IRS officials have warned taxpayers to avoid promoters of fraudulent tax schemes involving donations of ownership interests in closely held businesses, sometimes marketed as “Charitable LLCs.” These promotions often target higher-income filers and are considered abusive transactions by the IRS. While taxpayers can properly deduct donations of closely held business interests, unscrupulous promoters sometimes lure
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Low- and moderate-income taxpayers can save for retirement now and possibly earn a tax credit in 2025 and future years thanks to the Retirement Savings Contributions Credit, also known as the Saver’s Credit. This credit can help offset a portion of the first $2,000 ($4,000 if married filing jointly) you voluntarily contribute to Individual Retirement
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If you’d like to avoid surprises next year at tax time, consider doing an end-of-summer tax update and make any tax withholding or payment updates that are necessary. While most people get a refund after filing their taxes, many also find they unexpectedly owe taxes. This is often due to a life or job change
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With the new school year upon us, teachers should remember that they may be eligible to deduct up to $300 for classroom expenses in 2024. This deduction allows educators to offset the cost of supplies, materials and other classroom essentials, providing some financial relief for those who spend their own money to improve their students’
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Many parts of the country are approaching peak air conditioning season, which often means higher utilities. If your utility bill has recently caught your attention, you may be considering home improvements to lower those bills. Luckily there are tax credits availble that are meant to encourage people to make energy efficient home improvements. With the
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Summer wedding season has arrived, and newlyweds can make their tax filing easier by doing a few things now. Your marital status as of December 31 determines your tax filing options for the entire year, but that’s not all newlyweds need to know. Report a name change If you or your spouse are changing a
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It seems like “side hustles” are all the rage these days. But come tax day, the tax treatment of these endeavors can be a big question mark — especially since these often aren’t the primary source of income for those who take part in them. Hobbies and businesses are treated differently when it comes to
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With summer on our doorstep, the thoughts of many people go to home improvements that should be done now that the weather is improving. If this sounds like you, you should be aware that certain energy efficient updates to your home could qualify you for home energy credits. What you need to know You can
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If you missed the April tax filing and payment deadline, you should file as soon as you can. If you missed the deadline to file and owe taxes, you need to file quickly to minimize penalties and interest. And keep in mind that payments were still due by the April 15 deadline, even if you
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The Earned Income Tax Credit (EITC) is the federal government’s largest refundable tax credit for low to moderate income workers. Almost a third of those who qualify for the EITC became eligible for the first time this year due to changes in their marital, parental or financial status and may not realize they’re eligible. If
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