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As the end of the year approaches, now’s the time to start preparing for filing your 2024 tax return in 2025. When it comes to tax strategies, generally Dec. 31 is the deadline to make changes that might lower your tax bill. One major exception is the deadline for contributing to a : You have until April 15, 2025, to make a contribution to a Roth or traditional IRA for tax year 2024. If you qualify for , then a contribution to your traditional IRA can reduce your taxable income for 2024. Here are tips and strategies to prepare now for the 2025 tax-filing deadline. If you had significant changes in your life in 2024 — maybe you got married or divorced, started your own business, or had to claim unemployment benefits — your taxes may be more complicated. As a result, you might need to hire a certified public accountant (CPA), enrolled agent (EA) or other tax professional to prepare and file your taxes. If you decide to hire someone, it’s best to start planning for that sooner rather than later. Waiting until the calendar flips to April could cost you. The average fee for a professional to prepare and file a simple Form 1040 tax return, with no itemized deductions, is about $220, according to a survey by the National Society of Accountants in 2020-2021, the most recent data available. But that amount rises quickly for more complex returns, and varies depending on where you live. For example, a Form 1040 with itemized deductions costs an average of $432 in states on the Pacific Coast, compared with $285 in New England. No matter where you live, prices usually rise as the tax deadline approaches, so it’s smart to start searching for a tax pro soon. If you’re uncomfortable doing your taxes on your own and can’t afford a CPA, enrolled agent or other tax pro, or to , there are free options to consider. The IRS currently offers three ways to prepare your taxes for free: •With the IRS Free File program, the IRS partners with for-profit tax-software companies that offer free tax-prep software to eligible taxpayers so they can file their federal tax returns for free. Some taxpayers may also qualify for a free state tax filing, depending on the software provider. In January, the IRS will announce the income limit to qualify for the program for the 2025 tax season (for filing 2024 tax returns). For the 2024 tax season (2023 tax returns), taxpayers’ adjusted gross income (AGI) couldn’t exceed $79,000. •The IRS also offers its Direct File program, a free tool that allows you to file your federal income tax return directly with the IRS at no cost. The program supports simple tax returns and is available only in certain states. Check to see if you qualify here. •Another free-filing option is the Volunteer Income Tax Assistance (VITA) program. IRS-certified volunteers offer free basic tax preparation in person to people who earn less than $67,000 a year, are disabled or whose English is limited. The IRS has an online location tool for hundreds of free tax preparation sites in the U.S. (the locator tool is updated from February through April). Some VITA sites also offer online tax-prep assistance. Now is a good time to create an IRS If you want to see your Form 1040 from last year, or you’re missing a prior year Form W-2 or mortgage interest statement, you can find your documents using this free tax tool. Another benefit of creating an IRS online account is that it allows you to quickly obtain your prior year’s tax information without sitting on the phone for hours with an IRS representative, says Carl Johnson, a certified public accountant in New Orleans. An IRS online account also lets you view your account balance and payment history for each year. You can also create a payment plan to settle your federal income tax debt within minutes. If you’re 73 years old and have enjoyed watching your 401(k) or IRA grow tax-free without touching it, remember that the IRS is going to want its share each year. That means you’ll have to make withdrawals — and pay income tax. If you turned 73 in 2024, plan to take your at the latest by April 1, 2025. Read this for more information. The amount of your RMDs is based on your age and the year-end values of your retirement accounts. A has two big tax advantages over a : Qualified withdrawals are not considered income for federal (and usually state) tax purposes, and you don’t have to take distributions from a Roth every year once you reach age 73. may save you money in the long run. Just know that when you convert an IRA to a Roth, it’s considered taxable income, which will raise your tax bill for that year. Generally, it’s best to convert to a Roth IRA when you’re in a low-income year. As tax season approaches, many people start receiving phone calls, emails and texts from entities claiming to be the IRS. Be wary, and understand that these are scams. Typically, the IRS will mail you a notice before using any other method of communication to notify you concerning issues with your tax return. The IRS won’t reach out via social media or text messaging. Relatedly, the IRS warns taxpayers to be careful when choosing a tax preparer. Taking time to vet your tax preparer is crucial to protect yourself from tax scams and fraud. Before hiring a tax professional, search that person’s name in the to avoid dishonest “professionals.” “Taxpayers should check the tax