments are generally made by self-employed people, retirees, investors, businesses and others who don’t have taxes withheld […]

Bill advancing includes no tax on tips, overtime and Social Security

On April 5, the U.S. Senate voted 52-48 to approve a budget blueprint that allows them to take the next step in moving President Trump’s “one big, beautiful bill” forward. The resolution now heads to the U.S. House for consideration. The big bill Republicans hope to pass would extend many provisions in the Tax Cuts […]

Disaster relief bill moves to Senate

Two bills that recently passed unanimously in the U.S. House are intended to make it easier for victims of disasters to obtain tax relief. H.R. 517 would enable the IRS to grant federal tax relief to affected taxpayers as soon as governors of states declare a state of emergency. Currently, the IRS must wait until […]

Migration to electronic payments begins with executive order

President Trump has announced that the IRS (and all other federal agencies) must soon stop accepting and issuing paper checks and money orders. His March 25, 2025, executive order calls for a migration to electronic payments by Sept. 30, 2025, (with limited exceptions). The IRS has long encouraged taxpayers to pay electronically for faster, more […]

Living abroad? When is my tax return due?

Taxpayers living and working abroad have until June 16, 2025, to file their 2024 income tax returns and pay any tax due. This deadline applies to U.S. citizens and resident aliens, including those with dual citizenship. It includes those in the military on duty outside the United States. These individuals generally are allowed a two-month […]

New baseline tariff announced

President Donald Trump has announced a new 10% baseline tariff on all goods imported into the United States. In addition, he announced custom tariffs of up to 49% on more than 50 countries. For example, there’s a new 20% tariff on imports from the European Union and a new 46% tariff on Vietnam. As part […]

Are you eligible for the Child Tax Credit?

If you have a dependent who doesn’t meet the criteria for the Child Tax Credit, you may qualify for the Credit for Other Dependents. The $500 nonrefundable credit can be claimed for eligible dependents of any age. This includes college students, parents you support financially and unrelated people who live with you. The dependent must […]

Employer provided childcare

Are you an employer seeking ways to attract and retain top talent? The IRS Taxpayer Advocate Service (TAS) recently highlighted a tax-smart strategy for employers that provide childcare services to their staff members. They may qualify for a credit of up to $150,000. Qualifying expenditures include the purchase, construction, expansion, or rehabilitation of a childcare […]

Can Tariffs replace income tax?

President Trump has talked about bringing jobs back to the U.S. and replacing income tax revenue with foreign tariffs. However, income tax revenues average approximately $2 trillion annually, while the U.S. imports about $4 trillion in goods. This means that tariffs would need to be high or imports would need to increase significantly. The nonprofit […]

Happy Birthday to the EITC

Happy 50th birthday to the Earned Income Tax Credit (EITC)! The credit became effective in 1975 when President Ford signed it into law (as part of the Tax Reduction Act) to provide financial assistance to working families. Then, the maximum EITC amount was $400. In 2024, eligible taxpayers can claim a credit of up to […]