Written by a TurboTax Expert • Reviewed by a TurboTax CPAUpdated for Tax Year 2023 •January 8, 2025 6:41 AM Before you finish your taxes, make sure you know about some important changes that can affect you. Lisa Greene-Lewis, CPA and TurboTax expert, explains. ...
The IRS has adjusted tax brackets and dozens of other provisions for inflation. Here's how that will impact your taxes.
Updated on: October 24, 2023 / 4:31 PM EDT / MoneyWatch Some taxpayers may get a break next year on their taxes thanks to the annual inflation adjustment of tax brackets set by the IRS.The tax agency hasn't yet announced the new brackets for 2024, but that is likely to come within...
Higher federal income tax brackets and standard deductions are now in effect, potentially giving Americans a chance to increase their take-home pay in 2023 and shield more of their income from the Internal Revenue Service. The IRS announced the higher limits for thefederal income tax ...
The revision is in response to increasing scrutiny from Senate Finance Committee members and others about the tax-exempt status of college sports, tax-free tuition benefits for college employees and certain endowment practices. Among the changes include a 10-page document that all nonprofit ...
New W-4 form 2025: ChangesSo, what’s new with the 2025 W-4 form? Not a whole lot. But, there are a few changes you should know about:More information about the IRS tax withholding estimator for workers who have self-employment income (or if their spouse has self-employment income) ...
Other IRS tax changes The Internal Revenue Service (IRS) makes updates to common tax provisions and procedures for various reasons. One annual change is to ensure that certain parts of the tax code keep up with inflation. And, aside from new laws, there are other adjustments and tax process...
The IRS announced that, because of the big Christmas storm that affected a lot of parts of New York State, they are pushing the tax due-date back to May 15, 2023, for affected areas. In addition, The IRS will waive the usual fees and requests for copies of previously filed tax returns...
While there are no new tax deductions for 2024, there’s still a handful of changes to 2024 tax deductions stemming from the IRS’s annualadjustments to account for inflation. These adjustments are good for taxpayers, because they increase the value of several tax breaks and/...
The IRS on Monday released the updated tax brackets for the 2021 filing season, which have been modified to reflect inflation.