professional’s credentials,” Johnson says. Tax pros without credentials “may take questionable positions without any degree of scrutiny or fear of losing their access to the profession,” Johnson says. Taxpayers who and owe a tax bill, or who file but don’t on time, risk severe penalties. The IRS can even seize assets if necessary. Respond quickly if the IRS has been sending you letters because it found an error on your return or claims you owe back taxes. Typically, the IRS will send you a notice if you have a balance due, changes were made to your tax return, or the agency needs additional information. “If you ignore a collection letter from the IRS, you may face wage garnishments, liens, bank levies, and other adverse action. And in some cases, the amount due may increase for failure to respond,” Johnson says. Keep in mind the IRS does offer and other payment plans. Make copies of your correspondence and use only the U.S. Postal Service, the postmark from which is your proof of timeliness when responding. But whatever you do, don’t ignore the IRS because this may cause more issues in the future.
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Share Tweet Share Share Email It is hard to visualize how undergoing a warehouse process could get faster and have higher accuracy. Well, thanks to thermal label warehouse systems, this is now a reality. These systems facilitate the labeling of unlabeled goods and enable monitoring of stocks. Various procedures for managing, storing, and shipping of goods are altered. Employing thermal labels in warehouses facilitates the reduction of errors in manual work. Every item is registered, monitored, and sent. These systems do away with manual labeling, thus enhancing and expediting order and stock management. An improvement in business processes is experienced with the use of thermal labels because errors, wastages, and unproductively are worked upon. Thermal labels are handy in the warehouse, from the point of reception to shipment, and everything in between. Introducing thermal labeling helps warehouses with a competitive advantage. Let us understand the impact thermal labels are having on warehouse logistics and what efficiency drives. What Are Thermal Labels and How Do They Change the Way Warehouses Operate? – Understanding Thermal Labeling Technology Thermal labeling is using printers that do not use ink to apply a label that is a label maker without ink. It has several concerns, such as paper quality being sensitive to heat. But this approach guarantees speed, precision, and improved working sustainability. It is a smart eco-friendly replacement for conventional labeling techniques. Looking at it from a production standpoint, having to place a label on a product requires a lot of time and resources. If a label can be produced easily and economically, it can save both a lot of time and resources. – Cost-effective and reliable Thermal labels don’t need toner, or ink, which lowers overall cost. These labels are printed in special warehouses, which reduces smudging and fading. The aggravation is if a warehouse is rough on handling during transportation, which is a normal event for some labels. But for thermal labels, the lightweight materials make activating cost low alongside helping them get the job done easily. – Labels that are easily understandable With thermal labels, these label templates offer sharper bar codes, are easier to read product names, and much more. This helps in stock taking and enhancing the processes involving warehouses. Visibility of the labels also lessens the chance of mis-scanning. This enhances inventory accuracy in all the warehouse activities. The Role of Thermal Labels in Barcode Systems for Warehouse Efficiency – Addressing inaccuracy in barcode scanning Thermal labels make it easier to read bar codes, thus speeding up inventory management. This minimizes errors and tracking of items is done correctly. Faster and easier scanning is made possible thanks to the barcodes on items. Such measures allow workers to perform their roles more efficiently. – Enhancing efficiency in inventory management Bar codes that are easily visible enable workers to quickly scan items. This helps in minimizing slow periods while items are being received, sorted and while shipping is happening. More effective scanning increases accuracy. This ensures inventory restocking and the shipping of items occurs at a faster rate. – Elimination of errors caused by humans Thermal labels play a key role in the identification and tracking of each product, ensuring there is minimal misunderstanding. This leads to fewer problems in inventory management as well as order fulfillment. Uniform and clearly readable labels do not cause confusion. This leads to better efficiency of warehouse activities. Merging Thermal Labels with WMS (Warehouse Management Systems) – How Thermal Labels Mechanisms Collaborate With WMS WMS ensures that warehouse operations run as smoothly as possible through the use of real-time data. If this is paired with thermal labels, the stock count is part and automatically updated, which reduces the likelihood of errors occurring. This minimizes manual work and stops the entry of stale information as all data is live. – Automated WMS Updates on Inventory Levels WMS is supreme at inventory replenishment as thermal labels automatically adjust the inventory count while reducing