Tag: tax
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Tax Season’s Final Push: Extensions, Deadlines, and What Comes Next
512 Calls In, 648 Calls Out: Inside Tax Season’s Final Week Last week’s call volume tells the story—512 incoming calls and 648 outgoing calls is exactly what the final stretch of tax season looks like in a busy office. As we move toward the filing deadline, the pace shifts from preparation to execution. Returns that…
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New and Enhanced Deductions for Individuals
There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation. New deductions for 2026 filing season All new or enhanced deductions are available for both…
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Adoption Tax Credit
Improvements to the Adoption Tax Credit make adoption more affordable Taxpayers who finalized an adoption in 2025 or started the adoption process before 2025, may qualify for the Adoption Tax Credit. Additionally, there have been significant changes to the tax credit under the One, Big, Beautiful Bill. Here’s an overview of the credit and eligibility,…
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One Big Beautiful Bill Act
One Big Beautiful Bill Act: Tax deductions for Working Americans and Seniors FS-2025-03, July 14, 2025 Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. No Tax on Tips New deduction: Effective for 2025…
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12 Tax Provisions in the Big Beautiful Bill
Eliminating taxes on Social Security benefits is missing from President Trump’s tax overhaul. The lawmakers used the “Byrd Rule” to strike the elimination of taxes on Social Security Benefits, stating that they could not make significant changes to the Social Security program in a Reconciliation Bill. Changing the taxation of it is not changing the…
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Disaster Victims in 9 States have Automatic Extensions
IRS reminder: Disaster victims in nine states have automatic extensions to file and pay their 2024 taxes WASHINGTON — The Internal Revenue Service today reminds individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on Thursday, May 1,…
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Tax News
As of February 2025, several significant tax law changes are under consideration or have been implemented across various jurisdictions: United States International Developments These developments reflect ongoing debates and legislative efforts aimed at overhauling tax systems to address economic disparities, revenue needs, and social equity concerns.
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IRS announces Jan. 27 Start to 2025 Tax Filing Season
The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed ahead of the Tuesday, April 15 federal deadline. More than half of all tax returns are expected to be filed this year with the help of a tax professional, and the IRS urges people to use a trusted tax…
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Taxpayer Bill of Rights
By law, all taxpayers have the right to finality of federal tax matters Taxpayers have the right to finality when working with the IRS. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of 10 basic rights, known collectively as the Taxpayer Bill of Rights. Here’s what…