According to the IRS, taxpayers should file their tax return by the deadline even if they cannot pay the full amount due. If an individual taxpayer owes taxes but cannot pay in full by the extension deadline of Oct 15th, they should still file their tax return. People who owe tax and do not file…
DetailsThe deadline for tax extensions is quickly approaching! This year’s deadline is October 15, 2024. An extension gives you extra time to file your taxes, but not extra time to pay. Sometimes time escapes you and suddenly you have several years’ worth of taxes to file. While it certainly feels overwhelming, there are some action…
DetailsChanges to the Kiddie Tax For a child wage earner under age 19, the first $1,300 of any unearned income is tax free in 2024. According to the IRS, “unearned income” includes investment-type income such as taxable interest, ordinary dividends, and capital gain distributions. The next $1,300 is taxed at the child’s rate. Any unearned…
DetailsIf you don’t have a retirement plan through your employer, then you can open either a traditional or Roth IRA to plan for your retirement. The traditional IRA gives you a tax deduction by reducing your taxable income, but retirement money is taxable when you withdraw from it later. The Roth IRA is not deductible,…
DetailsAt what age is Social Security no longer taxed? You may have heard that Social Security income is not taxed after age 70; this is false. You may be able to earn however much you want for Social Security purposes and not have to pay it back to Social Security, but for tax purposes there…
DetailsThis program supports Pennsylvania homeowners and renters who meet the following criteria. Age Criteria 65 or older Widows and widowers 50 and older People with disabilities 18 and older Income Criteria In addition to age requirements, to qualify for the Property Tax/Rent Rebate, your household income must be $45,000 or less annually. If you rent,…
DetailsThe April 15th deadline is approaching fast, what happens if you’re not ready to file? You may request up to an additional 6 months to file your U.S. individual income tax return. There are three ways to request an automatic extension of time to file your return. You must request the extension of time to file by the…
DetailsHead of Household (HOH) is a filing status you can claim if you’re single orunmarried and maintain a home for a qualifying person, such as a child orrelative. The Head of Household vs. Single status provides a larger standarddeduction and more generous tax rates for calculating federal income tax.Requirements for claiming Head of Household status: You…
DetailsWhat should I do if someone has used my information to file a tax return that I didn’t authorize?
DetailsAt tax time, we find that people seem confused on why they didn’t have any or had little federal tax withholding throughout the year. The W4 that you fill out when you start employment is what the federal tax withholding is based on. So, if you fill it out incorrectly, it can mean a smaller…
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