the chances of the counts being wrong. It helps avoid running out of stock or having too much of a certain stock. This helps in optimizing occupancy and inventory allocation across the stockroom. – Employing WMS Would Be Ideal For Businesses Looking To Cut Back On Labor Costs Implementing thermal labels & WMS discourages excessive manual tagging of items, which only leads to loss of focus on more essential parts of work at the stockroom. Such features can also be great multivalents, as they will also help reduce errors made by workers while entering data. Simplifying the process increases reliability and keeps maximum flow from operations. Thermal Labeling and its Impact on Enhancing Efficiency of Warehouse Operations – Reduction in Time Taken to Print and Paste Thermal Stickers If you are comparing thermal printers with inkjet or laser printers, thermal ones are a clear winner, as they are much faster and efficient. It would also reduce the number of delays taking place thanks to the tag assembling of many prints. Most importantly, it’ll improve the over efficiency of a business. – Picking & Packing Efficiency As the work of the employees goes into thermal picking and thermal labeling, the chances of them making errors while packing items are reduced significantly, which leads to the order being completed faster, reducing the time for each transaction to be processed. It means good management of the entire shipping process. – Addressing Blockades Whenever there is an excessive presence of operators manually labeling, it causes disruption of inventory management, but because of thermal passing, the entire bottleneck is avoided, leading to an increase in productivity. Order labeling is simplified, resulting in faster delivery. Common Problems Faced During Thermal Labeling In A Warehouse Setting 1. Issue With Print Durability & Fading In a warehouse setting, issues such as exposure to light & heat lead to fading of the thermal labels, however to avoid that, one can use the right type of label material in order to protect it from getting faded. Using heat sensitive labels which contain relevant designs and instructions would help, and be crucial in an interview situation, especially since it is required throughout all warehouse processes. Because of factors like moisture, light and heat, the chances of the pinholes or voids which form on the thermal label over time create visibility issues even for employees working in the labeling department. 2. Like All Instruments Printers Need Care: Calibration & Maintenance When printers are not properly maintained, the chances of misprints increase, so ensuring pump repairs or cleaning can help fix that issue, but ideally, employees should check for print heads contamination because of the need to calibrate the devices regularly. Regular inspection means purchasing instruments with consistent results and a greater printing mechanism. 3. Label Placement and Scanner Utilization Improper label positioning or alignment lead to scanning faults. Proper placement achieves compatibility of thermal labels with scanners. Labels are placed in such a manner that barcodes are not covered. Which aids in effective scanning or reading of the codes. 4. Troubleshooting Printing Problems Whenever printing problems occur, first ensure the labels are compatible and change the configuration. Issues related to bad prints can be rectified through printer servicing. Regular calibrating is essential to maintain good print quality. To be accurate in printing and to get consistent results from labels. Conclusion Warehouse systems using thermal labels are changing the way warehouse logistics are done today. Such systems allow firms to effectively manage their barcodes, scanning and even processing an order with only needing a fraction of the time compared to the traditional ways. The time efficiency that thermal labels bring around further increases the potential productivity of a warehouse. As business expands, investing in thermal labeling technology becomes essential. With more streamlined systems, warehouses can function even faster, which proves to be critical in the modern supply chains. FAQs What is a thermal label warehouse system? A thermal label warehouse system employs heat-sensitive and labelling labels with thermal printers to carry out inventory counting and packing and dispatching items. How do thermal labels improve barcode scanning in warehouses? Thermal labels have high definition barcodes that help with the stockpile system as well as help lower the errors that occur when scanning items. How does the use of thermal labels with WMS improve the work of the warehouse? Using thermal labels in global labels and WMS allows the inventory to be updated in real time, which improves inventory control and effectiveness in order execution. In what ways is the use of thermal printing technology in labeling of warehouses time saving? Using thermal labels substantially reduces the time taken by picking, packing, and shipping processes because of the quick printing and affixing of the labels. Thermal printers have certain limitations. Are there any solutions to these problems? Problems like flying labels and wrong prints can be avoided by employing the right material, affixing in the right way, and using the appropriate printer settings and maintenance. Related Items: thermal label , Warehouse Systems