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If you have any children under the age of 17, including any born during 2023, you could be eligible for the child tax credit. If you’re eligible, it could reduce how much you owe in taxes, but it won’t provide you with a refund because it’s nonrefundable this year. Also, you must meet several requirements

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. Understanding your tax bracket and rate is essential regardless of your income level. Both play a major part in determining your final tax bill. The IRS has announced its 2024 inflation adjustments. And while

As CPA tax professionals gear up to prepare clients’ 2023 tax returns, they will have to address recent changes in tax laws and rules, as they do every year. In addition to technical issues, to best prepare for the upcoming tax season’s pressures and deadlines, practitioners should assess the management of their tax practices to

We’ve witnessed a remarkable rise in the cost of home ownership over the past decade. Along with exponentially rising home prices, mortgage rates have soared, compounding the affordability problem. And once you’ve bought a house, the expenses don’t stop — Real Estate Witch estimates that homeowners in the US spend an additional $17,459 each year

The winter holiday season might not bring to mind your income taxes, which aren’t due to be filed until April 15, 2024, but the end of the year can be an excellent time for checking your financial situation and making changes to your situation to improve your tax refund or liability for 2023. While these

If you’re a small business owner, you know what an arduous undertaking it is to manage your taxes. From finding all the tax deductions that are available to maximize your federal income tax savings, there are so many individual steps involved and rules to keep track of that it’s easy for even savvy entrepreneurs like

Taxes are confusing enough without the added stress of figuring out which tax software is the best tax software. So we did the research to help you choose the ideal option to file taxes online. We focused on well-known and widely used tax-preparation software, and while the tax code is the tax code, there’s a

Have you moved since you filed your 2022 tax return? If so, make sure you update your address with the IRS now. The IRS expects to issue all refunds for individual returns that do not have errors (or other issues that would delay processing) by direct deposit and paper checks. But if you have not

Important information Tax treatment depends on your individual circumstances and may be subject to future change. Read more Capital gains tax is the amount you pay on any profit you make when you come to sell an asset, such as a second home, shares or a piece of artwork. How much you can earn before