The Internal Revenue Service (IRS) is stepping up its game by expanding online tools and taxpayer services. These improvements are made possible thanks to the funding from the Inflation Reduction Act (IRA). With a focus on enhancing both business and individual online accounts, the IRS aims to make tax-related processes more efficient and accessible. Online … Read more
In 2024, significant financial assistance is anticipated for Social Security Disability Insurance (SSDI), Supplemental Security Income (SSI), and low-income groups. This aid includes a monthly increase of $200 and a potential fourth stimulus check of $2000. Here’s a detailed breakdown of these benefits, eligibility requirements, and what you need to know to take advantage of … Read more
The Internal Revenue Service (IRS) has issued a critical warning to American taxpayers about fake information circulating regarding a non-existent ‘Self Employment Tax Credit.’ Released on July 15, 2024, this alert aims to prevent unsuspecting citizens from falling victim to misinformation spread on social media platforms. The IRS is particularly concerned that well-intentioned individuals may … Read more
Staying informed about IRS updates is crucial, especially for those receiving Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). The IRS has recently announced several important highlights for individuals with disabilities, detailing key publications and new updates. Here’s a comprehensive guide to the latest tax information relevant to you. Key IRS Publications The … Read more
The United States government has been implementing several stimulus packages in recent years, particularly in response to the COVID-19 pandemic. These initiatives aim to provide financial relief to millions of Americans, helping them manage their expenses during these challenging times. Date The Internal Revenue Service (IRS) plans to provide a $1,400 stimulus check deposit on … Read more
Retirement accounts aren’t solely for the original account holders. They can be passed on to heirs, allowing them to benefit from years of savings. However, beneficiaries have long faced challenges in knowing how and when to withdraw funds from these accounts, which remains a significant issue. Secure Act Changes The Secure Act of 2019 introduced … Read more
Many people consider funds in tax-advantaged retirement accounts to be untouchable until they decide to use them. However, the Internal Revenue Service (IRS) requires these funds to be used, especially when you reach age 72. This is where Required Minimum Distributions (RMDs) come into play. The IRS mandates RMDs to ensure that you start withdrawing … Read more