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How new tax changes for 2025 could affect federal tax liabilities for families

New tax changes for 2025 announced by the IRS may affect tax liabilities for families. The refundable portion of the child tax credit will be $1,700, unchanged from 2024. Other changes to the earned income tax credit, adoption credit and annual gift tax exclusion may also affect parents. Momo Productions | Digitalvision | Getty Images […]

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The IRS unveils higher capital gains tax brackets for 2025

The IRS on Tuesday unveiled 2025 inflation adjustments for the long-term capital gains tax brackets, which apply to investments owned for more than one year.  For 2025, single filers can earn up to $48,350 in taxable income — $96,700 for married couples filing jointly — and still pay 0% for long-term capital gains. You calculate

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IRS announces new federal income tax brackets for 2025

The IRS has unveiled higher federal tax brackets for 2025 to adjust for inflation. The standard deduction will increase to $30,000 for married couples filing together and $15,000 for single taxpayers. There are also changes to the long-term capital gains brackets, estate tax exemption, child tax credit eligibility and more.  Rockaa | E+ | Getty

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Don’t wait to find a tax preparer for 2025: Why one expert would ‘100% recommend starting now’

If you need a preparer for the 2025 filing season, now is the time to start looking, experts say. However, vetting is important because there are no federal licensing or competency requirements, and some paid preparers have no training or experience. You can start with referrals and double-check credentials through the IRS and state licensing

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Here’s what to do if you still can’t pay taxes on the Oct. 15 tax extension deadline

The tax extension deadline is Oct.15, but some taxpayers in federally declared disaster areas have more time to file. For disasters after April 15, there is no extension for payments, and penalties and interest have been accruing. If you still can’t pay your taxes, you have a few options, tax professionals say. Urbazon | E+

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The tax extension deadline is Oct. 15. Here’s what to do if you still can’t pay your balance

The tax extension deadline is Oct. 15, but you have options if you still can’t pay your balance, experts say. You can apply for an IRS payment plan, or “installment agreement,” to pay your taxes owed over time. You will still incur interest and late-payment penalties, but an installment agreement could reduce the failure-to-pay penalty.

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This ‘back of the napkin math’ shows whether you could have a surprise tax bill, expert says

No one likes a surprise tax bill, and there is still time to take action if you have not paid enough taxes for 2024, experts say.  Employees can use “back of the napkin math” to double-check 2024 withholdings, assuming your situation is similar to last year, said certified financial planner Tommy Lucas at Moisand Fitzgerald

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IRS: This ‘rule of thumb’ shows who needs to make a third-quarter estimated tax payment by Monday

The third-quarter estimated tax deadline for 2024 is Monday, Sept. 16, and you could incur a penalty if you don’t send a payment. Estimated payments apply to earnings from self-employment, gig economy work, investment income and more. You can avoid IRS penalties by sending 90% of 2024 taxes or 100% of your 2023 levies if

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Senate debates taxes ahead of Trump’s 2025 expirations. It’s a ‘make-or-break moment,’ lawmaker says

With trillions in tax breaks scheduled to expire after 2025, lawmakers are debating policy priorities that could impact millions of families and small businesses. “This will be a make-or-break moment for the federal budget and for America’s middle class,” Senate Finance Committee Chairman Ron Wyden, D-Ore., said on Thursday. However, negotiations could be difficult amid growing

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Harris wants to raise the top capital gains tax rate to 28%. How that compares to recent history

Democratic presidential nominee Vice President Kamala Harris last week proposed a 28% tax on long-term capital gains, or assets owned for more than one year, for those making more than $1 million annually. If she raised the net investment income tax to 5%, top earners would pay a combined rate of 33%. Harris’ combined 33% capital

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