2023 and 2024 Tax Brackets

Posted by Sanket Shah | General | Wednesday 22 November 2023 12:21 pm

Tax brackets 2023

Tax RateSingleMarried filing jointlyMarried filing separatelyHead of household
10%$0 to $11,000.$0 to $22,000.$0 to $11,000.$0 to $15,700.
12%$11,001 to $44,725.$22,001 to $89,450.$11,001 to $44,725.$15,701 to $59,850.
22%$44,726 to $95,375.$89,451 to $190,750.$44,726 to $95,375.$59,851 to $95,350.
24%$95,376 to $182,100.$190,751 to $364,200.$95,376 to $182,100.$95,351 to $182,100.
32%$182,101 to $231,250.$364,201 to $462,500.$182,101 to $231,250.$182,101 to $231,250.
35%$231,251 to $578,125.$462,501 to $693,750.$231,251 to $346,875.$231,251 to $578,100.
37%$578,126 or more.$693,751 or more.$346,876 or more.$578,101 or more.

Tax brackets 2024

Tax RateSingleMarried filing jointlyMarried filing separatelyHead of household
10%$0 to $11,600.$0 to $23,200.$0 to $11,600.$0 to $16,550.
12%$11,601 to $47,150.$23,201 to $94,300.$11,601 to $47,150.$16,551 to $63,100.
22%$47,151 to $100,525.$94,301 to $201,050.$47,151 to $100,525.$63,101 to $100,500.
24%$100,526 to $191,950.$201,051 to $383,900.$100,526 to $191,950.$100,501 to $191,950.
32%$191,951 to $243,725.$383,901 to $487,450.$191,951 to $243,725.$191,951 to $243,700.
35%$243,726 to $609,350.$487,451 to $731,200.$243,726 to $365,600.$243,701 to $609,350.
37%$609,351 or more.$731,201 or more.$365,601 or more.$609,351 or more.

Standard Deduction

Filing statusStandard deduction 2023Standard deduction 2024
Single$13,850.$14,600.
Married, filing jointly$27,700.$29,200.
Married, filing separately$13,850.$14,600.
Head of household$20,800.$21,900.
Share

US persons living abroad and renewing their passport

Posted by Sanket Shah | Newsletters | Tuesday 6 August 2013 12:10 pm
August Header
Newsletter - August 2012

NSGlobal Newsletter - August NSGlobal Newsletter - August NSGlobal Newsletter - August NSGlobal Newsletter - August NSGlobal Newsletter - August NSGlobal Newsletter - August Unsubscribe Linkedin Facebook Twitter Blog
Share

How to Get a Transcript or Copy of a Prior Year Tax Return

Posted by Sanket Shah | General | Thursday 25 July 2013 2:09 pm

There are many reasons why you should keep a copy of your federal tax return. For example, you may need it to answer an IRS inquiry. You may also need it to apply for a student loan or a home mortgage. If you can’t find your tax return, the IRS can provide a copy or give you a transcript of the tax information you need.

Here’s how to get your federal tax return information from the IRS:

1. Transcripts are free and you can get them for the current year and the past three years. In most cases, a transcript includes all the information you need.

2. A tax return transcript shows most line items from the tax return you originally filed. It also includes items from any accompanying forms and schedules you filed. It does not reflect any changes made after you filed your original return.

3. A tax account transcript shows any changes either you or the IRS made to your tax return after you filed it. This transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income.

4. You can get transcripts on the web, by phone or by mail. To request transcripts online, go to IRS.gov and use the Order a Transcript tool.

5. To request a 1040, 1040A or 1040EZ tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.

6. If you order online or by phone, you should receive your tax return transcript within five to 10 calendar days. You should allow 30 calendar days for delivery of a tax account transcript if you order by mail.

7. If you need an actual copy of a filed and processed tax return, it will cost $57 for each tax year. Complete Form 4506, Request for Copy of Tax Return, and mail it to the IRS address listed on the form for your area. Copies are generally available for the current year and past six years. Please allow 60 days for delivery.

8. If you live in a Presidentially declared disaster area, the IRS may waive the fee to obtain copies of your tax returns. Visit IRS.gov and select the ‘Disaster Relief’ link in the lower left corner of the page for more about IRS disaster assistance.

