With the tax deadline quickly approaching, Lisa Greene-Lewis, CPA and TurboTax tax expert, outlines the biggest tax changes you need to know before filing.
Student loan interest deduction: While the maximum deduction of up to $2,500 hasn't changed from 2023, the income eligibility limits have. For tax year 2024, joint filers with MAGI up to $165,000 can claim the whole deduction, and joint filers with MAGI up to $195,000 can deduct a ...
Tax credits are subtracted from your tax bill, directly reducing how much you owe. There are several federal tax credits you might qualify for that could help you save thousands. However, most tax credits have fairly strict requirements, such as income c
For tax year 2022, single individuals can claim a standard deduction of $12,950, while those who are married can claim a standard deduction of $25,950. This is for federal income taxes.2 Illinois Income Tax Rate: 4.95% Thepersonal exemption allowedfor individuals is $2,425 per person, $...
Taking time to learn about key tax credits and deductions can help you save hundreds of dollars or more each year. Kimberly LankfordJan. 21, 2025 What to Know About TikTok If you rely on the platform for income and recognition, take action now to mitigate loss should it go awa...
The IRS has announced new tax brackets — in other words, new income ranges for each applicable tax rate — for the 2025 tax year, for taxes you’ll file in April 2026, or October 2026 if you file an extension. Brackets are adjusted each year forinflation. ...
The maximum credit is $15,950 per child for tax year 2023. While the credit is not refundable, any unused portion can be carried forward for up to five years. You'll need a modified adjusted gross income of $239,230 or less in 2023 to receive the full credit. Above that, the tax...
Tax Year 2019 Tax Year 2020 Tax Year 2021 Tax Year 2022 Tax Year 2022 Tax Year 2023 Tax Year 2024 Taxes for Prior Yearsadmin Feb 13, 2025 Why Revisiting Your Past Taxes Returns Could Put Money in Your Pocket At PriorTax, we’ve helped thousands of taxpayers discover overlooked tax deduc...
J.K. Lasser's Your Income Tax 2023: For Preparing Your 2022 Tax Return offers hands-on and practical advice for everyday people getting ready to file their taxes for the 2022 calendar year. You’ll find info about the latest changes to the 2022 tax code, worksheets and ...
27 January 2025 OECD Pillar Two: Information return updates released 20 January 2025 New VAT law effective as from 1 January 2026 2 January 2025 Year 2024 24 June 2024 Pillar Two: Consolidated commentary published NIA Releases Five New Measures to Facilitate Entries of Foreigners ...