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Child Tax Credit in 2024: What You Need to Know! 💰 It’s important to stay informed about changes in tax legislation, especially if you have children. The Child Tax Credit is a significant aid for families, but to make the most of it, you need to understand all the details. 🔹 Credit Amount: In 2024, the amount of the Child Tax Credit is up to $2,000 per child. For children under 6 years old, it’s up to $3,000! This money can significantly reduce your tax liabilities. 🔹 Eligibility: The credit is available for each child under the age of 17, provided they are your dependent. Make sure you have all the necessary documents to prove this. 🔹 Phaseout: The full credit is available for families with an income of up to $200,000 (or $400,000 for married couples filing jointly). If your income exceeds this threshold, the credit amount will gradually decrease. 🔹 Refundable Portion: The Child Tax Credit is partially refundable, which means that even if your tax bill is zero, you can receive up to $1,400 per child as a refund. ❗️Don’t miss the opportunity to ease your financial burden with this credit! Ensure that you fill out all forms correctly and submit your documents on time. If you have any questions, it’s best to consult a tax specialist. 🤗 Take care of yourself and your loved ones, and let tax benefits work for you! #ChildTaxCredit #TaxCredits2024 #FamilyFinance #TaxBenefits #ParentingTips #FinancialRelief #TaxAdvice #2024TaxSeason #SaveMoney #TaxPlanning #Accountingpro #USA

5 Unusual Tax Moves to Make Before the End of the Year Tip 1: Use Your Credit Card Financial advisors usually discourage using credit cards, but if you handle them responsibly by paying off the balance each month to avoid interest, it can be beneficial. The significant advantage of using a credit card is that the tax deduction occurs at the time of purchase, not when you pay off the card! This is especially useful for deductions you typically pay at the beginning of the new year, such as charitable donations and property taxes (if your limit does not exceed $10,000). Tip 2: Clean Out Your Closet You know you have items you never wear. Your children have toys they don’t play with. Why not spread some holiday spirit and help those in need? The rules aren't too complicated: write down what you're donating, get a receipt, and keep the total under $5,000 to avoid the need for an appraisal. Your deduction is the lesser of the amount you paid or its current value. Tip 3: Increase Your Tax Withholding If you had additional income from side jobs and didn't make estimated tax payments (quarterly payments) to cover taxes on that income, you might face a penalty. It's important to know that the underpayment penalty rate is 8% according to recent IRS updates! To avoid penalties, the IRS requires that you pay at least 90% of your annual tax evenly throughout the year. Tip 4: Delay Prepayment of Property Taxes Your property taxes are typically paid in two installments. When interest rates on savings were low, it was convenient to pay everything at once. However, with the current $10,000 cap on state and local tax deductions, prepaying property taxes may not provide you with tax benefits. Given the current savings account interest rates, which can exceed 5%, it’s wise not to move your money earlier than necessary. Tip 5: Get Quick Cash Using Your IRA If you are facing financial difficulties and are confident that you can repay the funds within two months, you can take advantage of borrowing from your Individual Retirement Account (IRA). There are only two rules: repay the amount within 60 days and use this method no more than once every 12 months. There are no penalties or taxes for this. Use Our Calculators to Plan Your Financial Matters: https://calculator.tax/ #TaxTips #FinancialPlanning #EndOfYear #TaxDeductions #CreditCardBenefits #CharitableDonations #TaxWithholding #PropertyTaxes #IRA #QuickCash #TaxSeason #PersonalFinance #SmartMoney #Savings #TaxStrategy #YearEndPlanning #FinancialAdvice #MoneyManagement #TaxSavings

Tax Planning for People Living Paycheck to Paycheck: Note: The figures vary from survey to survey; however, approximately 60% of Americans live paycheck to paycheck. Living paycheck to paycheck is tough—I know from personal experience. If you're in this situation, this post is for you. First, don't worry about tax planning. You have more pressing issues. Ignore tax planning. Yes, I said it. Second, create a budget. Don't skip this step. Make a written budget and track where every dollar goes. This is crucial. Third, increase your income. Find a side job. Work overtime if offered. Consider switching jobs if it means earning more money after weighing benefits and opportunities. Deliver pizzas. Babysit. Mow lawns. Work! Fourth, cut expenses. Be strict about it. Cancel services. Get a cheaper cell phone plan. Stop eating out entirely. Pack your lunch. No more Starbucks for you. Plan your grocery shopping to minimize costs. Look for coupons. Reduce your entertainment budget. Stop buying unnecessary clothes. Be ruthless. Very ruthless. Fifth, save at least $1000. This is your emergency fund. You'll need it when something goes wrong. You get a flat tire. Your car breaks down. You get sick. Your child gets sick. Sixth, once you have an emergency fund, add back one of the expenses you cut. Do it! Reward yourself. Seventh step, pay off high-interest debts. Start with the debt with the highest interest rate first. Eighth step, reward yourself. Add back one of the expenses you cut. Ninth step, pay off the next highest interest rate debt. Tenth, congratulations, you've come this far! Don't give up and continue with this new way of managing your budget. #TaxPlanning #PersonalFinance #LivingPaycheckToPaycheck #Budgeting #IncreaseIncome #CutExpenses #EmergencyFund #DebtRepayment #FinancialFreedom #MoneyManagement #FinancialAdvice #SideHustle #BudgetTips #LinkedInFinance

