FL - Guidance provided on change in application process for child care tax credit
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]
Read MoreThe IRS has urged taxpayers to conduct an end-of-summer tax checkup to avoid unexpected tax bills in the upcoming year. The agency emphasized that many taxpayers, particularly those engaged in the gig economy or side jobs, might find themselves owing taxes if they did not adjust their withholding or make estimated payments. The IRS recommended using its Tax Withholding Estimator to help taxpayers align their tax payments with what they owed, thereby avoiding penalties and unnecessary stress during tax season.
Recent statistics revealed that while two-thirds of taxpayers received refunds in 2024, many others incurred estimated tax penalties due to underpayment throughout the year. The IRS stressed the importance of adjusting tax withholding or estimated payments, particularly for those who experienced significant life changes such as a new job, marriage, or the birth of a child. The agency also reminded taxpayers that proactive tax planning could save them time and frustration later, urging them to take advantage of the remaining months of the year to ensure their tax payments were accurate and up-to-date.
In addition to using the Tax Withholding Estimator, the IRS encouraged taxpayers with more complex financial situations, such as those subject to the Alternative Minimum Tax or those with substantial capital gains, to consult Publication 505 for more detailed guidance. This resource provided more tailored instructions for those with intricate tax scenarios, helping them navigate potential challenges and avoid surprises when filing their taxes.
Beginning October 1, 2024, taxpayers that wish to participate in the child care tax credit program must apply to the […]
Read MoreThe IRS has reminded businesses that starting in tax year 2023 changes under the SECURE 2.0 Act may affect the […]
Read MoreThe IRS and the Security Summit concluded their eight-week summer awareness campaign by urging tax professionals to implement stronger security […]
Read MoreThe IRS has reminded employers that educational assistance programs can be used to help employees pay off student loans until […]
Read MoreThe IRS has updated the applicable percentage table used to calculate an individual’s premium tax credit and required contribution percentage […]
Read MoreThe IRS has urged taxpayers to conduct an end-of-summer tax checkup to avoid unexpected tax bills in the upcoming year. […]
Read MoreHillsborough County residents and non-residents who can verify taxable expenditures with receipts or other documentation will receive compensation equal to […]
Read MoreThe IRS Whistleblower Office has recognized the contributions of whistleblowers on the occasion of National Whistleblower Appreciation Day, which falls on July […]
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