Share Tweet Share Share Email Recommended for you How to tell if a label is a thermal label? CommentsSome quotations from Jimmy Carter . We have a tendency to exalt ourselves and to dwell on the weaknesses and mistakes of others. I have come to realize that in every person there is something fine and pure and noble, along with a desire for self-fulfillment. Political and religious leaders must attempt to provide a society within which these human attributes can be nurtured and enhanced. — from 1975 book “Why Not the Best?” Our government can express the highest common ideals of human beings — if we demand of government true standards of excellence. At this Bicentennial time of introspection and concern, we must demand such standards. — “Why Not the Best?” I am a Southerner and an American, I am a farmer, an engineer, a father and husband, a Christian, a politician and former governor, a planner, a businessman, a nuclear physicist, a naval officer, a canoeist, and among other things a lover of Bob Dylan’s songs and Dylan Thomas’s poetry. — “Why Not the Best?” Christ said, “I tell you that anyone who looks on a woman with lust has in his heart already committed adultery.” I’ve looked on a lot of women with lust. I’ve committed adultery in my heart many times. This is something that God recognizes I will do — and I have done it — and God forgives me for it. But that doesn’t mean that I condemn someone who not only looks on a woman with lust but who leaves his wife and shacks up with somebody out of wedlock. — Interview, November 1976 Playboy. This inauguration ceremony marks a new beginning, a new dedication within our Government, and a new spirit among us all. A President may sense and proclaim that new spirit, but only a people can provide it. — Inaugural address, January 1977. It’s clear that the true problems of our nation are much deeper — deeper than gasoline lines or energy shortages, deeper even than inflation and recession. ... All the legislation in the world can’t fix what’s wrong with America. ... It is a crisis of confidence. — So-called “malaise” speech, July 1979. But we know that democracy is always an unfinished creation. Each generation must renew its foundations. Each generation must rediscover the meaning of this hallowed vision in the light of its own modern challenges. For this generation, ours, life is nuclear survival; liberty is human rights; the pursuit of happiness is a planet whose resources are devoted to the physical and spiritual nourishment of its inhabitants. — Farewell Address, January 1981. We appreciate the past. We are grateful for the present and we’re looking forward to the future with great anticipation and commitment. — October 1986, at the dedication of the Carter Presidential Library and Museum. War may sometimes be a necessary evil. But no matter how necessary, it is always an evil, never a good. We will not learn to live together in peace by killing each other’s children. — December 2002, Nobel Peace Prize acceptance speech. Fundamentalists have become increasingly influential in both religion and government, and have managed to change the nuances and subtleties of historic debate into black-and-white rigidities and the personal derogation of those who dare to disagree. ... The influence of these various trends poses a threat to many of our nation’s historic customs and moral commitments, both in government and in houses of worship. — From 2005 book “Our Endangered Values.” I think that this breakthrough by Barack Obama has been remarkable. When he made his speech (on race) a few months ago in Philadelphia, I wept. I sat in front of the television and cried, because I saw that as the most enlightening and transforming analysis of racism and a potential end of it that I ever saw in my life. — August 2008, commenting on then-Sen. Barack Obama’s candidacy. I think it’s based on racism. There is an inherent feeling among many in this country that an African-American should not be president. ... No matter who he is or how much we disagree with his policies, the president should be treated with respect. — September 2009, reacting to Rep. Joe Wilson’s shout of “You lie!” during a speech to Congress by President Barack Obama. I’m still determined to outlive the last guinea worm. — 2010, on The Carter Center’s work to eradicate guinea worm disease. You know how much I raised to run against Gerald Ford? Zero. You know how much I raised to run against Ronald Reagan? Zero. You know how much will be raised this year by all presidential, Senate and House campaigns? $6 billion. That’s 6,000 millions. — September 2012, reacting to the 2010 “Citizens United” U.S. Supreme Court decision permitting unlimited third-party political spending. I have become convinced that the most serious and unaddressed worldwide challenge is the deprivation and abuse of women and girls, largely caused by a false interpretation of carefully selected religious texts and a growing tolerance of violence and warfare, unfortunately following the example set during my lifetime by the United States. — From 2014 book “A Call to Action.” I don’t think there’s any doubt now that the NSA or other agencies monitor or record almost every telephone call made in the United States, including cellphones, and I presume email as well. We’ve gone a long way down the road of violating Americans’ basic civil rights, as far as privacy is