Oregon will become the first state to join the IRS's expanded direct tax filing tool in the next tax season. Our free calculators for Oregon are already available for use. Make life simple and enjoy! 👉 https://lnkd.in/e4Kj8KtU #Oregon #FreeCalculators #TaxSeason #SimplifyLife #IRS #DirectFiling #EasyTaxes #FinancialTools #OregonTax #LiveSimply

Add the income tax of each state, property tax, and sales and excise taxes... And here is the map of the TOTAL TAX BURDEN States with the highest tax burden 👇 ▪️New York ▪️Hawaii ▪️Vermont Our free calculation tools will help you understand many tax issues. #StateIncomeTax #PropertyTax #SalesTax #ExciseTax #TotalTaxBurden #TaxMap #HighTaxStates #NewYork #Hawaii #Vermont #Accountingpro

Attention! The IRS has announced that starting July 14, taxpayers will need to use either http://Login.gov or http://ID.me to access the FATCA registration system. #IRS #FATCA #LoginGov #IDme #TaxNews #TaxUpdate #IRSAnnouncement #FATCARegistration #IRSChanges #Accountingpro

Tax Holidays in August 2024. August is back-to-school month, and many states in the US offer tax holidays on purchases. State Sales Tax Holidays: 1.Arkansas (August 3 - August 4): Clothing up to $100, accessories up to $50, school supplies, and computers. 2.Connecticut (August 18 - August 24): Clothing and footwear up to $100 (protective and athletic clothing are taxed). 3.Iowa (August 2 - August 3): Clothing and footwear under $100. 4.Maryland (August 11 - August 17): Clothing and footwear up to $100, the first $40 on the sale of a backpack or bag. 5.Massachusetts (August 10 - August 11): Nearly every personal item up to $2500. 6.Missouri (August 2 - August 4): Clothing up to $100, school supplies up to $50, software up to $350, computers up to $1500. 7. New Jersey (August 24 - September 2): Computers under $3000, school computer supplies under $1000, school supplies. 8. New Mexico (August 2 - August 4). 9.Oklahoma (August 2 - August 4): Clothing and footwear up to $100. 10.South Carolina (August 2 - August 4): Clothing, accessories, and footwear, school supplies, computers and peripherals, bedding, and bath furniture (no price limit). 11.Texas (August 9 - August 11): Clothing, footwear, and backpacks under $100, cloth masks, school supplies under $100. 12.Virginia (August 2 - August 4): School supplies up to $20, clothing and footwear up to $100, hurricane preparedness items, Energy Star™ and WaterSense™ products. 13.West Virginia (August 2 - August 5): Clothing and footwear up to $125, school supplies up to $50, school instructional materials up to $20, sports equipment up to $150, laptops and tablets up to $500. Prepare for the new school year and save on taxes! #TaxHoliday #BackToSchool #SalesTax #TaxFreeWeekend #TaxSavings #SchoolSupplies #Clothing #Footwear #Computers #August2024 #USStates #ShopSmart #TaxExemptions

In Tax Court, yet another taxpayer with W-2 income was denied in his attempt to prove his status as a real estate professional. The taxpayer worked 40 hours a week at his primary job while simultaneously overseeing the construction of a building in his city. After the building was put into operation, he claimed more than $23,000 in depreciation, which he used to reduce his W-2 income. The IRS conducted an audit and denied the use of depreciation. The taxpayer appealed the decision, asserting that he spent more time on the construction project than on his primary job, but his claims were deemed untrustworthy and were rejected. The conclusion is this: if you have a high W-2 income reported on your 1040 return (without significant participation in that company), it will be very difficult to prove this status. The Tax Court consistently rejects such claims, even in the most convincing cases. #TaxCourt #W2Income #RealEstateProfessional #IRS #Depreciation #Audit #TaxAppeal #IncomeTax #TaxLaw #TaxTips #RealEstateInvesting #TaxStrategy #TaxAdvice #HighIncome #TaxDeductions #1040Form #TaxCompliance #TaxpayerRights

State Income Tax for the District of Columbia (DC) is essential for funding the public services and infrastructure that residents rely on daily. This tax revenue supports critical areas such as education, healthcare, public safety, and transportation. By ensuring that everyone contributes their fair share, the tax system promotes equity and helps maintain high-quality services. Moreover, it allows DC to invest in community development, affordable housing, and environmental initiatives, fostering a better quality of life for all. State Income Tax also helps bridge gaps in federal funding, ensuring that DC can operate efficiently and meet the needs of its diverse population. Ultimately, it is a vital tool for sustaining and enhancing the community's well-being and growth. Visit our website and enjoy: https://calculator.tax/ #DCIncomeTax #DCTaxes #PublicServices #DCEducation #DCHealthcare #DCInfrastructure #DCCommunity #DCFunding #EquityInTaxation #SustainableDC #DCLife #DCGrowth #Forbes #Bank #USA

🔍 Looking to simplify your tax calculations? Check out the Free State Income Tax Calculator for Kentucky! 🏞️ Whether you're a resident or planning to move to the Bluegrass State, our easy-to-use calculator helps you understand your state income tax obligations quickly and accurately. Simply input your earnings and let the calculator do the rest, providing you with a clear breakdown of your tax liabilities. 💡 Benefits: Accurate tax estimation Easy and intuitive interface Updated with the latest tax rates Start planning your finances better today. Try the Free State Income Tax Calculator for Kentucky now! #TaxCalculator #Kentucky #PersonalFinance #TaxPlanning #FinancialTools #TaxSeason #USAForbesForbes #USA