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Avoid IRS Penalties! Learn How to File Your BOI Report Before Dec 31, 2024
- November 23, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax News, Tax Preparation
No CommentsThe Beneficial Owner Information (BOI) report is a critical filing requirement introduced by the IRS and enforced under the Corporate Transparency Act. Designed to promote transparency and curb illegal activities like money laundering and tax evasion, the BOI report requires businesses to disclose detailed information about their beneficial owners.
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প্রকল্প ২০২৫-এর Social Security এবং Medicare: তহবিলে কাটছাঁটের প্রস্তাবনা এবং এর প্রভাব
- August 15, 2024
- Posted by: Mahfuj Ruzel
- Categories: Economics, Finance & accounting, Tax News
Social Security এবং Medicare কর্মসূচিগুলি বহু দশক ধরে যুক্তরাষ্ট্রে সামাজিক সুরক্ষা প্রদান করে আসছে। Social Security কর্মসূচি বয়স্ক নাগরিকদের অবসরকালীন আয় প্রদান করে, যা তাদের দৈনন্দিন ব্যয় মেটাতে সহায়ক হয়। অপরদিকে, Medicare হলো একটি স্বাস্থ্যবিমা কর্মসূচি যা বয়স্ক এবং প্রতিবন্ধী ব্যক্তিদের স্বাস্থ্যসেবা অ্যাক্সেস নিশ্চিত করে। এই দুটি কর্মসূচিই যুক্তরাষ্ট্রের সমাজে অমূল্য অবদান রেখে চলেছে, এবং লক্ষ লক্ষ মানুষ এর উপর নির্ভরশীল।
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প্রকল্প ২০২৫: ওভারটাইম সুরক্ষা বাতিলে মধ্যবিত্তের বিপন্ন ভবিষ্যত
- August 15, 2024
- Posted by: Mahfuj Ruzel
- Categories: Economics, Finance & accounting, Tax News
ওভারটাইম সুরক্ষা হলো শ্রমিকদের একটি মৌলিক অধিকার যা তাদের অতিরিক্ত সময় কাজ করার জন্য ন্যায্য পারিশ্রমিক নিশ্চিত করে। এই সুরক্ষা শ্রমিকদেরকে প্রয়োজনীয় বিশ্রাম এবং ব্যক্তিগত সময়ের জন্য সুযোগ দেয় এবং তাদের অতিরিক্ত কাজের জন্য যথাযথ ক্ষতিপূরণ প্রদান করে। মধ্যবিত্ত পরিবারের জন্য, ওভারটাইম পারিশ্রমিক একটি গুরুত্বপূর্ণ আয় উৎস যা পরিবারের মৌলিক চাহিদাগুলি পূরণ করতে সাহায্য করে।
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প্রকল্প ২০২৫: খাদ্য সহায়তা কর্মসূচি হ্রাস- মধ্যবিত্তের স্থিতিশীলতার জন্য হুমকি
- August 15, 2024
- Posted by: Mahfuj Ruzel
- Categories: Economics, Finance & accounting, Tax News
খাদ্য সহায়তা কর্মসূচি, যেমন সাপ্লিমেন্টাল নিউট্রিশন অ্যাসিস্ট্যান্স প্রোগ্রাম (SNAP), দীর্ঘদিন ধরে নিম্ন আয়ের এবং মধ্যবিত্ত পরিবারের জন্য পর্যাপ্ত পুষ্টি নিশ্চিত করতে সহায়ক হিসেবে কাজ করে আসছে। এই কর্মসূচিগুলি লক্ষ লক্ষ আমেরিকানদের আর্থিক সহায়তা প্রদান করে, যা খাদ্যের খরচ কমাতে এবং ক্ষুধা প্রতিরোধ করতে সহায়তা করে। তবে, হেরিটেজ ফাউন্ডেশন থেকে প্রস্তাবিত প্রকল্প ২০২৫ এর মধ্যে ফেডারেল খাদ্য সহায়তা কর্মসূচিতে উল্লেখযোগ্য হ্রাস করার প্রস্তাব রয়েছে।
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ট্রাম্পের প্রকল্প ২০২৫: রক্ষণশীল এজেন্ডার বাস্তবায়ন কতটা সঠিক?