concerned. — March 2014, commenting on U.S. intelligence monitoring after the Sept. 11, 2001, terror attacks We accept self-congratulations about the wonderful 50th anniversary - which is wonderful - but we feel like Lyndon Johnson did it and we don’t have to do anything anymore. — April 2014, commenting on racial inequality during a celebration of the Civil Rights Act’s 40th anniversary. I had a very challenging question at Emory (University) the other night: “How would you describe the United States of America today in one word?” And I didn’t know what to say for a few moments, but I finally said, “Searching.” I think the country in which we live is still searching for what it ought to be, and what it can be, and I’m not sure we’re making much progress right at this moment. — October 2014 during a celebration of his 90th birthday. The life we have now is the best of all. We have an expanding and harmonious family, a rich life in our church and the Plains community, and a diversity of projects at The Carter Center that is adventurous and exciting. Rosalynn and I have visited more than 145 countries, and both of us are as active as we have ever been. We are blessed with good health and look to the future with eagerness and confidence, but are prepared for inevitable adversity when it comes. — From 2015 book, “A Full Life.”
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Chairman of Transcorp Group, Tony Elumelu, has tasked the government with the urgent need to prioritise security and improved access to power. According to him, “Power is so important; development is impossible without reliable access to electricity”. The entrepreneur made the submission on Thursday at the National Institute for Security Studies (NISS), where he delivered the graduation lecture to participants of the Executive Intelligence Management Course (EIMC) 17. Entitled, Emerging Technologies As Catalyst For Sustainable Social Economic Growth And Partnership: Opportunities For Africa, the lecture concludes the ten-month course for participants, leading to the award of the prestigious Fellow, Security Institute (fai). “I say to our leaders: if there are two things a leader must prioritise, it should be security, and improvement in access to electricity, and the country, or continent will take off. “Power is a fundamental resource that impacts every aspect of life. From hospitals to homes, and businesses, “Nigeria cannot industrialise, and our youths cannot be educated, without ensuring that our abundant natural resources are translated into plentiful, affordable, available and robust power for all. “A power ecosystem that encourages investments and unlocks our economy and creates prosperity. Development is impossible without power”. On emerging technologies, and their positive impacts on national development, Elumelu noted: “firmly believe that emerging technologies – be they artificial intelligence, biotechnology, or renewable energy – are not merely tools of convenience, but powerful engines of growth, capable of driving unparallel social and economic development across Africa. “One thing you must take away is that your job will help you to create an orderly and secure society “Technology is democratising access to electricity. It is helping to break down barriers that have long hindered progress. “By investing in digital literacy and infrastructure, we can ensure that no African is left behind in this digital revolution. “We have missed the first, second and third industrial revolutions. This fourth revolution, we must all work to make sure we do not miss our on this”. Earlier in his remarks, the Director General of the Department of State Services (DG DSS), Mr. Adeola Ajayi, charged the participants to apply the knowledge acquired, to improve the security ecosystem in their respective countries. In his welcome address, the Commandant Mr. Joseph Obama, revealed that the strategic leadership/security institute has graduated a total 960 participants since its inception.WASHINGTON >> President-elect Donald Trump aims to deport all immigrants in the U.S. illegally over his four-year term but wants a deal to protect so-called “Dreamer” immigrants, he said in an interview that aired on Sunday on NBC News’ “Meet the Press with Kristen Welker.” Trump also said he plans to take executive action on his first day in office to try to end birthright citizenship, which confers citizenship on anyone born in the U.S. regardless of their parents’ immigration status. Trump, a Republican who won a second term in the White House promising mass deportations, is expected to declare illegal immigration a national emergency when he takes office on Jan. 20 and draw on resources from across the federal government to support a wide-ranging crackdown. The U.S. Department of Homeland Security estimated some 11 million immigrants were in the U.S. illegally as of January 2022, although the figure is likely higher today. In the NBC News interview, Welker asked Trump if his plan was to deport everyone without legal status. “I think you have to do it,” Trump said. “It’s a very tough thing to do. You know, you have rules, regulations, laws.” Trump said he wanted a deal to protect “Dreamer” immigrants brought to the U.S. illegally as children, saying Republicans are open to the idea. During his 2017-2021 presidency, Trump tried to end a program that provides deportation relief