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The Latest Breaking News from IRS

Tax Credit vs. Tax Deduction: What’s the Difference?

Your guide to tax deductions and credits, how the IRS treats them differently, and how they impact your tax bill.

Kiplinger · Nov 20, 2024

Premium Tax Credit: Are You Eligible For This Health Insurance Tax Break?

The tax credit can help qualifying individuals pay for coverage from the Affordable Care Act’s health insurance marketplace.

Kiplinger · Nov 19, 2024

Retire Before 59½: The IRS Rule to Unlock Your IRA or 401(k) Penalty-Free

This early-retirement hack lets you tap your retirement savings without tax penalties, helping bridge the gap to Social Security. But you must plan well.

Kiplinger · Nov 16, 2024

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Estate Planning: How Does the Basis Step-Up Rule Work?

The step-up in basis, one of the most powerful tools in estate and tax planning, can make a huge difference in capital gains taxes owed.

Kiplinger · Nov 16, 2024

Understanding Virtual Currency: How It Works Across Digital Platforms

Virtual currencies are digital tokens used across many online platforms. According to the IRS, virtual currency is a digital representation of value that serves as a unit of account, a store of value, and a medium of exchange.

inkl · Nov 15, 2024

Three Often-Overlooked Ways to Cut Your Tax Bill Now

Act before 2024 ends to set yourself up for potential savings when it's time to file your tax return.

Kiplinger · Nov 14, 2024

FSA Contribution Limits Are Higher for 2025

A flexible spending account allows you to build tax-free savings for certain medical expenses.

Kiplinger · Nov 14, 2024

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Elon Musk Says He's 'The Largest Individual Taxpayer In History' After $10B Payment: 'I Thought The IRS Would Send A Trophy'

The average true tax rate for the ultra-rich, including Elon Musk, is much lower than those less affluent as they leverage a host of tax-savings strategies to reduce their reported annual income despite skyrocketing net-worth growth

International Business Times UK · Nov 14, 2024

‘Partisan politics’: how efforts to overturn the Johnson amendment could upend campaign finance

Experts say undoing the provision, which bans churches from campaign donations, would open a flow of dark money

The Guardian - US · Nov 14, 2024

Abolish the IRS—and the Income Tax Too

Americans spent an estimated $133 billion and 6.5 billion hours filing their tax returns in 2024.

Reason · Nov 14, 2024

New Rules for Retirement Savings Taking Effect in 2025

Many employees will be able to contribute more money to tax-advantaged workplace plans.

Kiplinger · Nov 13, 2024

Florida Tax Deadline Extension for 2025: What You Need to Know

If you live in Florida the IRS has extended your federal income tax deadlines.

Kiplinger · Nov 12, 2024

IRS: Here’s How to Recover Your Tax Records After a Natural Disaster

Your tax documents can help you get federal relief faster, the IRS says.

Kiplinger · Nov 12, 2024

Tax Changes are on Trump's 2025 To-Do List

Donald Trump campaigned on lower taxes and, as president, he will push Congress to pass big tax changes next year

Kiplinger · Nov 9, 2024

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Nanny Pleads Guilty In Suburban Virginia Double Homicide Case

A nanny in Virginia pleads guilty to manslaughter in a shocking double homicide case involving her employer and another man. Tragic events unfold in the Ba...

Kiplinger · Nov 9, 2024

12 Retirement Moves to Make Before the Year Ends

From applying for Social Security and donating to charity to maximizing your savings accounts, here are 12 retirement moves you can still make in 2025

International Business Times UK · Nov 8, 2024

Why Did Federal Agents Raid Alfie Oakes' Naples Estate? Everything You Need to Know

Federal agents have launched a high-profile raid on conservative influencer Alfie Oakes, raising questions about his financial troubles and the future of his $400 million empire.

Latin Times · Nov 7, 2024

IRS bows to James Comer and Jim Jordan's Demands to Halt Disciplinary Measures Against Hunter Biden Whistleblower

" We won't stop fighting for these brave whistleblowers, who exposed misconduct and politicization in the federal criminal investigation," said the House Oversight Committee

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Kiplinger · Nov 7, 2024

IRS Updates Capital Gains Tax Thresholds for 2025

For the 2025 tax year, the IRS has increased the capital gains tax income thresholds. Here's what you need to know.

Kiplinger · Nov 7, 2024

Earned Income Tax Credit (EITC) 2026: How Much Will You Get?

The refundable amount for workers with or without children is slightly higher this year. Here’s what you need to know.

Kiplinger · Nov 7, 2024

How Intrafamily Loans Can Bridge the Education Funding Gap

To avoid triggering federal gift taxes, a family member can lend a student money for education at IRS-set interest rates. Here's what to keep in mind.

Louder · Nov 7, 2024

"I was being a very bad boy. It was not a good time": Bob Welch was the man who kept Fleetwood Man going, but a decade later he was smoking crack with Guns N' Roses

In this exclusive extract from his new Fleetwood Mac book, Mark Blake tells the tale of Bob Welch, the man Mick Fleetwood credits as having played a crucial role in keeping the Mac together

Kiplinger · Nov 6, 2024

457 Plan Contribution Limits for 2026

There are higher 457 plan contribution limits in 2026. That's good news for state and local government employees.

Kiplinger · Nov 6, 2024

Two Consequential Tax Cases You May Not Have Heard About

The Supreme Court's decisions in these cases create uncertainty about challenging IRS regulations and guidance. Expect more litigation to follow.

Bored Panda · Nov 6, 2024

Aren’t Supposed To Know: 49 Confessions From Employees Across Industries

Someone asked “What's a secret in your job that people aren't supposed to know about?” and netizens spilled the beans. The post Aren’t Supposed To Know: 49 Confessions From Employees Across Industries first appeared on Bored Panda.

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