Arizona Attorney General Kris Mayes is taking legal action to prevent the Internal Revenue Service (IRS) from taxing last year’s family rebates. In response to the IRS’s decision to tax these rebates, Mayes has filed legal papers urging a federal magistrate to intervene. The rebates, totaling up to $750 for eligible families, were distributed as … Read more
The Internal Revenue Service (IRS) has released its anticipated tax refund schedule for the year 2024, outlining crucial dates for taxpayers across the nation. With the tax season in full swing, understanding these dates can help individuals plan their finances more effectively. Key Dates and Details: Filing Periods: The IRS aims to process electronic tax … Read more
Tax season is in full swing, and for many Americans, the anticipation of a tax refund is high. As families navigate the intricacies of tax filings, understanding the nuances of tax credits like the Additional Child Tax Credit (ACTC) becomes essential. Here’s a breakdown of what taxpayers need to know about ACTC tax credit refunds … Read more
Tax season in the United States brings with it the anticipation of refunds for many individuals. Whether it’s tracking your tax refund or checking the status of your stimulus payment, navigating the IRS portal can sometimes feel daunting. However, understanding the process and following a few simple steps can make it much easier. The IRS … Read more
The IRS is making moves to rectify a longstanding issue surrounding the audit selection process for low-income earners, particularly those claiming the earned income tax credit. Following revelations of significant disparities in audit rates among different demographic groups, the IRS Commissioner, Danny Werfel, announced during a House Ways and Means Committee hearing that the agency … Read more
The Internal Revenue Service (IRS) has released the anticipated refund dates for taxpayers who have claimed the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) in their tax returns. Taxpayers across the United States can now plan their finances accordingly as they await their refunds. According to IRS guidelines, taxpayers who have … Read more
Taxpayers across America may have reason to anticipate larger refunds this year, as a tax expert predicts historic increases due to inflation. Mark Steber, Chief Tax Information Officer at Jackson Hewitt, explained that families whose incomes did not outpace inflation are likely to benefit. Steber emphasized that these projections are not mere speculation but based … Read more
As tax season approaches, San Francisco residents are urged to rethink their approach to tax refunds, with experts cautioning against the allure of large IRS checks. Despite the excitement of receiving a sizable refund, financial advisors emphasize that this windfall might not be in the best interest of individuals’ long-term financial health. According to IRS … Read more
The IRS is anticipating a significant surge in tax revenues, expecting to collect up to $561 billion more in overdue and unpaid taxes from 2024 to 2034. This projection comes as a result of bolstered enforcement efforts fueled by funding from the Democrats’ Inflation Reduction Act (IRA). The IRA, which was signed into law in … Read more
New Guidelines Allow Electric Vehicle Buyers to Avail Tax Credits as Point-of-Sale Discounts In a significant shift, the Internal Revenue Service (IRS) has announced a change in the process of Electric Vehicle (EV) tax credits, allowing buyers to receive up to $7,500 as an instant discount at the point of sale. The updated guidance aims … Read more