The Child Tax Credit (CTC) is a vital financial support program by the US government, designed to aid families with low incomes and dependent children. As we approach July 2024, it’s crucial to stay informed about the latest updates on CTC deposit dates, payment amounts, and how to claim these benefits. This comprehensive guide will … Read more
The IRS Tax Credit Schedule for 2024 is crucial for taxpayers to understand, as it outlines the important dates and amounts related to tax credits. A tax credit is a significant reduction in the income tax liability, effectively decreasing the amount a taxpayer owes to the government. This article delves into the schedule of tax … Read more
The Internal Revenue Service (IRS) is under scrutiny for significant delays in assisting taxpayers who are victims of identity theft. According to recent reports, these delays are leaving many individuals waiting for their tax refunds for as long as nearly two years, causing severe financial hardships. Growing Problem: Excruciating Delays in Refunds Recent findings from … Read more
The Internal Revenue Service (IRS) is grappling with a significant challenge: a backlog of approximately 500,000 unresolved identity theft cases. This growing issue has had severe repercussions over the past year, particularly impacting low-income taxpayers who depend on their federal tax refunds. A recent report by the National Taxpayer Advocate sheds light on the severity … Read more
If you own and operate a vehicle in the United States, you may be eligible to claim a tax deduction for mileage. The Internal Revenue Service (IRS) sets the standard mileage rate each year based on the cost of operating a vehicle in the country. However, the rate varies depending on whether the vehicle is … Read more
Navigating tax debt can be a daunting task for many Americans. The IRS Fresh Start Program, introduced in 2011, offers a lifeline to taxpayers who are struggling to meet their tax obligations. This comprehensive initiative aims to ease the burden of tax debt through various payment plans and debt relief options. In this article, we … Read more
As we find ourselves in June 2024, the deadline for filing tax returns has long passed, with April 15th, 2024, marking the original cutoff. However, the Internal Revenue Service (IRS) has extended the deadline for filing income tax returns to October 15th, 2024, for those who have yet to submit their paperwork. Taxpayers who overpaid … Read more