The IRS has announced a one-day extension for taxpayers with federal tax deadlines originally set for Thursday, January 9, 2025. The new deadline is Friday, January 10, 2025. This extension comes in response to a Presidential Proclamation issued on December 29,...
If you underpaid taxes in 2024, consider making a fourth-quarter estimated tax payment by Jan. 15, 2025, to avoid penalties. The U.S. tax system requires payments throughout the year via paycheck withholdings or quarterly estimated payments. Missing a quarterly...
The IRS annually adjusts over 60 tax provisions for inflation to prevent “bracket creep,” where inflation, not income growth, pushes taxpayers into higher brackets or reduces deductions. Since 2018, the IRS has used the Chained Consumer Price Index (C-CPI) for more...
Preparing to file your federal tax return? Review some common mistakes people make and how you can avoid them this tax season. Making a mistake on your tax return can slow down its processing and even delay your refund. If the IRS spots any errors, they may reject...
If you’ve been losing sleep over the possibility of a tax audit, put your mind at ease. Here are five reasons why you might want to stop worrying about it. A Tax Audit is Not Always Trouble An audit doesn’t automatically mean you’re in trouble. Sometimes, it’s just a...
