Taxpayerswho qualify for theEarned Income Tax Credit(EITC) will also see increases, the IRS said. The maximum credit amount for qualifying taxpayers who have three or more qualifying children will be $7,830 for 2024, up from $7,430 for tax year 2023....
If you own your own business, freelance or have a side hustle, you're likely no stranger to1099 tax forms. You may have received a 1099-NEC (the IRS's nonemployee compensation form) from companies you've previously worked with. A 1099-K is similar, but instead...
As of February 16, the average tax refund is $3,207, the IRS said in itslatest tax seasonupdate. That's 2.1% higher than the same period a year ago. The bigger average refund marks a reversal from the dip that the typical taxpayer experienced in 2023, when refunds were 3% lower due ...
[2023 Tax Season Update] The IRS has announced that they will be delaying the introduction of the new $600 reporting threshold for 1099-K forms. This was to be introduced this tax season. This means the existing $20,000 and 200 transactions thresholds will remain in place through the curr...
Tax season is just around the corner, and staying ahead of the deadlines is key to a stress-free filing experience. Knowing when to file can save you from penalties, interest, and last-minute headaches, whether you're an individual taxpayer, self-employed professional, or business owner....
In fiscal 2023, the IRS closed nearly 583,000 tax return audits, resulting in $31.9 billion in recommended additional tax, according to thelatest Databook. For all returns filed between 2013 and 2021, the IRS examined 0.44% of individual returns and 0.74% of corporate returns as of the ...
*AskTaxMama Newsletter,IRS News TaxMama® Tax Update 2022-2023 – IPASS Posted onNovember 4, 2022byTaxMama TITLE: TaxMama® Tax Update 2022-2023 Subtitle: Summarizing the many Tax Acts related to 2022 – including 2022 and 2023 data for tax preparation and planning Speaker: Eva Rosenberg...
Daily Tax Update: IRS, States Partner To Combat Abusive Tax Avoidance Transactions.Kinney, Jan
The 2023 Dirty Dozen was made up of these tax scams to watch out for:Abuse and false claim of the Employee Retention Credit Email and text message scams for tricking people into handing over personal information - see details on phishing and smishing scams below Fake or fabricated help setting...
Daily Tax Update: IRS Issues Two Revenue Rulings on Corporate Indebtedness.(Internal Revenue Service, United States)Kinney, Ms Jan