Grandparents and Other Relatives With Eligible Dependents Can Qualify for 2021 Child Tax Credit
IR-2022-181, October 17, 2022 WASHINGTON — The Internal Revenue Service reminded families today that some taxpayers who claim at least one child as their dependent on their tax return may not realize they could be eligible to benefit from the Child Tax Credit (CTC). Eligible...
Taxpayers Should Stay On Top of Taxes All Year to Avoid a Surprise Tax Bill
The next tax season seems far away, but this is actually the perfect time for taxpayers to review their withholding and estimated tax payments. Because federal taxes are pay-as-you-go, it’s important for taxpayers to withhold enough from their paychecks or pay enough in estimated...
Tip Income Is Taxable and Must Be Reported
People who work in restaurants, salons, hotels and similar industries often receive tips for the customer service they provide. Tips can be taxable income, but it's important for people working in these areas to understand important details involving tips. What are tips? Tips are...
Traveling Soon? How to Protect Your Credit Cards and Your Plans
There is no doubt that having a credit card can make traveling easier. From reducing the need to carry cash to the inclusion of vital consumer protection, credit cards provide much more than convenience for travelers. In fact, credit cards are so important for travel that renting a...
Three Tips To Have A Stress-Free Thanksgiving
While many people look forward to Thanksgiving, there are others who dread the holiday. As a precursor to Christmas, Thanksgiving sets the tone for the holiday season and can often contribute significantly to the amount of stress people have to endure. But there are ways that you...
5 Wise Ways to Cut Your Living Costs and Save More Money
Want to avoid the impact of inflation, reduce your living expenses, and keep your bank account healthy? Many people worldwide grapple with rising living costs -- but the right tips can save you a lot of money. Introducing these frugal strategies to your life can have a profoundly...
5 Simple Steps to a Debt-Free Holiday Shopping Season
The holiday shopping season is here, and many people will be spending more than they anticipated. While buying presents for family members and friends is certainly enjoyable, the holiday debt hangover is anything but. So how can you avoid the debt and still have fun this holiday...
401(K) Limit Increases to $22,500 for 2023, IRA Limit Rises to $6,500
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS today also issued technical guidance regarding all of the cost‑of‑living adjustments...
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