For many people, 2024 has been a challenging year for financial and tax planning. Here's everything you need to know to complete your taxes accurately and efficiently this year.
Your tax-filing options explained.Fidelity Smart Money Key takeaways Options for filing taxes include getting free help from the IRS, paying for tax software, or hiring a pro. Whether you go solo or with a tax pro, the IRS says you'll get a refund faster (if you're owed one) by ...
Tips to meet Oct. 15 extended filing deadline— Today is Columbus Day, a federal holiday. But there’s no holiday break for taxpayers who are waiting until the last minute to file their extended 2023 tax return. Here are some tips to help you finish the job by tomorrow’sOct. 15 dead...
The only filing status options on the 1040EZ are Single and Married Filing Jointly. You cannot itemize deductions on the 1040EZ—you must take the Standard Deduction. The 1040EZ has a cap: your taxable income, including your spouse’s income if you’re filing jointly, must be less than $...
A QCD is nontaxable income, and for 2024, individuals age 70½ and older can direct up to $105,000 per year (up to $210,000 for married couples filing jointly) from their IRAs to operating charities,2 not including donor-advised funds. Current tax law also allows you to direct a ...
In 2025, when filing as “married filing jointly”, you need to file a tax return if your gross income level in 2024 was at least: If both spouses are under 65:$29,200 If one spouse is under 65 and one is 65 or older:$30,750 ...
(i.e. W-2s, 1099s, advance Child Tax Credit (IRS Letter 6419) and other income-related statements). I can’t tell you how often I have had to file an amended return because tax clients forgot to bring all their tax forms or had additional tax forms arrive after filing their return....
However,LLCs don’t have their own tax category. This means a one-owner LLC (which you would likely have as a freelancer) pays tax as a sole proprietorship. This can work well, but once the business is profitable you can save money by filing to be taxed as an S-corp. ...
good chunk of things to know if you are doing your own taxes. Even for those who have DIY tax experience – you’ll find value here as well – with updates on what’s new for 2024 tax filing, deadlines, credits, deductions, tax tips from readers, tax software discounts, and much ...
Keep reading to learn more about the countries that have the besttax laws for freelancers.We’ll also provide general information on tax forms and deductions that freelancers in the U.S. should know about. Finally, we’ll address the issue offiling your taxes as a freelancer— should you do...