Rules

IRS Mileage Rates for 2024: Understand the New Mileage Rates in the US

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IRS Mileage Rates for 2024: Understand the New Mileage Rates in the US

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

Earned Income Tax Credit (EITC) for 2024: Eligibility and Income Requirements

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Earned Income Tax Credit (EITC) for 2024: Eligibility and Income Requirements

The Earned Income Tax Credit (EITC) is a crucial financial support mechanism for low to moderate-income employees in the United States. This tax credit not only reduces the amount of taxes owed to the IRS (Internal Revenue Service) but also can result in a refund if the credit exceeds the amount of taxes due. Understanding … Read more