By Kelley R. Taylor for Kiplinger A significant tax change for older adult taxpayers this year comes in the form of a new benefit known as the “senior bonus deduction.” Tucked into President Donald Trump’s 2025 tax bill, this provision is designed to give retirees and older taxpayers extra relief at filing time. While the idea sounds…
Planning for retirement may seem daunting, but it’s important to start early. Individual retirement accounts provide tax incentives for people to make investments towards their financial future. IRAs let earnings grow tax deferred. Individuals pay taxes on investment gains only when they make withdrawals. Depositors may be able to claim a deduction on their individual…
Finding a job can be a challenge and for certain groups, it can be even harder. The Work Opportunity Tax Credit is a federal tax credit available to employers for hiring individual from certain groups who consistently face significant barriers to employment. The Work Opportunity Tax Credit is available until Dec 31,2025, for employers that hire…
By Michael Cohn for Accounting Today The Treasury Department’s list of 68 jobs that are eligible for tax exemptions on tips has leaked to the media and includes occupations ranging from bartenders and food servers to entertainers, performers and digital content creators. The proposed list, as first reported by Axios, includes: 1. Beverage & food service…
Identity thieves can prey on anyone, at any time. Here are some helpful tips for taxpayers to know when it’s really the IRS or not. Email, text and social media The IRS doesn’t make initial contact through email or social media channels. Some common electronic scams thieves use are: Sending phishing emails to taxpayers Posing as an…
This story was originally reported by Chabeli Carrazana of The 19th. Meet Chabeli and read more of her reporting on gender, politics and policy. A new child tax credit is coming next year, bringing significant changes that will alter how much assistance families receive — and which families can receive it. With his tax and…
By Turbo Tax If you need more time to file your business taxes, the IRS allows extensions for most tax returns. However, while you can delay filing, you’ll still need to estimate how much you owe and make a payment. Learn how to file a business tax extension, key deadlines for S-Corps, C-Corps, and partnerships,…
By Jeff Stimpson for Accounting Today Talk of probationary workers, layoffs and cutbacks may be new, but one annual constant continues this season: tax scams. The Internal Revenue Service says that from email schemes to misleading tax credits, many of the most popular frauds are robust during the year but peak during filing season. “Scammers…
Standard deduction amount increase. For 2024, the standard deduction amount has been increased for all filers. The amounts are: Single or married filing separately — $14,600. Head of household — $21,900. Married filing jointly or qualifying surviving spouse — $29,200. Child Tax Credit enhancements. Taxpayers eligible for the Child Tax Credit should not wait to file their…
The Neighborhood Community Development Fund announced business grant opportunities. The awards range from $500-$10,000. The deadline to apply for all grants is this Friday, January 31. Don’t let the deadline scare you! The applications only take 20-60 minutes to complete, and some are open quarterly, so you can apply later if necessary. $500 Giving Joy Grant…
