The Tax Relief for American Families and Workers Act of 2024 By: CCH AnswerConnect Editorial Ways and Means Committee approves wide-ranging tax bill On January 19, 2024, the House Ways and Means Committee overwhelmingly approved the Tax Relief for American Families and Workers Act of 2024 by a 40-3 vote. The bill provides for increases… Read More
SECURE 2.0 Act Aims to Increase Retirement Savings for Americans The SECURE 2.0 Act has passed, making it the largest retirement legislation since the original Secure Act hit in the late 2019. As 55% of Americans say they don’t have enough saved for retirement, this bipartisan legislation primarily seeks to make it easier to contribute to retirement… Read More
What Is Tax Relief? Tax relief represents a government program or a policy initiative that has the aim of helping businesses and individuals by reducing the taxes that they have to pay. Tax relief can come in the form of a program for certain taxpaying groups or as a way to support a governmental initiative.… Read More
WASHINGTON — The Internal Revenue Service today reminded employers and self-employed individuals that chose to defer paying part of their 2020 Social Security tax obligation that a payment is due on Jan. 3, 2022. Most affected employers and self-employed individuals received reminder billing notices from the IRS. The agency noted, however, that those affected are… Read More
National Tax Security Awareness Week Choosing a special Identity Protection PIN adds extra safety for taxpayers WASHINGTON – As part of a wider effort to increase security, the Internal Revenue Service today reminded taxpayers they can get extra protection starting in January by joining the agency’s Identity Protection Personal Identification Number (IP PIN) program. Anyone… Read More
These brackets and rates will apply for tax year 2022, which will be prepared in 2023 2022 Tax Bracket and Tax RatesThere are seven tax rates in 2022: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Here’s how they apply by filing status: Single tax rates 2022 Joint tax rates 2022 Married/Separately tax rates 2022… Read More
Here’s why taxpayers should have an IRS online account An IRS online account is an safe an easy way for individual taxpayers to view specific details about their federal tax account. Here are some of the benefits and features of this online system. Taxpayers can view: Their payoff amount, which is updated for the current day. The… Read More
Q J1. Why should I unenroll? (added June 21, 2021) A1. You may want to unenroll from receiving advance Child Tax Credit payments for several reasons, including if you expect the amount of tax you owe to be greater than your expected refund when you file your 2021 tax return. The payments you receive are… Read More
Q A1. What are advance Child Tax Credit payments? (added June 14, 2021) A1. Advance Child Tax Credit payments are early payments from the IRS of 50 percent of the estimated amount of the Child Tax Credit that you may properly claim on your 2021 tax return during the 2022 tax filing season. If the IRS… Read More
Here are the first two tax tips providing an overview of how the American Rescue Plan may affect some individual’s 2021 taxes. COVID Tax Tip 2021-78 Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying care considered in… Read More