Tag Archive for: taxable income

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IRS Pledges More Audits Of The Wealthy And Better Customer Service

The agency’s newly released strategic operating plan lays out the specifics of how the IRS will allocate the $80 billion or improved operations, through fiscal year 2031, that was approved in that legislation.
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IRS Says Average Tax Refund Is 11% Smaller Than Last Year – Here’s Why

The Internal Revenue Service is reminding taxpayers to brace for a smaller refund this year. The average refund check so far this year is worth $2,933 – about 11% lower compared to the $3,305 average recorded last year.

Tax Credits vs. Tax Deductions

The IRS calculates tax deductions and credits differently, and the impact on your return can vary. A tax credit reduces your tax liability dollar for dollar. A tax deduction reduces your taxable income.
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13 Weird Things The IRS Considers Taxable, From Bribes To March Madness Pools

It may be obvious to everyday taxpayers that they must report their wages, but few likely realize the feds also expect a cut of their profits from more under-the-radar ways of accruing income.
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Inflation Boosted The 2023 Federal Income Tax Brackets. Here’s How Your Taxes May Compare To 2022

The IRS made annual inflation adjustments for dozens of tax provisions, including the federal income tax brackets for 2023, which may affect next year’s taxes, experts say.
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How Young Retirees Sidestep Early 401(k) Withdrawal Penalties

By migrating some or all of your retirement funds into a Roth IRA, you can access your money sooner. By using conversion ladders, money can be accessed penalty-free before the traditional withdrawal age of 59 1/2.