Category: Taxes and Retirement

The $1.7 trillion spending bill (H.R. 4373) to fund the government through the 2023 fiscal year has now been passed and signed into law. The bill provides over $770 billion in funding towards domestic (non-defense discretionary) programs and more than $855 billion for defense spending. It also avoids a potential…

H&R Block's online tax software has a user-friendly interface that guides users through the process of filing their tax return with an interview-style format. It also allows filers to import or upload their W-2 or 1099 forms into the software. However, if you need help from a tax professional, you…

It’s always a good habit to do some tax-loss harvesting (TLH) before year end, especially in years when the stock market is down significantly. This is primarily because you can use investment (capital) losses to offset any capital gains of similar assets; and also use the $3,000 income offset provision…

The 10-second review TurboTax is widely considered the leading choice for those who prefer to prepare and file their own taxes. Its intuitive design and top-notch user interface coupled with various options for importing tax documents and "live" human support make it a popular choice for many. However, it is…

Here are some useful articles and videos around the 2023-2024 Tax Season Calendar and corresponding estimated IRS Refund schedule The 2024 tax calendar and when taxpayers can file their federal and state tax returns (or request an extension) IRS Refund Schedule - When you can expect your refund to be…

As you approach middle-age in your 30s and 40s, here are ten money tips to keep your financial house in order. Think of it like your financial checklist and if you are doing most of these, you should be in good shape as you head towards retirement Start saving for…

Like many other tax credits, the child and dependent care tax credit (CDCTC) saw a significant reduction after a pandemic induced legislative expansion. The CDCTC has now returned to a maximum credit amount of $2,100 instead of the pandemic expanded $8,000. Income thresholds and the percentage of child care expenses…

[2023 Tax Season Update] The IRS has announced that they will be delaying the introduction of the new $600 reporting threshold for 1099-K forms. This was to be introduced this tax season. This means the existing $20,000 and 200 transactions thresholds will remain in place through the current tax season…

With rising prices and variable weather conditions, many households continue to struggle when it comes to paying for home energy costs. Fortunately, for those on the lower end of the income scale, there are several federally-funded state assistance programs. Many may not be aware of these programs and so don't…

After submitting your tax return you may see the following message with reference to code 1242 and Tax Topic 151 when you check your IRS refund status. Naturally when seeing this many taxpayers may get stressed and worried about what's going to happen next. Read on to see what this…

The Internal Revenue Service (IRS) generally receives over 150 million individual returns over the tax season with more than 95% of those returns filed electronically and over 80% of those returns resulting in refunds. Over the last few years, thanks to plenty of pandemic related stimulus payments and funding for…

With higher than normal inflation, many seniors on fixed incomes are looking for help to make ends meet and ensure they have access to healthy and nutritious food. There has been talk of a "grocery stimulus" or additional coverage under the Food stamp/SNAP program (Commodity Supplemental Food Program), but it…

There are several ways you can maximize your tax refund in the coming year, including the following ways: Contribute to a retirement account: Contributions to certain types of retirement accounts, such as 401(k)s and traditional IRAs, can be deducted from your taxable income. This can reduce your tax bill and…