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Individual Income Tax

Understanding the most common IRS notices

Federal Taxes, Income Tax, Individual Income Tax, Internal Revenue Service (IRS), State Income Tax, Tax Scams /

For many taxpayers, receiving a letter from the IRS can feel intimidating. The envelope arrives with the IRS seal, and immediately, worry sets in: Did I make a mistake? Am I in trouble? The truth is, IRS notices aren’t uncommon, and most of them can be resolved fairly easily once you understand what they mean. This article

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No tax on car loan interest under the new law? Not exactly

Deductions, Federal Tax Deductions, Federal Taxes, Individual Income Tax, Individual Tax Tips, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Qualified Passenger Vehicle Loan Interest, Taxes 2025 /

Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan

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What families need to know about the new tax law

529 Saving Plan, Adoption, Child and Dependent Care Credit, Federal Taxes, Individual Income Tax, Individual Tax Tips, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Tax Laws, Taxes 2025, Trump Accounts /

The One, Big, Beautiful Bill Act (OBBBA) has introduced significant tax changes that could affect families across the country. While many of the provisions aim to provide financial relief, the new rules can be complex. Below is an overview of the key changes. Adoption credit enhanced Parents who adopt may be eligible for more generous

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What the new tax law could mean for you

(LTCG) Net Long-Term Capital Gain, Child Tax Credit, Estate Tax, Federal Taxes, Gift Tax, Individual Income Tax, Individual Tax Tips, Inflation, Non-Child Dependent, One, Big, Beautiful Bill Act, Real Estate, SALT, Tax Brackets /

As 2025 began, individual taxpayers faced uncertainty with several key provisions of the tax law that were set to expire at the end of the year. That changed on July 4, when President Trump signed the One, Big, Beautiful Bill Act (OBBBA) into law. The OBBBA not only makes many TCJA provisions permanent but also

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Still have tax questions? You’re not alone

Federal Taxes, Filing an Amended Tax Return, Individual Income Tax, Individual Tax Tips, Statue of Limitations, Tax Refund /

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring. 1. When will my refund show up? Use the IRS’s “Where’s My Refund?” tracker at IRS.gov. Have these three details ready: Enter them, and the tool will

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Turn a summer job into tax savings: Hire your child and reap the rewards

Federal Income Tax, Federal Unemployment (FUTA Tax, Hiring Your Child In the Summer, Income Tax, Individual Income Tax, Roth IRA, Simplified Employee Pension (SEP), Small Business Tax Tips, Social Security Tax, Summer Employees /

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three

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An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

Annualized Income Method, Individual Income Tax, Individual Tax Tips, Quarterly Estimated Tax Payments, S Corporation, Sole Proprietors, Taxes and Tips /

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one. Basic details You may have to make estimated

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The tax deadline is almost here: File for an extension if you’re not ready

Federal Taxes, Individual Income Tax, Internal Revenue Service (IRS), State Tax, Tax Deadlines /

The April 15 tax filing deadline is right around the corner. However, you might not be ready to file. Sometimes, it’s not possible to gather your tax information by the due date. If you need more time, you should file for an extension on Form 4868. An extension will give you until October 15 to

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Filing jointly or separately as a married couple: What’s the difference?

Income Tax, Individual Income Tax, Tax Return, Taxes 2023, Taxes 2024 /

When you file your tax return, a tax filing status must be chosen. This status is used to determine your standard deduction, tax rates, eligibility for certain tax breaks and your correct tax. The five filing statuses are: Single Married filing jointly, Married filing separately, Head of household, and Qualifying surviving spouse. If you’re married,

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