If you are married and decide to file your taxes jointly (which is necessary to get personal credit), the income for a couple with no qualifying children must not exceed $25,511 for 2024 ($26,214 in 2025). If they do have qualifying children, then the numbers change and are as follow...
Direct File is the IRS free tax preparation software program that qualified users can access to prepare and file their federal income taxes. Erica SandbergApril 8, 2025 Lifetime Learning Credit Tax Break Here's how to take advantage of this flexible tax credit for education that's...
You file as married filing separately and your wages exceed $125,000 or you file married filing jointly and your combined wages exceed $250,000. Direct File can be used to claim theEarned Income Tax CreditandChild Tax Credit, but not much else. You also can't itemize deductions or report...
When married to a foreign spouse, you must either file under married filing jointly or married filing separately. If filing jointly, it is important to also determine the amount of your own and your spouse's foreign income (if any), as well as your own a
That’s where I come in. I’m a Navy Veteran, Accredited Financial Counselor, and IRS Enrolled Agent with more than a decade of experience in tax planning and preparation. My goal is to help you file your own taxes like a pro.
Claiming dependents can help you save thousands of dollars on your taxes each year. Find out who may qualify as our dependents. Read full article MARRIAGE Should You and Your Spouse File Taxes Jointly or Separately? The IRS strongly encourages most couples to file joint tax returns by extending...
Married couples filing jointly: $250,000 Married filing separately: $125,000 All other filing statuses: $200,000 Since there’s no limit to this additional Medicare tax, you’ll continue to pay this self-employment tax regardless of your income. What taxes do I pay when self-employed? Brok...
One of the biggest reasons to file as soon as possible is to avoid tax fraud. Maryalene LaPonsieMarch 18, 2025 What to Do if You Can't Pay Your Taxes As long as you make some sort of effort to report and pay your taxes, you're not likely to get into criminal trouble. ...
Most married couples will come out ahead by filing jointly, but filing separately may be the better choice for some. Kimberly LankfordandJessica WalrackMarch 24, 2025 Can I Use AI to File My Taxes? AI can now help you file your taxes, but it's not foolproof. ...
Self-employed individuals are required to make quarterly tax payments, which are due on April 15, June 15, Sept. 15, and Jan. 15 of each year.6 Deducting Self-Employment Taxes There are two deductions related to income tax that can lower your taxes if you're self-employed. The IRS lets...