The Child Tax Credit (CTC) is a valuable benefit for families in the United States, designed to provide financial support for raising children. It allows eligible taxpayers to reduce their federal ...

IRA custodians are required to issue IRS Form 5498 by May 31 to report certain IRA activity for the previous year. You might receive a Form 5498 for 2023 if you had reportable deposits for your IRA, ...

Even simple mistakes can raise red flags with the IRS. Here's what deserves special attention so you can avoid triggering an ...

Taxpayers often make mistakes when filing their taxes, such as inputting incorrect personal information or making math errors. Choosing the wrong filing status or claiming ineligible credits can lead ...

Fewer taxpayers are subject to gift taxes thanks to a $12,920,000.00 lifetime gift tax exemption for 2023. Because many taxpayers do not fall under the exemption amount, they do not necessarily have ...

Taxpayers often make mistakes when filing their taxes, such as inputting incorrect personal information or making math errors. Choosing the wrong filing status or claiming ineligible credits can lead ...

Tax Day is less than a month away, but you still have plenty of time to file before April 15 deadline. However, there are a few pitfalls that could make filing your taxes even more of a headache. 7 On ...

If you don't know the difference between a W-2 and a W-4 or a 1040 and a 1099, you're not alone. Everyone needs to understand how every IRS tax form is used and when to use them. There are many forms ...

For one reason or another, I had several calls last year with attorneys and others regarding IRS Streamlined Filing Compliance Procedure submissions gone wrong. In most cases, it was evident that the ...