As Republicans work to draft tax legislation for the 2025 federal budget package, lawmakers have introduced bipartisan legislation to eliminate the age cap on eligibility for ...

It appears that the flood gates have opened and that the IRS is finally processing and paying claims for the employee retention credit (ERC) en ...

And, depending on your income, you may qualify for the retirement saver’s tax credit, which can reduce your tax liability by up to $1,000 per person. “The saver’s credit is something you can ...

WASHINGTON - The Earned Income Tax Credit (EITC) has played a crucial role in helping millions of low-to-moderate income workers out of poverty. Saturday, March 29, 2025, marked the 50th ...

Clark-Shawnee school district voters will decide in the May 6 election whether to approve a school district earned income tax for the first time. The 1% income tax would not impact retirement ...

Different rules apply for higher-income taxpayers ... File penalty is 5% of the tax due for any month the return is late, less any tax paid on time and available credits, up to a maximum of ...

About 45 years have passed since a U.S. state last eliminated its income tax on wages and salaries. But with recent actions in Mississippi and Kentucky, two states now are on a path to do so ...

A teen must file their own tax return if they have over $14,600 in earned income or over $1,300 in unearned income for tax year 2024. Minors and dependents with unearned income over $2,600 in a ...

Both tax credits and tax deductions can reduce the amount of tax you owe, but in different ways. In the simplest terms, a tax deduction reduces your taxable income — which could move you to a lower ...

To avoid new legal disputes, Upper Darby Township Council passed a new ordinance to enact a 1 percent earned income tax. Council voted 6-4 for the new ordinance, to enact the tax which Chief ...

Earned income tax credits have also risen. For qualifying taxpayers who have three or more qualifying children, the tax year 2024 maximum Earned Income Tax Credit amount is $7,830. If you received ...