As the 2024 primary season approaches, candidates from both political parties have started to outline their tax proposals. However, the details remain scarce and largely undefined. This article examines the tax plans of Florida Governor Ron DeSantis, former South Carolina Governor Nikki Haley, former President Donald Trump, and President Joe Biden. […]
The IRS has once again delayed implementing a new reporting rule that would significantly impact taxpayers receiving business income through payment apps and online marketplaces like Venmo, CashApp, Etsy, and Airbnb. Background of the Rule Change Originally part of the American Rescue Plan of 2021, the rule change aimed to lower […]
The Internal Revenue Service (IRS) has updated the rules for electric vehicle (EV) tax credits as of January 1, 2024, presenting a mix of limitations and benefits for consumers. Decreased Eligibility but Immediate Benefits The primary change is the reduction in the number of vehicles eligible for the federal tax credits, […]
Being self-employed means managing your own business and taxes, which can be a bit challenging but very rewarding. This article simplifies what you need to know about your tax responsibilities and how to file them, ensuring you stay compliant and potentially save money. Understanding Self-Employment Tax Self-employed individuals must pay self-employment […]
“Only about 1% of taxpayers are audited. What triggers an audit is generally something on the tax return that’s out of the ordinary,” he says. “For example, if you have a side business and file a Schedule C, the IRS will flag large losses, particularly if they offset other income. The […]
5 Easy Ways to Fight the Urge to Borrow Against Your Tax Refund Sometimes we need money as soon as possible but borrowing money is not always a good idea. Taking out a loan based on the money you’re expecting to get back from the government sounds harmless. Tax refund anticipation […]
IRS Budget Cuts May Make For A Nasty Tax Filing Season The Internal Revenue Service on Tuesday began accepting tax returns electronically, and paper returns will begin to be processed at the same time. In a statement, the IRS reminded taxpayers that filing electronically is the most accurate way to file […]
Learn how federal tax law changes could impact your tax return in 2010 and beyond. Many of the tax breaks in recent tax-relief bills were designed to be phased in over a number of years, or are indexed to inflation. To help you determine how these tax laws affect your long-term […]
The IRS plans to start processing 2015 tax refunds on Jan. 20, 2015. If you’re expecting a 2015 tax refund, every day you wait to file is another day you have to wait to get back money that’s rightfully yours. 2015 Tax Refund Schedule Basics There are two main factors that […]
Tax season opens in a few days. The Internal Revenue Service expects to process nearly 150 million individual tax returns by the time tax season wraps. Will you be filing one of those returns? And more important, do you need to? For the 2015 tax season, you’ll report the income that you […]