Income Tax

With the national debt soaring beyond $34 trillion, liberal politicians face a formidable challenge in persuading Americans, wary of the repercussions of excessive government spending, to support further budget expansions.  In the face…

Governor Gretchen Whitmer of Michigan has announced a significant step in providing financial relief to working families in the state.  On February 13, 2024, families across Michigan will receive Working Families Tax Credit checks ahead…

A significant development in US tax policy is underway as a House panel recently approved the Tax Cuts for Working Families Act (H.R.3936).  The bill proposes a temporary expansion of the standard tax deduction, which could provide…

In a recent turn of events, Colorado's political landscape is witnessing a disconnect between voter sentiment and legislative action.  Despite the clear rejection of Proposition HH by a 60% to 40% margin on Election Day, the state House,…

As the global landscape continues to shrink, individuals engaging in international transactions, like John in our example, may unwittingly expose themselves to a web of international information return IRS filing obligations.  The…

The IRS is set to introduce new income limits for its seven tax brackets, providing potential relief to taxpayers in 2024.  The adjustments, accounting for the impact of inflation, will see the tax brackets move upward by 5.4%. This…

The IRS Free File program, aimed at simplifying tax prep and offering free online filing for low to moderate-income taxpayers, is challenged by industry lobbying. Critics argue that these efforts have hindered the program's effectiveness…

The Internal Revenue Service (IRS) has some excellent news for people wishing to boost their retirement savings.  The IRS recently announced an increase in the contribution limits for 401(k) and Individual Retirement Accounts (IRAs) for…