By The Conversation March 10, 2024 People caring for elderly or disabled relatives need a break—and, in Michigan, Governor Gretchen Whitmer has a proposal to give them one. Whitmer’s recently proposed $5,000 tax credit, the Caring for MI Family Tax Credit, is part of a growing trend of public subsidies for families shouldering the … Continue reading Michigan Governor Whitmer proposes a $5,000 caregiver tax credit, joining other states
By Emily Guy Birken February 10, 2024 The first year I filed my own taxes, I had to pick up a paper copy of the 1040-EZ form at my local library, fill it in with a black ballpoint pen, put it in a stamped envelope, mail it, and wait patiently for my paper refund … Continue reading Filing your taxes: How to decide whether to pay a CPA or DIY
By Sam Becker December 05, 2023 With consequential Supreme Court rulings on topics like abortion and voting rights in recent years, Americans may be forgiven if their interest isn’t exactly piqued by a legal battle concerning the tax code. But a case currently in front of the high court, although it has largely flown under … Continue reading An under-the-radar Supreme Court case could upend the tax code and derail wealth taxation
By AJ Dellinger November 10, 2023 Inflation has increased the cost of everything from eggs to airfare in the past couple of years, and the Internal Revenue Service (IRS) is looking to lessen the burden on taxpayers. The agency announced Thursday that it will adjust the income thresholds for tax brackets for the 2024 … Continue reading IRS tax brackets 2024 vs. 2023: Here’s the full list of new income thresholds
IRS will start piloting its free TurboTax alternative in 2024 But it will initially be available 13 states only, most of which don’t levy state income taxes. Mariella Moon Wed, Oct 18, 2023 NoDerog via Getty Images It looks like the Internal Revenue Service (IRS) truly was working on a free TurboTax alternative like … Continue reading IRS will start piloting its free TurboTax alternative in 2024
By Associated Press September 08, 2023 WASHINGTON (AP) — The IRS announced on Friday it is launching an effort to aggressively pursue 1,600 millionaires and 75 large business partnerships that owe hundreds of millions of dollars in past due taxes. IRS Commissioner Daniel Werfel said that with a boost in federal funding and the … Continue reading The IRS is going after tax-dodging millionaires—with help from AI
By Sam Becker June 22, 2023 The Internal Revenue Service (IRS) isn’t exactly known for its stellar customer service—something that’s become increasingly clear in recent years. But there’s good news: The agency is making significant improvements in how it deals with taxpayers, directly. With the official tax-filing deadline two months behind us, it appears … Continue reading IRS customer service is finally making gains after hellish pandemic-era disruptions
By Sam Becker June 16, 2023 Is there a certain aura around an audit? A new paper from economists at Harvard, the university of Sydney, and the Treasury Department appears to suggest so—at least for Uncle Sam. The paper, titled “A Welfare Analysis of Tax Audits Across the Income Distribution,” finds that for every … Continue reading Harvard economists have a surprisingly convincing argument in favor of IRS tax audits
By Michael Grothaus May 30, 2023 As of the time of this writing, many major stocks are up on (June 09, 2023)’s news that a deal to lift the United States debt ceiling has been reached between the Biden administration and House Speaker Kevin McCarthy. The 99-page piece of legislation is officially called the … Continue reading What’s in the debt ceiling deal? Everything to know, from student loans to IRS funding
By Sam Becker May 17, 2023 Tax season can be a gut check for millions of Americans. Hot off announcing a new pilot program, the Internal Revenue Service (IRS) may also be in for a reality check. This week, the IRS announced that it’s created a new “Direct File” tax-filing option, and will launch … Continue reading IRS free direct file is a nice idea, but lousy customer service could undermine the whole thing
