Tag: tax return
Tax season: Which is better, the standard deduction or the itemized deduction?
As the 2023 tax season starts, Consumers are looking for strategies to file their taxes accurately to pay fewer taxes or obtain a higher refund.
While many taxpayers opt out of standard deductions on their annual tax return, which reduces their taxable income, the IRS requires taxpayers to itemize these deductions during the tax season if they wish to reduce their taxable income.
Standard Vs. Itemized Deduction
For this, we must first understand the difference between standard and itemized deductions. Generally, you have two alternatives when filing your tax return:
Make use...
Income Tax
Tax season: Which...
As the 2023 tax season starts, Consumers are looking for strategies to file their taxes accurately to pay fewer taxes or obtain a higher...
Tax
Tax returns: Is...
While the rules normally favor joint tax returns, experts say there are some situations where filing separately pays off. Every year, married couples have...
IRS
IRS: Top 5...
You are not alone if you are still working on submitting your tax return in 2023. Many people wait until the final day of...
IRS
IRS tax refund:...
Taxpayers may now stay up to speed on the status of their tax refund with the use of a new tool.
The "Where's My Refund?"...
Personal Finance
Tax refund: Why...
Tax season is a time of tension and worry as they rush to deliver their documentation to their accountant before the tax deadline of...
California State
California taxpayers to...
On Friday, the IRS indicated that by the following week, it may provide clarification on whether or not California's Middle-Class Tax Refund payments are...
IRS
IRS starts accepting...
If you want to collect your 2023 federal tax return sooner, the basic recommendation is to gather your paperwork, file online, and request that...
Tax
Tax refunds: How...
Scammers waiting to steal tax refunds from the naive have arrived alongside tax season. Financial services firm IPX1031 reports a 45% increase in tax-related...
Crypto
IRS notice to...
The IRS advises selecting "Yes" if you mine, stake, or otherwise derive any monetary benefit from cryptocurrency.
The Internal Revenue Service (IRS), an agency responsible...
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