The end of the year isn't quite here, yet.
This is a perfect point to start getting your taxes together, though. When the file date arrives, there is no last cacophony of events in the midst.
Why is this tax thing a necessity?
The United States Constitution, Article 1, Section 8, Clause 1, states, “The Congress shall have the Power to lay and collect Taxes, Duties, Imposts and Excises to pay the Debts and provide for the common Defense and general Welfare of the United States."
You know your role as a law abiding American taxpayer. We are all required to carry your own weight.
Carry one's (own) weight and pull one's (own) weight
Meaning to do one's share; to earn one's keep. (The weight is the burden that is the responsibility of someone.)
See also: carry, weight
The failure to pay penalty is 0.5% of the unpaid taxes for each month or part of a month the tax remains unpaid. The penalty won't exceed 25% of your unpaid taxes.
This is a new day. We are all responsible, we will take it upon ourselves to play our role as U.S. citizens.
The IRS announced annual inflation adjustments for over 60 tax provisions for the 2024 tax year, including tax rate schedules.
Standard deductions increased for all filing statuses:
$29,200 for married couples filing jointly,
$14,600 for single taxpayers,
and $21,900 for heads of households.
Tax rates remain largely unchanged, with the top rate at 37% for high-income individuals.
The Earned Income Tax Credit maximum amount increased to $7,830 for qualifying taxpayers with three or more children.
Various other tax provisions were adjusted for inflation, such as the foreign earned income exclusion, gift tax exclusion, and adoption .
IYDK: The IRS will provide a free route to file your taxes.
The IRS Free File program offers two ways to file federal income tax returns online for free: Guided Tax Software and Free File Fillable Forms.
Guided Tax Software provides free online tax preparation and filing at an IRS partner site for taxpayers with an AGI of $79,000 or less.
Free File Fillable Forms are electronic federal tax forms, equivalent to a paper 1040 form, for taxpayers with an AGI greater than $79,000.
If you really need human assistance to file your taxes, there are some great service providers.
H&R Block is the best overall tax preparation service due to its large network of branches, reasonable pricing, and various tax preparation options.
Jackson Hewitt is the best for ease of use, with 5,200 office locations and online tax preparation options.
TurboTax Live is the best online experience, offering professional tax preparation without leaving home.
EY TaxChat is the best for self-employed filers, providing expertise in handling complex tax needs.
Tax software offers convenience, accuracy, and potential refund calculations, but can be more expensive than self-preparation.
Even though the end of the year isn't quite here, this is when one starts getting his taxes together, though. When the file date arrives, all is well.
Seasons Greetings!
