US Tax Answers Below is a general timeline based on previous tax seasons and the Protecting Americans from Tax Hikes (PATH) Act requirements. As of now, the IRS has announced the official start date for the 2024 filing season that is 27th Jan 2025. However, you can expect some version of the following schedule, subject to official IRS … Read more
A Coverdell Education Savings Account (ESA) is a tax-advantaged (often referred to as “tax-free”) savings account designed specifically for education expenses. Earnings in a Coverdell ESA grow tax-deferred, and withdrawals are tax-free as long as they’re used for qualified education costs, such as tuition, books, and other necessary supplies. Below is a brief overview of … Read more
As of now, Congress has not passed new legislation to alter the Child Tax Credit for the 2024 tax year, so the current rules (a \$2,000 credit per qualifying child under age 17, with phase-outs) are expected to continue unless changes are enacted. 1. Current (and Likely 2024) Child Tax Credit Rules For the 2024 … Read more
Once the IRS has approved your refund and changed your status to “Refund Sent,” it generally takes 1 to 5 business days for the funds to show up in your bank account via direct deposit. However, processing times can vary based on individual circumstances and your financial institution’s policies. Below is a more detailed breakdown. … Read more
Below is a step-by-step guide on how to file a federal income tax extension in the United States, along with details about which form to use, important deadlines, and other tips. The focus here is on individual taxpayers (Form 4868), but we will also briefly cover business extensions (Form 7004) and relevant state-level considerations. 1. … Read more
Below is an updated guide on when to expect 2024 tax year refunds (filed in 2025), incorporating the latest IRS announcements and procedures. This information will help you estimate refund timelines and understand the processes involved. 1. Official Filing Season Start 2. General Refund Timeline Delays & Exceptions 3. Checking Refund Status Once you’ve filed: … Read more
Below is a general guide on how to check the status of your U.S. federal tax refund (and potentially your state refund), along with relevant IRS tools and timelines. If you filed your tax return and haven’t received your refund yet, these steps can help you track it down. 1. Use the IRS “Where’s My … Read more
Yes, in most cases, your overall state tax burden will be lower in Las Vegas, Nevada, than in Los Angeles, California. Nevada does not impose a state income tax, while California has one of the highest state income tax rates in the U.S. Sales tax rates are also typically lower in Las Vegas than in … Read more
Generally, condominium (HOA) fees are not tax-deductible on your federal or Maryland state income tax return if you use the condo as your primary residence or a second home for personal use. However, if the condo is a rental property or otherwise used for business/income-producing purposes, the condo fees may be deductible as a rental … Read more
Yes. In the United States, failing to report and pay taxes on any income—including income from designing websites—can be considered tax evasion, which is illegal. Any individual or business earning income is generally required to report that income to the IRS (and often to state revenue agencies) and pay the appropriate taxes. Below, we’ll go … Read more