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New Tax Bracket for 2024 (Plus Tips on How to Make Your Taxable Income Low)

As the new year begins, so does the countdown to the new tax season. When January rolls around, we’ll all dig through receipts and scratch our heads over forms. However, as you prepare for the 2024 tax season, it is equally essential to be aware of the changes that may ....

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Your Easy Guide to IRS Form 8283: Simplifying Charitable Donations for Tax Deductions

Supporting charities can be immensely rewarding, not just for the positive impact it has on communities and causes but also for the potential tax benefits it offers. When making charitable donations, ensure you document them so you can take advantage of potential tax deductions – and this is where IRS ....

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Emerging Debt-Free: What You Need to Know About 1099-C Cancellation of Debt Form

Form 1099-C Cancellation of DebtBorrowing money through credit cards or loans can offer financial relief and opportunities. But what happens when you can’t repay that debt? In such cases, creditors might cancel the debt and issue a Form 1099-C. Receiving this form can impact your tax liability. To avoid IRS ....

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Is the American Opportunity Tax Credit Actually Refundable? Truth Here

If you’re pursuing higher education or helping a loved one in college, you’ve likely heard of various tax credits and deductions designed to ease the financial burden of education expenses. Among these is the American Opportunity Credit (AOC). One of the most common questions we receive about this credit is, ....

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Form 1099-MISC: Urgent Reasons You Need To File

Lake Elsinore, CA, USA – January 5, 2023: Close up of upper right corner of Internal Revenue Service form 1099-MISC for Miscellaneous IncomeForm 1099-MISC, also known as Miscellaneous Information, is an IRS form used for specific types of miscellaneous income paid to individuals or entities. This form ensures that various ....

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