Avoid an estimated tax penalty by qualifying for a safe-harbor exception. Generally, a penalty will not be imposed if you pay 90% of your current year’s tax liability or 100% of your prior year’s tax liability (110% if your AGI exceeded $150,000) via withholding and/or estimated pay...
The end of the year is often a busy time. But it's worth taking some time for year-end tax planning and potentially decreasing your tax burden.
A pandemic-related, temporary rule change in effect until the end of tax year 2024 lets more people take the Premium Tax Credit (PTC) and receive a larger tax break when they do. The law expands eligibility to those with a household income above 400% of the federal poverty level. Taxpayer...
As the end of the year approaches, our client conversations turn to how we can strategically minimize taxes. This is a collaborative effort, and a client’s role in tax planning is crucial. Together, we look at the ways they give, save, and invest, and consider how tax laws might change...
From maximizing tax-advantaged savings accounts to donating to charity, you can still make strategic tax moves before year-end. Explore ways to help save on your 2024 taxes.
Child Tax Credit: For tax year 2024, the max credit taxpayers can claim for each qualifying dependent children under 17 is $2,000. That's unchanged from 2023. The credit phases out based on modified adjusted gross income and is nonrefundable, meaning if the credit is more than the taxes ...
Wider tax brackets, a higher standard deduction, and expanded saving opportunities may help create new tax-saving possibilities for 2024. Consider tax-planning strategies throughout the year, like maximizing credits and deductions and using tax-smart investing strategies. A tax advisor and financial pr...
The 2024 Tax Tips offer ways to file your annual return, along with post-filing advice, important tax news and, of course, ways to cut your current tax year bill. You'll find the monthly assemblages on their own respective pages: January, February, March, April, May, June, July, August...
Based on your info, our tax refund calculator for 2024 estimates your return or amount owed for this tax year. Use this to get a head start understanding your taxes. Try it now Get started on your return Don't forget, we're here to help. Make sure you have everything prepared with ...
Updated October 23, 2024 Reviewed by Lea D. Uradu Fact checked byKirsten Rohrs Schmitt Part of the Series Income Tax Term Guide Candra Huff / Investopedia Fortax year2025, which applies to taxes filed in 2026, there are seven federal tax brackets with income tax rates of 10%, 12%, 22%...