The Internal Revenue Service (IRS) has issued a warning to residents of Texas, signaling the potential loss of over $1 billion in unclaimed tax refunds from the year 2020. As the May 17 deadline approaches, approximately 93,400 individuals in Texas alone could miss out on refunds averaging $932 each. The IRS Commissioner, Danny Werfel, emphasized … Read more
Taxpayers Seek Assistance for 2024 Tax Season Peter Butler’s Guide Offers Valuable Insights According to CNET, As people do their taxes for 2024 they’re looking for help to understand how to file their returns and get as much money back as possible because tax season is approaching. Many tax returns have already been processed by … Read more
Taxpayers across the nation are experiencing a mixed bag this tax season as federal tax refunds show a notable increase in average amount, yet the number of refunds issued has seen a decline compared to the previous year. As of March 1, the Internal Revenue Service (IRS) reported a significant rise in the average tax … Read more
Washington state residents have a chance to benefit from the Working Families Tax Credit Program, aimed at providing additional financial support during tax season. Eligible individuals and families can now apply for the tax year 2023, with potential refunds of up to $1,255. Last year, the program distributed over $100 million to Washingtonians, benefiting nearly … Read more
Inflation-adjusted Tax Brackets and Deductions Boost Refunds Proposed Child Tax Credit Changes Aim to Aid Low-Income Families According to First Coast News, millions of Americans have received their tax returns and many are seeing larger refunds this year. The Internal Revenue Service reports that refund amounts are 2% higher than in 2023 with an average … Read more
Delays Persist for Michigan Earned Income Tax Credit and Retirement Tax Rollback Michigan Treasury Department Addresses Backlog with Progress in Tax Return Processing According to 13 On Your Side, compounding the issue further are the delays encountered in processing tax returns associated with the Michigan Earned Income Tax Credit which stands at a notable 30%, … Read more
Implications of a Potential Shutdown on IRS Operations Congressional Action and Uncertainty Surrounding Federal Funding According to CNet, the possibility of a government shutdown looms due to deadlines for a proposed federal spending deal on March 1 and March 8 which could affect agencies like the IRS. If a shutdown occurs during tax season, it … Read more
Tax season in Oregon heralds the debut of a new lifeline for low-income families grappling with the costs of raising young children. Termed the Oregon Kids’ Credit, this tax credit, valued at up to $1,000 per qualifying child, aims to alleviate financial strain for eligible households. Enacted by the Oregon legislature the preceding year, the … 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
Discover how Oregon’s new tax credit is providing much-needed support for low-income families raising young children, with potential benefits of up to $1,000 per child. Learn more about eligibility and how to claim the Oregon Kids Credit. Oregon Kids Credit Offers Financial Relief for Qualifying Families In Oregon, the commencement of the tax season has … Read more