401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
IRS warns taxpayers of charity scams following recent hurricanes; provides tools to help people verify legitimate groups
Scammers commonly set up fake charities to take advantage of peoples’ generosity during natural disasters and other tragic events.
Taxpayer Advocate Service: A Taxpayer’s Voice at the IRS
The Taxpayer Advocate Service is an independent organization within the IRS. TAS protects taxpayers’ rights by striving to ensure that all taxpayers are treated fairly and know and understand their rights under the Taxpayer Bill of Rights.
By Law, All Taxpayers Have The Right To Finality Of Federal Tax Matters
Taxpayers have the right to finality when working with the IRS. For example, taxpayers have the right to know when the IRS has finished an audit. This is one of 10 basic rights, known collectively as the Taxpayer Bill of Rights.
IRS Reminder For Schoolteachers: Up To $300 In Classroom Expenses Deductible For 2024
As educators gear up for the new school year, the IRS reminds schoolteachers that the maximum deduction for classroom expenses in 2024 remains at $300.
Child And Dependent Care Tax Credit Can Help Offset Summer Day Camp Expenses
The Internal Revenue Service today reminded taxpayers that summer day camp expenses may count towards the Child and Dependent Care tax credit.
IRS Moves Forward With Employee Retention Credit Claims: Agency Accelerates Work On Complex Credit As More Payments Move Into Processing; Vigilance, Monitoring Continues On Potentially Improper Claims
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IRS Enters Next Stage Of Employee Retention Credit Work; Review Indicates Vast Majority Show Risk Of Being Improper
Following a detailed review to protect taxpayers and small businesses, the Internal Revenue Service today announced plans to deny tens of thousands of improper high-risk Employee Retention Credit claims.
New Jersey State FSA Newsletter – June 2024
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Home Improvements Could Help Taxpayers Qualify For Home Energy Credits
The Internal Revenue Service reminds taxpayers that making certain energy efficient updates to their homes could qualify them for home energy credits.