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New Laws, Bigger Deductions: Changes For The 2024 Tax Season
Ready or not, the 2024 tax filing season is here. As of January 29, the IRS is accepting and processing tax returns for 2023. The agency expects more than 128 million returns to be filed before the...
View ArticleTax Statistics And Trends 2024
As consumers navigate the tax landscape, there may be some crucial questions they want answered or data they may be looking for. To help you better understand taxes, we’ve compiled data on the current...
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The IRS’s First-Time Penalty Abatement: What It Is And How To Get It
If the IRS has assessed a tax penalty on your account for the first time, don’t panic. You may qualify for a relief measure known as a first-time penalty abatement. Who Qualifies for the First-Time...
View ArticleBest Tax Software Of April 2024
Note: The deadline to file your 2023 tax return was Monday, April 15, 2024. When taxes are due, choosing good tax software can ease your burden. We tested and reviewed products from five of the top...
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The Solar Tax Credit: What It Is And How To Claim It
Adding solar panels to your home can save you money—not only on your utility bills, but also at tax time. That’s because installing solar panels is one of the energy-related upgrades that can make you...
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Tax Deductions And Credits You Can Claim For Tuition And Fees
College is an expensive undertaking. For the 2023-2024 year, the average cost of in-state tuition for a public four-year college is $11,260, according to the College Board. The number is significantly...
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2023-2024 Tax Brackets And Federal Income Tax Rates
Key Takeaways New income thresholds are in effect for 2023 and 2024 tax brackets. Your effective tax rate is the total amount of tax you pay divided by your taxable income. Deductions lower your...
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Time Is Running Out To Claim Your 2020 Recovery Rebate Tax Credit
Stimulus money is still available to some taxpayers who have yet to claim their 2020 recovery rebate tax credit—but they’ll have to act fast. If you didn’t file a 2020 federal tax return, you have...
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How To File A Tax Extension With The IRS
Millions of Americans request federal income tax extensions every year. About 10% of individual taxpayers submit valid tax extension forms during a typical tax season, according to the IRS. There are...
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The Tax Deadline Is Here. Make These Moves Before You File
If you haven’t yet filed your 2023 taxes, you’re almost out of time. The deadline to file individual income taxes was Monday, April 15, 2024. Though the clock is winding down—unless you file for a tax...
View ArticleTaxpayers Misled By Social Media File False Returns In Search Of Bigger...
Thousands of U.S. taxpayers have falsely claimed tax credits on their federal returns based on inaccurate tips in social media posts, the IRS has announced. The agency said the suspicious advice...
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