IRS reminder: Make sure to understand recent changes when buying a clean vehicle WASHINGTON — The Internal Revenue Service reminded consumers considering an automobile purchase to be sure to understand several recent changes to the new Clean...
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Cryptocurrencies have gone mainstream. You can now invest in them and use them to buy and sell many products and services. However, crypto transactions have important federal tax implications that may not be well understood by everyone...
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Starting September 1, 2023, federal student loans will begin accruing interest again. And loan payments will officially restart in October 2023. As part of federal relief measures during the COVID-19 pandemic, individuals with federal student...
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If you have a tax-favored retirement account, you generally must take required minimum distributions (RMDs) each year after you reach the “magic” age. If you don’t take RMDs, you’ll be hit with an expensive federal tax...
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It’s hard to believe that 2023 is already half over. Although summer is a time for vacations and relaxing in the backyard, you can’t afford to take a break from managing your tax bill. Now is a good time to think about proactive moves...
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Many people move during the summer. Taxpayers who are selling their home may qualify to exclude all or part of any gain from the sale from their income when filing their tax return. When selling a home, homeowners should think about: Ownership...
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Whether you’re getting married for the first or fifth time, it’s common for one spouse (or both) to come into the union with homes that they’ve owned for a while. And that premarital home could have amassed a significant capital...
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Business travelers should check out these deductions before hitting the road Many people travel for their job – some for an occasional conference and some travel year-round. Whatever their time on the road, business travelers should know how and...
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Installing solar panels or making other home improvements may qualify taxpayers for home energy credits Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for...
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Filing Season Information and Resources for Military Members and Veterans The IRS offers a variety of tax resources and information designed to help members of the military community navigate their unique and sometimes complex tax situations...
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IRS Reminder to Many Retirees: April 1 is last day to start taking money out of IRAs and 401(k)s WASHINGTON — The Internal Revenue Service today reminded retirees who turned 72 during 2022 that, in most cases, Sunday, April 1, 2023, is the last...
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WASHINGTON — The Internal Revenue Service today issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2023...
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