and work permits to the immigrants, but was rebuffed by the Supreme Court. Trump’s plans to try to end birthright citizenship will likely face legal challenges. The right stems from an amendment to the U.S. Constitution and is supported by 1898 Supreme Court precedent. Speaking to Welker, Trump suggested Republicans may need to pursue a constitutional amendment to address the issue – an arduous process. “We’ll maybe have to go back to the people,” he said. Trump’s incoming border czar Tom Homan and deputy chief of staff Stephen Miller both told Fox News’ “Sunday Morning Futures” that Congress should provide a major funding increase for immigration enforcement. The pro-immigration American Immigration Council estimated that deporting all immigrants in the U.S. illegally over more than a decade would cost $88 billion annually. Homan said the minimum needed would be near that amount. “We’re going to need as much money as Congress can get us,” he said.Jimmy Carter, the 39th US president, has died at 100Coreline Soft Receives Innovation Award for Bio-Medical Technology at Seoul R&D Sharing EventCoreline Soft, a medical AI specialist led by CEO Jinkook Kim, announced that it received an award for its outstanding R&D project results at the "2024 Seoul-type R&D Performance Sharing Event" held at the SETEC Convention and Seminar Hall on the afternoon of December 5. The award recognized the company's achievements in the Bio-Medical Technology Commercialisation Support Project under the Seoul R&D Support Programme. The Bio-Medical Technology Commercialisation Support Project of the Seoul-type R&D Support Project was designed to promote the commercialization of bio-medical technology and support innovative research by Seoul-based companies. Core Line Soft carried out the project from September 2022 to August 2024 to develop and commercialize innovative technologies for pulmonary embolism and pulmonary hypertension. It was recognized for its achievements as a venture company with outstanding technological and management innovation capabilities, excellent external competitiveness, and high social contribution. With this support project, Coreline Soft successfully developed an AI-based diagnostic support software for pulmonary embolism and pulmonary hypertension (AVIEW PE) and obtained clinical trial approval and approval from the Ministry of Food and Drug Safety. The software has also been designated as an innovative medical device, recognizing its advanced technology and performance. AVIEW PE will be commercialized and used alongside existing products to build a portfolio for the emergency medicine market. "This achievement is a good example of how Coreline Soft's technology can create value in the domestic and international medical environment," said Jinkook Kim, CEO of Coreline Soft. He added, "We will continue successfully developing and commercializing technology and strive for sustainable medical innovation. Coreline Soft is systematically building a range of solutions optimized for the emergency room medical environment. Products for diagnosing cerebral hemorrhage, aortic dissection, and pulmonary embolism have all been designated as innovative medical devices, securing a leading position in the field of emergency medical software. Coreline Soft plans to disseminate these products by maintaining their reimbursement as innovative medical technology for three years, proving their clinical efficacy and eventually formally registering them with health insurance companies. In addition, when the Acute Coronary Syndrome solution, which is currently under development, is released, it will provide comprehensive solutions for the top three thoracic emergencies (aortic dissection, pulmonary embolism and acute coronary syndrome). With this award, Coreline Soft plans to accelerate the research and development of AI-based medical solutions.
By Kemberley Washington, CPA, Bankrate.com (TNS) As the end of the year approaches, now’s the time to start preparing for filing your 2024 tax return in 2025. When it comes to tax strategies, generally Dec. 31 is the deadline to make changes that might lower your tax bill. One major exception is the deadline for contributing to a Roth or traditional IRA : You have until April 15, 2025, to make a contribution to a Roth or traditional IRA for tax year 2024. If you qualify for deductible IRA contributions , then a contribution to your traditional IRA can reduce your taxable income for 2024. Here are tips and strategies to prepare now for the 2025 tax-filing deadline. If you had significant changes in your life in 2024 — maybe you got married or divorced, started your own business, or had to claim unemployment benefits — your taxes may be more complicated. As a result, you might need to hire a certified public accountant (CPA), enrolled agent (EA) or other tax professional to prepare and file your taxes. If you decide to hire someone, it’s best to start planning for that sooner rather than later. Waiting until the calendar flips to April could cost you. The average fee for a professional to prepare and file a simple Form 1040 tax return, with no itemized deductions, is about $220, according to a survey by the National Society of Accountants in 2020-2021, the most recent data available. But that amount rises quickly for more complex returns, and varies depending on where you live. For example, a Form 1040 with