Distributions from IRAs before age 59½ are generally subject to income tax and a 10% penalty. But there are exceptions. For example, first-time homebuyers can withdraw $10,000 penalty-free, and adoptive parents can withdraw up...

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Many taxpayers are receiving their Forms W-2. But what if you receive an incorrect Form W-2 from a current or former employer? The IRS advises you first to request a correction from the employer....

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Two commonly misunderstood tax terms are deductions and credits. What’s the difference? Deductions reduce the amount of a taxpayer’s income before tax is calculated. For example, on your individual return, you can take the...

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The IRS and partners in the Coalition Against Scam and Scheme Threats (CASST) have issued several changes for the 2025 filing season designed to help protect taxpayers against scams. One change is stepping up...

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The 2025 tax season kicks off today, Jan. 27, which is the first day the IRS will accept income tax returns. If your address changed in 2024, you can navigate tax filing more smoothly...

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To help encourage more people to save for retirement, the SECURE 2.0 Act requires employers with newly established 401(k) and 403(b) plans to enroll workers automatically, starting in 2025. Recently proposed IRS regulations stipulate...

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Mark your calendars! Jan. 27 is the kickoff to the 2025 tax season. That’s the date the IRS will begin accepting income tax returns. The IRS expects more than 140 million individual tax returns...

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What does it mean if you receive a CP24 notice from the IRS? Don’t panic. It’s probably not bad news. The IRS sends this notice when the amount of tax paid on a taxpayer’s...

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If you make estimated tax payments and it looks like you’ve underpaid your 2024 tax, be sure to send your final 2024 payment by Wednesday, Jan. 15, 2025. Include all taxable income in your...

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Do you possess digital assets, such as convertible virtual currencies and cryptocurrencies, stablecoins or non-fungible tokens (NFTs)? If so, you must report any digital asset-related income on your 2024 federal income tax return. According...

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