It’s that time of year … the IRS announced tax brackets for 2025. Every fall, the IRS announces inflation adjusted tax brackets for the following year to protect us from inflation pushing us into a higher tax bracket. US inflation is lower than it’s been in three years and the IRS annual adjustment is smaller […]
In case you haven’t heard, there are some tax provisions set to expire in 2025 if Congress takes no action. August is upon us, and we have four months left in 2024. Take a look at what may expire and prepare accordingly. The Tax Cuts and Jobs Act (TCJA) of 2017, signed into law, is
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The deadline for filing a tax return is next month. If you’re filing on behalf of a relative or friend who has died, today’s post will address what to do if filing for a decedent. Knowing what to do and where to start is something I didn’t know when I had to file a tax
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It’s that time of year, time for tax prep! The IRS started accepting 2023 tax returns on January 29, 2024. I’m not an accountant, only a layperson who likes to submit my information in a timely manner! Situations are different – working or not? Self employed or not? In the spirit of keeping things as
The IRS has released income tax brackets and standard deductions for 2024. To plan ahead for what you’ll owe on your taxable income, here are the numbers. Photo by Tara Winstead: https://www.pexels.com/photo/folder-and-calculator-on-white-table-7111512/ Highlights The Details Per CNBC, here are the marginal tax brackets for 2024 Marginal tax brackets for tax year 2024 Married filing jointly
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This week, the IRS announced they are delaying implementation of a rule change that would have required more 1099-Ks to be issued to small businesses, gig workers and those with side hustles earning $600 or more. This is big news for all tax filers who receive business income for their goods and services via payment
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Are you aware of the Saver’s Credit you’re entitled to when you contribute to your IRA or employer-sponsored plan? Each year the IRS outlines who’s eligible, the amount you may contribute, and the Saver’s Credit you’ll receive. Sharing the specifics for the 2023 tax year from the IRS! Image by Nattanan Kanchanaprat from Pixabay Who’s
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How familiar are you with the term estate tax? Did you know that there can be both federal and state or inheritance estate tax in the US? Let’s look at what it means and how you may plan accordingly. The IRS defines estate tax as “the estate tax is a tax on your right to
The IRS rule update 10 February, 2023 impacting people in 21 states was released. As many of you are amidst preparing your taxes, I’m printing the full release below. Here is the link to the IRS site if you prefer to read it there: https://www.irs.gov/newsroom/irs-issues-guidance-on-state-tax-payments-to-help-taxpayers IR-2023-23, Feb. 10, 2023 WASHINGTON — The Internal Revenue Service
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It’s tax prep time! The US 2022 tax filing season is upon us. Let’s get you in the spirit and ready to file. Tips to Help You The IRS started accepting 2022 tax returns on January 23rd. The official deadline for individual tax returns is April 18, 2023 for most Americans. There are some exceptions
