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Making a mistake on your tax return isn't as big a deal as you might think. The IRS allows you to file an amended tax return to correct any errors you may have made, including missed tax deductions. If you made a mistake or missed something on your lates
How to calculate your marginal tax rate How to reduce taxable income 2021-2023 tax brackets and rates Tax season is here — do you know how to find your tax bracket? In the U.S., your tax rate is tied to which bracket you fall into, based on your taxable income and filing status....
Learn more about the latest tax news from the IRS with these posts from PriorTax. Our team focuses on the news that is important to you.
2025’s inflation-adjusted tax brackets will keep some taxpayers from being bumped to a higher rate Tuesday, October 22, 2024 Sometimes you can feel like you’re in over your head when it comes to all the annual tax changes. Well, the ol’ blog is here to be your life preserver, ...
On the flip side, there have been few favorable changes to the U.S. citizen and lawful permanent resident (“LPR”) living outside the U.S. over these 25 years. The most favorable developments have come in the last year or so. Importantly, the U.S. Supreme Court rejected the IRS int...
It was supposed to go out years earlier to sellers who made $600 or more. That was a change made in the American Rescue Plan Act (ARPA) of 2021 from the $20,000 in sales and 200 transactions trigger to issue the form. All income you make, even if you don’t... Read more → ...
Chinese central and local governments recently announced a series of automotive consumption stimulus packages to boost car demand, including a cut in the vehicle purchase tax to 5 percent from 10 percent, effective from June to December 2022, aiming to keep a key market growing as the broader ec...
The two EITC changes below are permanent: People who otherwise would be eligible for the EITC but whose children do not have Social Security numbers will be permitted to claim the version of the credit meant for childless households. The investment income limit for 2021 was raised from $3,650...
The 2024 federal tax brackets apply to your income from 2024, which you’ll report on the tax return that’s due in April 2025, or October 2025 with an extension. (It’s crucial to keep an eye on tax deadlines, especially if you owe money to the IRS.)For 2024 taxes due in 2025,...