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. ...
Tax rules are different every year, but 2023 saw a few significant changes that you don't want to ignore. CPA and TurboTax expert Lisa Greene-Lewis highlights some of the more important ones. Watch the video above or read the transcript below. Video transcript: Tracy Byrnes: Well, as the...
As the UK election draws nearer, the Chancellor has introduced a swathe of changes for the new tax year in April 2024. Many of these will impact small business owners and the self-employed, and require you to review your tax affairs quickly. This article assesses all the changes and initiat...
New rules and tax changes for 2024 Don’t worry — you won’t need to have a tax law degree to follow what changes could affect you this tax year. Instead, check out the situations below and see what’s relevant to your life.
New year, new tax changes: Bush-era rates rise for single incomes over $400,000; capital gains tax jumps for high earnersNervousness over the potential of falling off the oft-publicized "fiscal cliff" was averted when the American Taxpayer Relief...
Estate tax limit The estates of wealthy Americans will also get a bigger break in 2023. The IRS will exempt up to $12.92 million from the estate tax in the current tax year, up from $12.06 million for people who died in 2022 — an increase of 7.1%. ...
The Massachusetts minimum wageis increasingto start 2023, and there are other changes coming for workers in the new year. The minimum wage will be $15 an hour starting January 1, up from $14.25. The service rate will go from $6.15 an hour to $6.75. ...
Changes to the law and adjustments for inflation can affect the tax deductions you can claim from one year to the next. In many cases, that’s good news. For example, a tax deduction might be larger after an inflation adjustment. You might also be able to claim a deduc...
Or if you’re kind of a tax nerd like me, you might take some pleasure in breaking down the tables and watching the software do its thing. In either case, here are the tax law changes that apply to the 2022 tax year. Please note, these are the changes that affect the taxes you wi...
The start of a new tax year presents your practice with an opportunity to set the stage for success. From embracing automation and optimising workflows to staying abreast of legislation changes, there are a number of ways to position your practice for its most successful year yet. ...