- August 13, 2024
- Posted by: Mahfuj Ruzel
- Categories: Economics, Finance & accounting, Tax News
প্রকল্প ২০২৫ হলো একটি বিস্তৃত এবং বহুমুখী পরিকল্পনা, যা রক্ষণশীল নীতিমালা এবং মূল্যবোধ প্রচারের মাধ্যমে মার্কিন সরকারকে পুনর্গঠন করতে চায়। এই প্রকল্পটি চারটি মূল স্তম্ভের উপর ভিত্তি করে তৈরি করা হয়েছে: একটি শক্তিশালী নীতি এজেন্ডা, প্রস্তুতকৃত কর্মীদের একটি পুল, ব্যাপক প্রশিক্ষণ কর্মসূচি, এবং নতুন প্রশাসনের প্রথম ছয় মাসের জন্য একটি ১৮০ দিনের প্লেবুক।
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Republican Party’s Project 2025: Potential Risks of Cutting Food Assistance Programs
- August 13, 2024
- Posted by: Mahfuj Ruzel
- Categories: Economics, Finance & accounting, Tax News
Project 2025 advocates for a reduction in federal funding for food assistance programs, suggesting that these programs should be scaled back or devolved to state control. Proponents of this approach argue that it would reduce federal spending and encourage states to develop more efficient and targeted welfare programs. However, the reduction in federal support could lead to significant cuts in benefits and make it more difficult for families to access the food assistance they need.
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New York to Distribute $350 Million in Supplemental Payments
- August 1, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax News
New York State has announced a $350 million initiative to provide supplemental payments to residents in need, aiming to support moderate- and low-income households amid ongoing economic challenges. Here’s a detailed look at the eligibility criteria and what residents need to know.
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Leveraging Tax Credits for Paid Leave: A Deep Dive into the American Rescue Plan Act of 2021
- February 26, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Marketing, Tax Credit, Tax News, Tax Preparation
The American Rescue Plan Act of 2021 introduced pivotal tax credits for paid leave, offering crucial support to individuals and businesses impacted by the ongoing challenges of the COVID-19 pandemic. This article focuses on the specific provisions related to self-employed individuals as outlined by the Internal Revenue Service (IRS). We explore eligibility criteria, qualified amounts, claiming procedures, and provide insights into maximizing these tax benefits.
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SETC Tax Credit Overview: Navigating Tax Benefits For Self-Employed Taxi Services (Uber, Lyft, Curb)
- February 25, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Marketing, Tax Credit, Tax News, Tax Preparation
Self-employed individuals in the taxi services sector, including those driving for platforms like Uber, Lyft, and Curb, can unlock valuable tax benefits through the Self-Employment Tax Credit (SETC). This comprehensive guide delves into the intricacies of the SETC, outlining eligibility criteria, qualified amounts, and strategic approaches for maximizing tax savings.
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Navigating Tax Season: Avoiding 10 Common Filing Pitfalls
- January 28, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Marketing, Tax Credit, Tax News
Uncover the essential guide to sidestepping tax filing pitfalls this season. Explore the Forbes article by Cicely Jones on “6 Tax Filing Mistakes To Avoid,” and empower yourself with knowledge to ensure a seamless tax-filing experience. From missed deadlines to the failure to seek professional help, this article dissects key errors to keep you on the path to financial success.
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Refundable vs. Nonrefundable Tax Credits
- January 24, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
Tax credits can be refundable or nonrefundable. Refundable tax credits can reduce the amount of tax you owe and even increase your tax refund. Nonrefundable tax credits, on the other hand, can only reduce your tax liability to zero. This article explains the difference between refundable and nonrefundable tax credits.
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Demystifying Tax Deductions, Tax Credits, And Tax Refunds
- January 23, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
Delve into the intricate world of income tax as we unravel the distinctions between tax deductions, tax credits, and tax refunds. Understand how each concept affects your financial landscape and discover the strategies to optimize your tax situation.
