Georgia Residents Getting $500 Tax Refunds, Here’s What to Do if You Missed Payments
In 2025, Georgia rolled out a surplus tax refund program to return excess state income to its taxpayers, allocating $1.2 billion from the budget surplus for this purpose. Refund amounts, which could go as high as $500, depend on factors such as filing status and tax obligations for the 2023 year. The distribution of these […]
Income Tax filing deadline: Will there be an extension? IT department provides update
Upcoming Deadline for Income Tax Returns With just two days remaining until the deadline for filing Income Tax Returns (ITR), the Income Tax Bureau announced on Saturday that over $6 trillion in tax returns have been submitted so far. This number is likely to increase as many rush to complete their submissions. The deadline to […]
What are the advantages of no tax on tips and overtime for people in Utah?
The Working Family Tax Cuts Act is recognized as the largest tax cut in U.S. history. This legislation does not encompass taxes on overtime or tips. Taxation around overtime and tips is beneficial for hard-working individuals, as it promotes additional work opportunities and supports small to medium-sized businesses in Utah. On Friday, Utah Rep. Burgess […]
An Initial Glimpse at the Updated Tax Form for Claiming Deductions for Tips, Overtime, Car Interest, and Seniors
The IRS has unveiled drafts of several tax forms for 2026 under the One Big Beautiful Bill Act (OBBBA), which includes a new Schedule 1-A focused on Additional Deductions. This update is aimed primarily at addressing the needs of workers who earn tips and receive overtime pay. At the top of Schedule 1-A, one significant […]
Tariffs and tax reductions clash in the newest CBO forecast
Economic Impact of Tariffs and Tax Cuts Recent projections suggest that the tariffs instituted by President Trump alongside significant tax cuts from the GOP will have differing effects on the economy. According to the latest reports from the Congressional Budget Office (CBO), there’s an anticipated increase in economic volatility for the remainder of 2025. While […]
Expected Tax Brackets, Rates, and Deductions for 2026: Important Information to Consider.
The US Bureau of Labor Statistics has reported that the Consumer Price Index (CPI) increased by 0.4% in August, seasonally adjusted. Over the year, the unadjusted index has risen 2.9%. This suggests that inflation is relatively stable, which is something to consider when filing your taxes in 2026. Bloomberg Tax & Accounting has projected the […]
Health insurance premiums in Washington set to increase significantly in 2026 due to higher costs and ending tax credits
Health Insurance Premiums in Washington Set for Increase In Washington, health insurance premiums are anticipated to rise significantly next year. Insurance Commissioner Patty Kuder shared details at Spokane’s City Hall, indicating that both Affordable Care Act exchanges and employer-provided insurance plans will become pricier. Those enrolled in the exchange could see an average increase of […]
As an expert on inheritance tax, here are my five best tips for families.
The succession tax, which was revised last year under the direction of Prime Minister Rachel Reeves, is now affecting an increasing number of individuals as the boundaries of this tax broaden. Beginning in April 2026, the eligible amounts for Agricultural Property Relief and Business Property Relief will be reduced, and by April 2027, most pension […]
IRS cautions against harmful tax guidance on social media that may lead to $5,000 in penalties
IRS Warns Taxpayers About Misinformation WASHINGTON – The IRS is alerting taxpayers about the spread of misinformation online, specifically regarding credits that are not actually available to them. The agency reports that this surge in false information has led to penalties amounting to $162 million since 2022. One major concern for the IRS is the […]
The missed tax benefit for IRAs and 401Ks exceeding $300,000
Retirement Tax Planning Insights “If you’ve managed to save over $300,000 in a traditional IRA or 401(k), that’s a great first step towards a secure retirement,” notes financial advisor Ryan Thacker. Tyson Soccer adds, “What many families overlook is the chance to use these tax-deferred accounts to really minimize your taxes when you retire.” Together, […]