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Tax filing tips: What to know to help get biggest refund on 2022 taxes

What You Need to Know for the 2024 Tax Season

While for heads of households, the standard deduction will be $20,800, up $1,400. But the IRS has delayed this new reporting requirement for this tax season. So if you were waiting on a 1099-K to file tax season your tax return — you may not be getting one. This year, the tax filing deadline to submit 2023 tax returns or to submit an extension to file and pay taxes you owe for 2023 is Monday, April 15.

Opening an account to receive electronic payments is the easiest way for Americans to receive their 2023 tax refund, the IRS says. With eight out of 10 taxpayers opting for direct deposit, IRS encourages the electronic method because “there’s no chance of it going uncashed, getting lost, stolen or destroyed.” Yes, many who receive Social Security benefits will have to pay an income tax on that money. Your combined income (adjusted gross income plus Nontaxable interest plus half of your Social Security benefits) determines the amount you owe. The American Rescue Plan Act allowed millions of Americans who received unemployment benefits in 2020 to exclude up to $10,200 (or double that for couples) from their taxable income if they earned less than $150,000 a year. People with “special situations” also may have to file a tax return, regardless of income.

Inflation Reduction Act Credits

If Congress changes the CTC guidelines, the IRS will automatically make adjustments for those who have already filed so no additional action will be needed by those eligible taxpayers. WASHINGTON — During the busiest time of the tax filing season, the Internal Revenue Service kicked off its 2024 Tax Time Guide series to help remind taxpayers of key items they’ll need to file a 2023 tax return. The House passed a bipartisan bill that would temporarily expand the child 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.

  • So you can gift up to $17,000 without having to pay taxes on that amount.
  • As with every tax year, it pays to be aware of any changes that are relevant to your specific tax scenario.
  • Follow the online lookup tool prompts to find the right product for you.
  • If you have a limited number of income sources and you plan to take the standard deduction, doing your own taxes will save you money and will be fairly straightforward.
  • You should receive a 1099-G reporting unemployment benefits received.

The Form 1099-K shows the gross or total amount of payments received. Taxpayers can use it and other records to figure out the actual taxes they owe on any profits. Remember that all income, no matter the amount, is taxable unless the tax law says it isn’t – even if taxpayers don’t get a Form 1099-K. However, the IRS continues to closely monitor legislation being considered by Congress affecting the Child Tax Credit. The IRS reminds taxpayers eligible for the Child Tax Credit that they should not wait to file their 2023 tax return this filing season.

responses to “Tax Law Changes and Your Guide to Filing Taxes in 2024”

Allow for time for the refund check to reach your bank account or mailbox. If you drive for your business don’t forget to keep track of your business mileage since you can deduct your business mileage which for tax year 2023 the mileage rate for business is 65.5 cents per mile. If you had to travel to doctors visits, you may be able to deduct your expenses related to traveling to doctors visits at 22 cents per mile. If you drove to volunteer for a 501(c)(3) recognized charity you may be able to deduct your mileage expenses at 14 cents per mile. The IRS typically opens for the season in January, but TurboTax will be accepting returns and ready to help you prepare your tax return in early January!

What You Need to Know for the 2024 Tax Season

As of January 29, the IRS is accepting and processing tax returns for 2023. The agency expects more than 128 million returns to be filed before the official tax deadline on April 15, 2024. To get this credit, taxpayers must meet certain requirements and file a tax return with Form 8962, Premium Tax Credit.

What’s Tesla’s tax credit for 2023?

Taxes may be more complex than usual this year because of special pandemic relief credits. Getting through to the Internal Revenue Service to ask questions by phone is difficult. If you use Free File, you’ll be directed to one of these companies’ sites to complete your return with step-by-step instructions.

Colorado Springs Certified Public Accountant

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Leverage our expert tax planning solutions to enhance fiscal efficiency and achieve long-term financial goals for your business. Reach out to us today, and let’s chat about any financial issues you’re dealing with—whether personal or professional. Our team is here to help, providing tailored solutions to address your unique needs and support your financial success.

In need of accounting services in Colorado Springs? Payroll services provide efficient and accurate management of employee compensation, taxes, and benefits, ensuring smooth financial operations for businesses. Optimize your payroll processes for enhanced accuracy and compliance with our expert payroll solutions. Maintaining bookkeeping colorado springs your company’s books is crucial, and we understand that different businesses have different requirements. Whether you prefer daily, weekly, monthly, or annual bookkeeping, we offer flexibility based on your availability. Our goal is to adapt to your schedule, ensuring seamless and efficient bookkeeping services.

Laurie’s Bookkeeping & Tax Service

We prioritize your financial well-being and look forward to assisting you on the path to stability and prosperity. Bookkeeping services streamline and organize financial transactions in businesses, fostering accurate records crucial for informed decision-making and seamless tax preparation. Enhance financial transparency and operational efficiency with our expert bookkeeping solutions. At The Bookkeeper and Co, we take pride in being the cornerstone of financial success for businesses in the vibrant community.

  • A smart business owner will always choose to outsource the bookkeeping service.
  • Call today to discuss your needs with a licensed and certified bookkeeper.
  • If we are the right fit for your business, expect nothing less than concierge service from us.
  • As part of our ongoing bookkeeping work we will reconcile & close out the books each month.
  • Get answers to your most challenging questions; get the advice your business needs to grow.
  • We work with QuickBooks desktop and online versions, Sage, Peachtree and more.
  • We offering customized automation for document management, transaction management, exception resolution, elimination of duplication, and disbursement-related services.

Tax filing services streamline the complex process of preparing and filing taxes, ensuring accuracy and compliance with regulations. Trust our expert tax filing solutions to optimize your tax processes, providing a seamless and efficient experience for your business. We offers a suite of services designed to support the accounting needs of small businesses.

Meet Our Team

All clients, especially if their books haven’t been maintained will take some level of clean up, we are happy to assist. Our simple formula of one-on-one small business bookkeeping will go along way to keeping your accounting in order and unlocking value from your https://www.bookstime.com/ business. Yes, you’re free to switch plans or cancel at any time. Our services are available on a subscription basis. We help company’s financial activities and operations with full range of financial support . Solutions are designed to ensure seamless operations.

  • We also offer virtual bookkeeping & consulting services for business owners all across the country.
  • Free tools and resources to help you grow and manage your business.
  • At The Bookkeeper and Co, we take pride in being the cornerstone of financial success for businesses in the vibrant community.
  • Stephanie specializes in small businesses and enjoys watching individuals with an initially small idea blossom and grow.
  • We strive to finish each project in a timely and efficient manner.
  • We help company’s financial activities and operations with full range of financial support .