In 2024, regardless of age, if you had self-employment income, you need to file a tax return for 2023 if your net self-employment income is $400 or more, even if your gross income is below the amounts listed above for your filing status. Do I Need to File a Tax Return? Here’s...
Big Tax Deductions: If you seem to be claiming more charitable deductions than others at your income level, the IRS might red flag your tax return. Make sure you have all the documentation to back up your donations. Cash: Casinos, banks and others must report cash transactions over $10,000...
Many of these moves are simple to execute, and they can benefit taxpayers of any age. Key Takeaways: Take your required minimum distribution by Dec. 31 to avoid penalties. For 2024 tax benefits, you can contribute up to $7,000 to an IRA; if you are over 50, you can add...
Life events happen, and when they do, they could affect your tax return—and potential refund. 4. You've gone green The benefit of buying an electric vehicle used to come at tax time—taxpayers could get up to $7,500 with theClean Vehicle Credit—but as of 2024, that credit could be...
You might benefit from a tax refund loan if: You claim an Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC).These deductions could mean you’re waiting for more than $6,000 in tax credits that you need to support yourself and your family. However, federal regulations...
Nope. The House passed a bipartisan bill that would temporarily expand thechild tax credit, which, if enacted, would largely benefit lower-income families, particularly those with multiple children. But it must first clear the Senate, where it faces challenges. Whatever happens, taxpayers shouldn’...
If income tax deductions are important to you when giving, remember that your total itemized deductions must exceed the standard deduction amount to realize the benefit. For 2024 tax returns, the standard deduction for individuals is $14,600, and the standard deduction for married couples filing ...
Other Tech Resources Taxes The best free tax software: Your filing options compared Your guide to filing taxes: Top tips for understanding the process How donating to charity affects your tax bill Our tax guide for college students: Help for first-time filers ...
Other federal deductions pay for Social Security and Medicare, which are part of the federal benefit and health care systems for the aged and other groups. TheSocial Security tax is 6.2% of wages for the employee and the same for the employer. Social Security tax is not collected on ...
However when they filers see their actual refund is lower than expected, common questions that come up include, “Why is my refund so small?“, “Why did it change on my transcript?”and “How can I find out more details?” Naturally they get stressed and depressed around their refund be...