The IRS is warning taxpayers who like to file their tax returns in late January or early February to wait until later in 2023, and here’s why. In a recent release, the IRS strongly advised against filing tax returns early to look out for a 1099-K form, which will...
A deduction reduces your taxable income, which could result in a lower bill… If you understand what they are, how they function, and how to apply for them, tax deductions and tax credits can save you a ton of money. Your taxable income is decreased by a tax...
Controversial reporting rule on payments over $600 will go into effect in 2024… The Internal Revenue Service on Friday said that it is delaying by one year a new tax reporting requirement targeting Americans who made more than $600 online through third-party...
The Treasury Department and IRS announced on Thursday that they are delaying restrictions on which electric vehicles can be eligible for tax credits under Democrats’ climate and tax bill from earlier this year, drawing ire from Sen. Joe Manchin (D-W.Va.). The...
Even automakers find the IRS’s new EV incentives complicated, but it’ll all be okay… The Internal Revenue Service has released a preliminary list of electric vehicles that qualify for the U.S. federal government’s tax incentives for clean vehicles....
