you may be able to claim the refundable part. Here's what changes for 2024. The Additional Child Tax Credit refunds the unused portion of the Child Tax Credit—up to $1,700 per qualifying dependent—even if you don't owe any tax. That's up $100 from 2023. Consider consulting with a...
Hello, I’m Tammy from TurboTax with some important information for taxpayers who still owe tax when filing their return. If you finish your tax return and are confused as to why you need to send the IRS a check, there is only one possible explanation for this: you paid less tax dur...
The estate tax due is the taxable estate minus the exclusion limit. For example, a $15.7 million estate would owe estate taxes on $2.09 million in 2024 ($1.71 million in 2025). The estate tax rate is a progressive marginal rate that increases from 18% to 40%. The maximum estate tax ...
But understanding state residency rules and the potential tax implications can help ensure that your living situation doesn’t result in unintended and expensive consequences. Which state do you owe taxes to? Although each state handles taxes differently, you will generally be considered a resident ...
And that's if you owed a state tax debt, the Treasury may do an offset of your federal taxes. What people are seeing this year is under the American Rescue Plan, a lot of provisions were expanded considerably, like for instance, the Child and Dependent Care Credit. That increased ...
With the real economy continuing to shrink, and unemployment now claiming almost one out of six American workers, the economy will almost surely be more than $1 trillion short of its capacity this year, and another $1 trillion short next year. That means
Scenario 3 (making more money than last year, smaller refund):Last year my wages were around $30,000 (withheld taxes of $2,240) and state income tax was $1,500. When I entered this info intoTurboTaxget a free refund estimate before filing, both of them showed my federal refund at $...
The article reports that the tax collection on the recreational use of marijuana has failed to meet the predicted tax revenue in Colorado.BARROJOSHNew York Times
Meanwhile, state and local governments continue to slash and burn. They’re laying off even more teachers, fire fighters, social workers, and police; cancelling more programs for the poor and working class; and raising sales taxes. The fiscal drag from all of this will be around $150 billion...
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