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Navigating the IRS: $1 Billion in Penalty Taxes Waived as 2024 Tax Season Takes Off on Jan. 29
- January 17, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
In a significant move, the IRS has announced the waiver of $1 billion in penalty taxes, signaling a favorable start to the 2024 tax season scheduled to commence on January 29. This decision, explored in detail in a recent Fox Business article, brings relief to taxpayers facing penalties and introduces a more lenient approach for the upcoming tax year.
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IRS Provides Initial Guidance to Employers Setting Up Emergency Savings Accounts for Their Employees
- January 15, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
The Internal Revenue Service (IRS) has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans and are designed to permit and encourage employees to save for financial emergencies. Employers can offer PLESAs in plan years beginning after Dec. 31, 2023. This means that, in some cases, eligible employees could have begun contributing to a PLESA as early as Jan. 1, 2024. Subject to certain restrictions, matching contributions are made with respect to PLESA contributions at the same rate as contributions to the linked defined contribution plan.
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How to Take Advantage of the Child Tax Credit in 2023
- January 15, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
The Child Tax Credit is a federal tax benefit that provides financial support for American taxpayers with children. For the 2023 tax year, taxpayers may be eligible for a credit of up to $2,000 — and $1,600 of that may be refundable. To qualify, taxpayers and their children must meet certain eligibility criteria that take into account the child’s age, as well as their relationship to the person claiming them. Taxpayers must also meet income thresholds to take full advantage of the benefit because the credit phases out for high earners.
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Who Qualifies for the EV Tax Credit in 2023 and Beyond?
- January 13, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
The EV tax credit is a federal incentive that offers up to $7,500 for buying a new, qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after. The credit is nonrefundable, which means it can only reduce your tax liability and not give you a refund. The credit amount depends on the battery capacity, the date of delivery, and the critical mineral and battery component requirements of the vehicle. The credit is also subject to income limits and phase-out rules based on your modified adjusted gross income (AGI) and the manufacturer’s sales volume. To claim the credit, you need to file Form 8936 with your tax return and attach the information provided by the seller at the time of sale
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EV Tax Credit: How to Claim Up to $7,500 for Buying a New Clean Vehicle in 2023 or After
- January 12, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
The IRS offers a clean vehicle tax credit of up to $7,500 for buying a new, qualified plug-in electric vehicle (EV) or fuel cell vehicle (FCV) in 2023 or after. The credit amount depends on the battery capacity, the date of delivery, and the critical mineral and battery component requirements of the vehicle. The credit is also subject to income limits and phase-out rules. To claim the credit, you need to file Form 8936 with your tax return and attach the information provided by the seller at the time of sale.
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Max Out Contributions to a Health Savings Account
- January 12, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
A health savings account (HSA) is a tax-advantaged account that allows you to save money for medical expenses. You can contribute to an HSA if you have a high-deductible health plan (HDHP) and are not enrolled in Medicare. The maximum annual contribution limit is $3,850 for self-only coverage and $7,750 for family coverage in 2023.
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How to Maximize Your Tax Refund: 10 Savvy Tips on Filing Status, Credits, Deductions, and More
- January 12, 2024
- Posted by: Mahfuj Ruzel
- Categories: Finance & accounting, Tax Credit, Tax News, Tax Preparation
To optimize your tax situation, select the most beneficial filing status, such as comparing joint versus separate if you’re married. If eligible, utilize the earned income tax credit, which can reduce your tax liability and potentially result in a refund. Parents should consider the child tax credit, which can significantly decrease your tax bill if you meet the income and dependency criteria. Evaluate whether itemizing deductions or using the standard deduction is more advantageous for you. Contributing to a traditional IRA can help save for retirement while reducing taxable income. Lastly, maximize contributions to a health savings account if you have a high-deductible health plan, as these contributions are tax-deductible.
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IRS Delays Form 1099-K $600 Reporting Threshold
- December 24, 2022
- Posted by: strits
- Categories: Finance & accounting, Tax Preparation
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