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  • February 2024
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A Last-Minute Tax Guide for Procrastinators

This last-minute tax guide will provide you with the essential steps to navigate the process, even if you’re running against the clock. Gather Your Documents Before you begin the filing process, gather all the necessary documents. These may include: W-2 forms from your employers 1099 forms for any contract work, interest, or dividends 1098 forms…

What To Do If You Miss the Tax-Filing Deadline: Five steps to take to minimize any penalties and consequences

Here are five steps you can take if you missed the tax filing deadline: File your taxes as soon as possible: Even if you missed the deadline, it’s important to file your taxes as soon as possible. The longer you wait, the more penalties and interest charges you will incur. Pay any taxes owed: If…

How to Lower Your Tax Bill With the Charitable-Donation Deduction: Getting a tax break for contributions to charity often requires careful planning

Are fewer taxpayers deducting charitable contributions than in the past? Yes. The 2017 tax overhaul dramatically reduced the number of filers deducting charitable donations. While it didn’t limit them outright, it expanded the standard deduction so that far fewer taxpayers itemize these deductions on Schedule A. The number of taxpayers itemizing charitable donations dropped to…

22 Popular Tax Deductions and Tax Breaks for 2023-2024

Tax benefits are generally broken into two major categories: tax deductions and tax credits. As you examine programs that could potentially apply to you, it’s a good idea to know the differences in how tax savings can work. In short, a credit gives you a dollar-for-dollar reduction in the amount of tax you owe. A…

Tax Benefits of Qualified Small Business Stock: A valuable opportunity for founders and investors, but legislation looms

For founders and investors in start-ups, qualified small business stock (QSBS) offers a significant tax advantage that can be likened to a generous gift from the IRS. This tax provision allows shareholders to potentially realize substantial tax-free gains, providing a compelling incentive to invest in qualifying small businesses. However, it is important to understand the…

How to Get the Biggest Tax Break for Buying an EV: A guide on the changing rules for federal tax credits for buying electric vehicles and home chargers

The toughest roads to navigate in an electric vehicle may be the forking paths of the tax code. EV buyers can get up to $7,500 in tax savings right at the dealership, under changes to the law that went into effect Jan. 1. By contrast those who drove an EV off the lot last year…

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