The IRS interest rates are adjusted quarterly, so it’s important to check the rates frequently if you owe unpaid taxes or your tax refund is delayed.
If you've purchased property to use in your business, you can deduct a portion of your costs by claiming a depreciation deduction and reporting it on IRS Form 4562.
Other tax provisions for the 2025 tax year will also likely increase by about 2.8% next year, including the standard deduction, according to the Bloomberg Tax and Wolters Kluwer estimates. That deduction represents the amount taxpayers can subtract from their income before federal income tax is ap...
(However, in reality, a couple in these brackets may owe little or get a refund due to the standard deduction as well as other deductions and tax credits.) New capital gains thresholds for 2025 The IRS also adjusts the income thresholds for paying various capital gains tax rates for ...
The earned income tax credit (EIC or EITC) is for low- and moderate-income workers. In general, the less you earn, the larger the credit. Families with children often qualify for the largest credits. See qualifications and credit amounts for 2024 and 202
Depreciation lets business owners and investors claim this loss in value as a deduction on their taxes. The IRS publishes depreciation schedules for different classes of assets, setting out the percentage of an asset’s value that may be deducted each year and for how long.3 ...
Estate tax, also known as the "death" tax, is applied to assets inherited by others when you pass on.according to the IRS, it's a tax "on your right to transfer property at your death." In 2024, the federal estate tax ranges from 18% to 40%, depending on how much the value of...
The standard deduction for tax returns for married couples filing jointly is $29,200 for the 2024 tax year or $14,600 for single filers.8 Taxpayers whose itemized deductions exceed that amount would generally opt to itemize, while others would take the standard deduction. The IRS provides a...
An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's Day, but there are less expensive ways to ce...
IRS Offer in Compromise: What to Know An IRS offer in compromise can help you settle tax debt for less than you owe, but it's difficult to qualify for. Emily ShermanFeb. 18, 2025 Valentine's Day Average Spend The average couple is planning to spend around $200 this Valentine's ...