Finally, if you have one or more kids, they have to qualify too for you to receive a larger credit. If you pass all these tests, you could get a credit of as much as $7,830 for 2024, or $7,430 for 2023, depending on your income and the number of children you have. Once you...
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Filing taxes might not be at the top of your to-do list each spring, but you should strongly consider it if you earn income—no matter how much or how little.
The IRS can automatically make corrections for math errors, but for other mistakes, you may receive a notice in the mail requesting the missing information. For example, maybe you just forgot to sign the last page of your return, failed to attach your W-2 or mailed the retu...
There are several things you can do if you receive a notice. Calm down and read it carefully. Not all IRS notices relate to tax audits.
The IRS has restrictive guidelines for determining who needs to file, which means even if you don't owe, you may still have to submit a tax return.
Address Discrepancies: If there are discrepancies between your records and the income reported on Form 1099-K, or if you receive a Form 1099-K in error (for example, for personal transactions that are not taxable), you should try to contact the issuer of the form. If y...
According to the U.S. Department of Justice, millions of Americans fall victim to identity theft each year. When it comes to taxes, the identity thief targets refunds from fraudulent tax returns filed with your personal information. You may remain unawar
There are many tax incentives for owning a home. But how do you designate a primary residence when you own more than one home? Watch this video to find out.
Working on commission means that people are paid based on their performance. In this case, an employee might receive a very small salary while the bulk of their income would come from commissions generated from the amount of business they generate for the firm. The question arises, who is res...