Have you heard about the IRS’s Tax Time Guide? For those who may not know, it is an online resource to help taxpayers with filing accurate tax returns while also answering frequently asked questions regarding any significant changes that may affect tax returns. This guide is updated throughout the tax filing season on an annual and periodic basis to provide information to taxpayers when submitting their tax returns to the IRS.
Other benefits of referring to the IRS’s Tax Time Guide is determining if there are any significant changes in deductions or credits for the tax filing year. In 2024, for example, there was a change in the maximum Additional Child Tax Credit (ACTC) amount which increased to $1,700 for each qualifying child. The Standard Deduction amount also increased for all filers which changed as follows: Single or Married filing separately ($14,600), Head of Household ($21,900) and Married filing jointly or qualifying surviving spouse ($29,200). For more information on changes for the 2024 tax year, check out the IRS’s Tax Time Guide 2025: Essentials needed for filing a 2024 tax return.
In preparation for filing your tax return(s), do not forget to gather and collect all tax documents before filing. This will help taxpayers avoid delays in processing, errors, corrections, and potential tax liabilities that could be minimized if filing accurately. The ability to safely examine your tax data, payment history, and other important information to expedite the tax preparation process and find any eligible deductions or credits is one of many advantages of setting up an IRS Online Account.
If you have any questions regarding your tax return(s) or received a notice from the IRS, FTB, EDD or any other regulatory agency, please call or email Wilson Tax Law Group, APLC, to setup a consultation with our firm.
Wilson Tax Law Group, APLC is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense. Firm founder, Joseph P. Wilson, is a former Federal tax prosecutor and trial attorney for the IRS and California Franchise Tax Board. Wilson Tax Law Group, APLC, is comprised of former IRS litigators & Special Agents, and Assistant US Attorneys from the US Attorney’s Office, Central District of California, Tax Division, which at the time handled both civil tax lawsuits and criminal tax prosecutions on behalf of the United States of America.
For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC
Tel: (949) 397-2292 (Newport Beach Office)
Tel: (714) 463-4430 (Yorba Linda Office)
Disclaimer: This blog post is for informational purposes only and does not constitute legal, tax or financial advice. Please consult with a qualified attorney, accountant or financial advisor for specific guidance related to your circumstances.
The Newport Beach Tax Attorney blog is dedicated to tax issues serving Orange County and Southern California. Posts cover recent news and tax cases including audits, tax litigation, IRS, and cryptocurrency tax issues. For more on the Orange County Tax Attorney Joseph P. Wilson, visit https://www.wilsontaxlaw.com or 949.397.2292
Tax Time Guide and Creating an IRS Online Account
Subscribe to:
Post Comments (Atom)
Tax Time Guide and Creating an IRS Online Account
Have you heard about the IRS’s Tax Time Guide ? For those who may not know, it is an online resource to help taxpayers with filing accurate ...
-
Just like the IRS, the California Franchise Tax Board (FTB) also has a program to allow one spouse to be relieved of existing joint liabilit...
-
For all those Jersey Shore fans, television personality Michael 'The Situation' Sorrentino and his brother Marc Sorrentino appeared ...
-
Just like the IRS, the California Franchise Tax Board (FTB) also has a program to allow one spouse to be relieved of existing joint liabilit...
No comments:
Post a Comment