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The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have announced significant improvements for the upcoming 2024 Filing Season, following the successful implementation of the Inflation Reduction Act (IRA) investments in 2023. These changes aim to streamline tax processes and enhance taxpayer experiences. **Key Developments:** 1. **Paperless Processing Initiative Progress:** – **Digital …

IRS Announces Major Advances for 2024 Filing Season and Beyond Read More »

As 2023 draws to a close, the IRS urges taxpayers to review their tax withholding promptly to avoid surprises when filing next year. Even adjustments made in the final weeks of the year can make a difference. The IRS provides resources like the Tax Withholding Estimator, aiding individuals in determining if they have the correct …

Smart Tax Planning: Avoid Surprises in 2024 with Strategic Withholding Read More »

In 2024, the IRS has increased the contribution limit for 401(k) plans to $23,000 and for IRAs to $7,000. Catch-up contributions for those 50 and older in 401(k) plans also rose, allowing a total contribution of $30,500. Income phase-out ranges for deductible contributions to traditional IRAs and contributions to Roth IRAs have been adjusted, providing …

Unlocking Your Retirement Potential: IRS Announces Key Changes for 2024 Read More »