The U.S. government posted a budget surplus in April, the first time this has happened since 2022, and it had an immediate effect.
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If you fail to follow the correct procedure when claiming the Child Tax Credit, your tax return could be rejected or worse, it could trigger an audit.
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When New York State implemented a law that an important produce must be produced within the United States, the burden of paying for it went to taxpayers.
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Many wealthy individuals find themselves falling victim to poor tax planning, which can significantly reduce their net worth over time.
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When considering a place to call home during retirement, these states offer the budgeting advantage of not taxing your Social Security.
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The IRS estimates that one in five eligible taxpayers don't apply this important tax credit to their filing every year, resulting in the loss of thousands.
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Filing your taxes can be stressful enough as it is, but mixing up your filing status can lead to an even bigger headache not to mention a delay in your return.
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If you are a recipient of this relief from the federal government, there is a good chance you won't have to pay taxes on that money.
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The primary way to ensure the smoothest Social Security experience is to keep your information current at all times, especially after big changes.
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While you might be excited about the idea of getting a big tax refund this year, it's important to realize that a refund isn't necessarily a good thing.
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Tax preparation services can add stress to your tax filing process. This is especially true when it comes to the many hidden fees these services might include.
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While there are a lot of different myths and ideas about what can lead to an IRS audit, one simple decision can actually be the best way to avoid the risk.
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The Social Security Administration will enact a series of changes in April 2025 to make the process of receiving payments more streamlined and modern.
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While taxes are not exactly fun, they pale in comparison to how stress-inducing an IRS audit can be. With that in mind, here are some ways to avoid trouble.
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Only some 12% of American workers make more than $75,000 per year, making this a good level at which to analyze Social Security benefits.
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While filing taxes is never fun, it's important that retirees remember this specific rule when filing or they could face an even worse experience with the IRS.
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Recipients of Social Security benefits need to verify their identity in a short period of time or their account could be labeled fraudulent.
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Opening this account through your employer is an excellent way to have money set aside for medical expenses while also avoiding income tax.
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As the tax filing deadline approaches, you might be looking for ways to reduce your tax burden. For those who travel for work, your trips might hold the key.
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If you live in a state without income tax, you can take advantage of the sales tax deduction if you opt for itemized deductions this year.
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Owning a home likely qualifies you for a number of significant tax breaks, and even more if you happen to also work out of that home.
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This northern state doesn't tax Social Security income or other forms in income, making it a more budget-friendly place to retire.
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Hanging on to this document can provide information on total earnings, retirement contributions, and proof of income when you need it.
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Elon Musk has stated that hundreds of billions of dollars worth of fraud were discovered in an audit of Social Security payments, but this is false.
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If you are a remote worker, there are several tax deductions you can likely take advantage of, especially if you are self-employed.
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If you have a pet that serves a profitable role in your business or is a service animal, you may be able to deduct certain expenses.
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If you fail to include important income documentation forms with your tax return, the likelihood of an audit from the IRS greatly increases.
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