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Irs Guidelines

All articles tagged with #irs guidelines

finance1 year ago

"Maximizing Your Tax Refund: Essential Tips for the 2024 Filing Season"

The tax filing season has begun, and taxpayers should consider whether to claim the standard deduction or itemize deductions, with the standard deduction for 2023 increased for married couples and single taxpayers. High earners are more likely to owe taxes at filing, and missing estimated tax payments has become costlier due to interest rate hikes. Failing to pay taxes on time can result in late payment penalties, so it's advisable to file and pay any taxes owed sooner to avoid accruing additional costs.

via CNBC|
#finance#irs-guidelines#late-payment-penalty
automotive2 years ago

EV Tax Credits Slashed, Impacting Tesla, Ford, and China's Supply Chains

Electric vehicles with batteries containing minerals and materials sourced from China will no longer be eligible for the $7,500 federal EV tax credit starting January 1, 2024, according to new guidelines from the IRS. This will impact popular EV models such as the Ford Mustang Mach-E and certain versions of the Tesla Model 3. The move aims to reduce American battery dependency on China and promote the domestic EV sector, but it may shrink the pool of EVs eligible for the tax credit in the short term. Automakers are investing in US battery plants and supply chain diversification to comply with the new requirements.

via The Verge|
#automotive#china#electric-vehicles
personal-finance2 years ago

"Qualifying for Tax Deductions: Home Office and Standard Deduction Explained"

Taxpayers who worked remotely in 2022 may be eligible for the home office deduction on their taxes, but it's important to meet IRS guidelines and use the workspace exclusively for work. The simplified method, which uses a standard deduction of $5 per square foot of the portion of your home used for business, is easier for most people, but the regular method may provide a bigger tax break for some. Taxpayers using the regular method should have documentation to show proof of their deductions in case of an audit.

via CNBC|
#home-office-deduction#irs-guidelines#personal-finance