itemized deductions costs an average of $432 in states on the Pacific Coast, compared with $285 in New England. No matter where you live, prices usually rise as the tax deadline approaches, so it’s smart to start searching for a tax pro soon. If you’re uncomfortable doing your taxes on your own and can’t afford a CPA, enrolled agent or other tax pro, or to pay for tax software , there are free options to consider. The IRS currently offers three ways to prepare your taxes for free: •With the IRS Free File program, the IRS partners with for-profit tax-software companies that offer free tax-prep software to eligible taxpayers so they can file their federal tax returns for free. Some taxpayers may also qualify for a free state tax filing, depending on the software provider. In January, the IRS will announce the income limit to qualify for the program for the 2025 tax season (for filing 2024 tax returns). For the 2024 tax season (2023 tax returns), taxpayers’ adjusted gross income (AGI) couldn’t exceed $79,000. •The IRS also offers its Direct File program, a free tool that allows you to file your federal income tax return directly with the IRS at no cost. The program supports simple tax returns and is available only in certain states. Check to see if you qualify here. •Another free-filing option is the Volunteer Income Tax Assistance (VITA) program. IRS-certified volunteers offer free basic tax preparation in person to people who earn less than $67,000 a year, are disabled or whose English is limited. The IRS has an online location tool for hundreds of free tax preparation sites in the U.S. (the locator tool is updated from February through April). Some VITA sites also offer online tax-prep assistance. Now is a good time to create an IRS online account. If you want to see your Form 1040 from last year, or you’re missing a prior year Form W-2 or mortgage interest statement, you can find your documents using this free tax tool. Another benefit of creating an IRS online account is that it allows you to quickly obtain your prior year’s tax information without sitting on the phone for hours with an IRS representative, says Carl Johnson, a certified public accountant in New Orleans. An IRS online account also lets you view your account balance and payment history for each year. You can also create a payment plan to settle your federal income tax debt within minutes. If you’re 73 years old and have enjoyed watching your 401(k) or IRA grow tax-free without touching it, remember that the IRS is going to want its share each year. That means you’ll have to make withdrawals — and pay income tax. If you turned 73 in 2024, plan to take your required minimum distribution (RMD) at the latest by April 1, 2025. Read this IRS bulletin for more information. The amount of your RMDs is based on your age and the year-end values of your retirement accounts. A Roth IRA has two big tax advantages over a traditional IRA : Qualified withdrawals are not considered income for federal (and usually state) tax purposes, and you don’t have to take distributions from a Roth every year once you reach age 73. Converting a traditional IRA to a Roth IRA may save you money in the long run. Just know that when you convert an IRA to a Roth, it’s considered taxable income, which will raise your tax bill for that year. Generally, it’s best to convert to a Roth IRA when you’re in a low-income year. As tax season approaches, many people start receiving phone calls, emails and texts from entities claiming to be the IRS. Be wary, and understand that these are scams. Typically, the IRS will mail you a notice before using any other method of communication to notify you concerning issues with your tax return. The IRS won’t reach out via social media or text messaging. Relatedly, the IRS warns taxpayers to be careful when choosing a tax preparer. Taking time to vet your tax preparer is crucial to protect yourself from tax scams and fraud. Before hiring a tax professional, search that person’s name in the IRS database of federal tax return preparers to avoid dishonest “professionals.” “Taxpayers should check the tax professional’s credentials,” Johnson says. Tax pros without credentials “may take questionable positions without any degree of scrutiny or fear of losing their access to the profession,” Johnson says. Taxpayers who don’t file a tax return and owe a tax bill, or who file but don’t pay their tax bill on time, risk severe penalties. The IRS can even seize assets if necessary. Respond quickly if the IRS has been sending you letters because it found an error on your return or claims you owe back taxes. Typically, the IRS will send you a notice if you have a balance due, changes were made to your tax return, or the agency needs additional information. “If you ignore a collection letter from the IRS, you may face wage garnishments, liens, bank levies, and other adverse action. And in some cases, the amount due may increase for failure to respond,” Johnson says. Keep in mind the IRS does offer installment plans and other payment plans. Make copies of your correspondence and use only the U.S. Postal Service, the postmark from which is your proof of timeliness when responding. But whatever you do, don’t ignore the IRS because this may cause more issues in the future. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.
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