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30 Interesting Tax Facts from the U.S. and Abroad

Did you know that the Soviet Union used to tax adults for being childless? Well believe it or not, it's true.

Keep reading for more interesting tax facts.

Tax Season 2024: What You Need to Know (and Looking Ahead to 2025)

Well. Well. It's about that time of the year again-tax season. Groan. Some new things this year include an increased standard deduction, adjusted tax brackets, and some key changes to common tax credits and deductions.

Energy Tax Credit: Which Home Improvements Qualify?

OVERVIEW
Two tax credits for renewable energy and energy efficiency home improvements have been extended through 2034 and expanded starting in 2023.

IRS Free File: Do your taxes for free

IRS Free File lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software.

Stimulus update:

Michigan sending rebate checks averaging $550 to families in weeks.

In less than a month, Michigan will send payments of an average of $550 to roughly 700,000 households in the state as part of the expanded working families tax credit.

Get Ready: IRS website has helpful resources for taxpayers
R-2024-01, Jan. 4, 2024
WASHINGTON - The Internal Revenue Service encourages taxpayers to check out IRS.gov for tips, tools and resources to help them get ready to file their 2023 federal income tax return.

Avoid a surprise next year:
Review tax withholding now before time runs out...

IR-2023-205, Nov. 3, 2023
WASHINGTON - With 2023 rapidly coming to a close, the Internal Revenue Service today encouraged taxpayers to review their tax withholding as soon as possible to avoid a potential surprise when they file their tax return next year.

Crypto Taxes: 2024 Rates and How to Calculate What You Owe

Yes, crypto is taxed.

When you sell cryptocurrency, you are subject to the federal capital gains tax. This is the same tax you pay for the sale of other assets, including stocks.

An Introduction to Beneficial Ownership Information Reporting
BOI - Beneficial Ownership Information

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report the information to the Financial Crimes Enforcement Network (FinCEN). FinCEN is a bureau of the U.S. Department of the Treasury.

1099-K Form Reporting Threshold Delay Announced For Tax Year 2023

As a result of this delay the TPSOs will not be required to report tax year 2023 transactions on a Form 1099-K to the IRS or the payee for the lower, over $600 threshold amount enacted as part of the American Rescue Plan of 2021.

Michigan Earned Income Tax Credit for Working Families
Michigan EITC Updates

The Michigan Earned Income Tax Credit for Working Families (Michigan EITC) is a tax benefit for working individuals with income below a certain level. The Michigan tax credit is similar to the federal Earned Income Tax Credit (federal EITC).

Public Act 4 of 2023 expanded the Michigan EITC from 6% of the federal EITC to 30% (see Michigan Compiled Law 206.272). This credit expansion is retroactive to the 2022 tax year.