Tax Brackets Increase for All Filing Statuses Your federal taxes are calculated based on the tax brackets for your filing status. Each year, these brackets are adjusted for inflation. Here are the minimum income levels for the top tax brackets for each filing status in 2022: Single: $609,350(up from $523,601 in 2021) Head of Household: […]
For 2024, the total credit for eligible families rose to as much as $3,600 for each child under 6 and up to $3,000 for ages 6 to 17. The credit also became fully refundable, so taxpayers can receive the money even if they owe no federal income tax. The other change: You could receive half […]
Here is a question we get a lot: what if I got business government grant? Yes, it is considered a taxable income through the business income code. Although if you received the SBA loan (small business administration) this will be excluded from being taxable. If you report through sole property, LLC, or re a sole owner […]
Filing your taxes for the first time can be intimidating. There’s a good chance you’ve heard people complain about having to file their taxes in the past, so it’s normal to be feeling a little apprehensive. But don’t stress! Filing taxes for the first time isn’t nearly as complicated as you might think. Most first-time […]
Generally, people don’t like paying taxes. When their paycheck comes, they see that a large amount of money is taken out and they wonder where it’s all going. And then during tax time, they might get frustrated because they come to find out they owe the government even more money. However, as annoying as paying […]
There are several tax deadlines to be aware of, including the federal deadline, your individual state deadline, and the late filing deadline. We keep them all up to date in this article. When is the federal tax filing deadline? For most taxpayers, federal income tax returns and tax payments will be due on Monday, April […]
We’ve based these timelines on historical data noting that most refunds will be issued by the IRS in less than 21 days after the return has been accepted. Certain things can affect the timing of your refund, including: How you sent your return – Sending your return electronically allows the IRS to process it faster […]
What is the Child Tax Credit? The CTC is a tax credit for parents of dependent children designed to help offset the cost of raising kids. For tax year 2021, the CTC is fully refundable, meaning you can claim this tax credit even if you do not owe any taxes or didn’t earn any income […]