You may have heard about new tax law that trigger a tax form if you receive more than $600 from any one of these types of platforms. While this rule was put on hold for 2022 and 2023 taxes, a transition threshold of $5,000 is expected to apply for 2024 taxes (2025 filing season)...
But Social Security beneficiaries may get hit with higher taxes, Jaeger warned. That's because the threshold above which retirees must pay taxes on their Social Security isn't adjusted for inflation, remaining at a level thathasn't changed since 1984. When will I get my tax refund? The IRS...
This overview on whether you need to file a tax return (i.e. the minimum income when you are required to file taxes) has been updated for the 2025 tax season (for 2024 tax year filing).As thetax start dateand inevitabletax deadlinesapproach, I wanted to share something that may come a...
For tax year 2023, the child tax credit provides $2,000 per child and does not adjust with inflation. Up to $1,600 of this credit is potentially refundable when filing your taxes in 2024 if you qualify for the additional child tax credit. In 2023, the maximum Earned Income Tax Credit ...
Long-term capital gains tax rates for the 2024 tax year FILING STATUS0% RATE15% RATE20% RATE SingleUp to $47,025$47,026 – $518,900Over $518,900 Married filing jointlyUp to $94,050$94,051 – $583,750Over $583,750 Married filing separatelyUp to $47,025$47,026 – $291,850Over...
However, even if your child earns less than this threshold, it may be a good idea to file a tax return for them. They could be eligible for a tax refund if they had income tax withheld form their paycheck. Regardless of the amount of income your dependent child earns, their Standard De...
The IRS is currently planning for a threshold of $5,000 for tax year 2024 (the taxes you file in 2025) as part of the phase in to implement the lower over $600 threshold enacted under the American Rescue Plan. Although the Form 1099-K reporting threshold for tax year 2023 was $20,00...
Find out more Tax & Legal Weekly Alert | 9 January 2025 Find out more Tax & Legal Weekly Alert | 6 December 2024 Find out more Tax & Legal Weekly Alert | 14 November 2024 Find out more Tax & Legal Weekly Alert | 1 July 2024 ...
Nanny Tax Threshold The 2025 annual earnings threshold above which an employer is required to pay FICA taxes and issue Form W-2 to domestic workers will be $2,800. Form W-2 may not be issued to a household employee below this threshold amount. However, if you paid cash wages to househol...
For individuals, the dollar threshold for each tax rate is dependent upon the status of the filer, whether they aresingle, thehead of a household,married filing separately, ormarried filing jointly. The marginal tax brackets for 2024 and 2025 are:12 ...