Now that car loan interest can be tax-deductible, going out for a ride seems more relaxing! Thanks to the One Big Beautiful Bill, the maximum car loan interest deduction is $10,000. It's available for both itemizing and non-itemizing taxpayers. You must include the vehicle identification number (VIN) on your tax return to claim the deduction. Learn [...]
This video was published by the IRS. Most income is taxable and must be reported on your federal income tax return. But what you may not know is that some income is only partially taxable, or not taxed at all. For example, child support payments and welfare benefits are tax-free. Gifts and inheritances are generally tax-free [...]
This video was published by the IRS. If you changed your name after a recent marriage, divorce, or for some other reason, you need to notify the Social Security Administration of that change before you file your tax return. Otherwise, IRS computers can't mind your new name with your Social Security number. Names that don't match [...]
The IRS will not start accepting tax returns until mid-February this year. In addition, there are a few changes that are being made, which may affect areas you may either gain more or lose more money than in years past. 2020 changed how Americans live their lives, and especially how they conduct business. Many who worked [...]
This video was published by the IRS. If you have recently finished filing your tax return, you're probably wondering when you will get your refund. More than 9 out of 10 refunds are issued in less than 21 days. So how can you check the status of your refund? You can use the "Where's My Refund?" [...]
