There are many positive effects of donating beyond helping those in need. If you have experienced a high-income year, it is advisable to take advantage of charitable contributions to help you lower your taxable income.
For nearly two years more than a dozen automated collection letters and notices associated with the filing of a tax return or payment of tax have been on pause. Catching up from its backlog, the IRS has started sending out notices in limited circumstances.
The IRS announced annual inflation adjustments for tax year 2024 in a Nov. 9 news release. More than 60 provisions were revised, including standard deductions and all seven tax brackets. The changes will apply to income tax returns filed in 2025. Here’s how the revisions will impact you.
The COLA adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2024 were just announced.
Choosing the best savings account is more than just getting a bigger return on your money, though that’s essential. Experts recommend selecting an account based on your goals, risk tolerance, time frame and other factors. So where are personal finance professionals stashing their own savings? CNET Money’s Financial Review Board give their expert advice.