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What to Know About the Adoption Tax Credit

Jul 3, 2023 | Tax Tips

If you adopt a child in 2023, you may qualify for a tax credit for related expenses. If your employer helped pay for the costs of an adoption, you may be able to exclude that income from tax. In 2023, the maximum adoption tax credit and exclusion on a combined basis...

HSA Limits Increase for 2024

Jun 4, 2023 | Tax Tips

Contributions to a Health Savings Account (HSA) are used to pay the current or future medical expenses of the account owner, their spouse, and any qualified dependent and are adjusted annually for inflation. For 2024, the annual inflation-adjusted contribution limit...

July 17 Deadline for Unclaimed 2019 Tax Refunds

Jun 4, 2023 | Tax Tips

Nearly $1.5 billion in refunds remain unclaimed because some people haven’t filed their 2019 tax returns yet. Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes...

Tax Credits for Energy-Efficient Home Improvements

Jun 4, 2023 | Tax Tips

Taxpayers making certain energy-efficient updates to their homes are reminded that they could qualify for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy...

What Teen Entrepreneurs Should Know About Taxes

Jun 4, 2023 | Tax Tips

Teens and young adults often go into business for themselves over the summer or after school. This work can include babysitting, lawn mowing, dog walking, or other part-time or temporary work. When a teen or young adult is an employee of a business, their employer...

Check the Status of a Tax Refund Using This IRS Tool

May 7, 2023 | Tax Tips

Taxpayers can start checking their tax refund status within 24 hours after receiving an e-filed return. The easiest and most convenient way to do this is by using the “Where’s My Refund?” tool on the IRS website. The tool also provides a personalized...