9. Forms 4506, 4506-T and 4506T-EZ are available at IRS.gov

Share

Job Search Expenses May Lower Your Taxes

Posted by Sanket Shah | General | Monday 8 July 2013 7:07 pm

Summer is often a time when people make major life decisions. Common events include buying a home, getting married or changing jobs. If you’re looking for a new job in your same line of work, you may be able to claim a tax deduction for some of your job hunting expenses.

Here are seven things the IRS wants you to know about deducting these costs:

1. Your expenses must be for a job search in your current occupation. You may not deduct expenses related to a search for a job in a new occupation. If your employer or another party reimburses you for an expense, you may not deduct it.

2. You can deduct employment and job placement agency fees you pay while looking for a job.

3. You can deduct the cost of preparing and mailing copies of your résumé to prospective employers.

4. If you travel to look for a new job, you may be able to deduct your travel expenses. However, you can only deduct them if the trip is primarily to look for a new job.

5. You can’t deduct job search expenses if there was a substantial break between the end of your last job and the time you began looking for a new one.

6. You can’t deduct job search expenses if you’re looking for a job for the first time.

7. You usually will claim job search expenses as a miscellaneous itemized deduction. You can deduct only the amount of your total miscellaneous deductions that exceed two percent of your adjusted gross income.

Share

Tax consequences of transfer of Property Between Spouses

Posted by Sanket Shah | Newsletters | Monday 8 July 2013 1:43 pm
July Header
Newsletter - July 2012

NSGlobal Newsletter - July NSGlobal Newsletter - July NSGlobal Newsletter - July NSGlobal Newsletter - July NSGlobal Newsletter - July NSGlobal Newsletter - July Unsubscribe Linkedin Facebook Twitter Blog
Share

US Persons living in India – the due date for filing your 2012 US taxes is June 15th 2013

Posted by Sanket Shah | Newsletters | Thursday 6 June 2013 9:29 am
June Header
Newsletter - June 2013

NSGlobal Newsletter - June NSGlobal Newsletter - June NSGlobal Newsletter - June NSGlobal Newsletter - June NSGlobal Newsletter - June NSGlobal Newsletter - June Unsubscribe Linkedin Facebook Twitter Blog
Share

IRS, Australia and United Kingdom Engaged in Cooperative Effort to Combat Offshore Tax Evasion

Posted by Sanket Shah | General | Friday 10 May 2013 1:00 pm

The tax administrations from the United States, Australia and the United Kingdom announced on May 9th, 2013  a plan to share tax information involving a multitude of trusts and companies holding assets on behalf of residents in jurisdictions throughout the world.

The three nations have each acquired a substantial amount of data revealing extensive use of such entities organized in a number of jurisdictions including Singapore, the British Virgin Islands, Cayman Islands and the Cook Islands. The data contains both the identities of the individual owners of these entities, as well as the advisors who assisted in establishing the entity structure.

The IRS, Australian Tax Office and HM Revenue & Customs have been working together to analyze this data and have uncovered information that may be relevant to tax administrations of other jurisdictions. Thus, they have developed a plan for sharing the data, as well as their preliminary analysis, if requested by those other tax administrations.

“This is part of a wider effort by the IRS and other tax administrations to pursue international tax evasion,” said IRS Acting Commissioner Steven T. Miller. “Our cooperative work with the United Kingdom and Australia reflects a bigger goal of leaving no safe haven for people trying to illegally evade taxes.”

There is nothing illegal about holding assets through offshore entities; however, such offshore arrangements are often used to avoid or evade tax liabilities on income represented by the principal or on the income generated by the underlying assets. In addition, advisors may be subject to civil penalties or criminal prosecution for promoting such arrangements as a means to avoid or evade tax liability or circumvent information reporting requirements.

It is expected that this multilateral cooperation and coordinated effort will allow many countries to efficiently process this information and effectively enforce any laws that may have been broken. Increasingly, tax administrations are working together in this way to assist one another in identifying non-compliance with the tax laws.

U.S. taxpayers holding assets through offshore entities are encouraged to review their tax obligations with respect to these holdings, seek professional advice if necessary, and to participate in the IRS Offshore Voluntary Disclosure Program where appropriate. Failure to do so may result in significant penalties and possibly criminal prosecution.

 

Share

Imputed interest rules on interest free loans in US

Posted by Sanket Shah | Newsletters | Thursday 9 May 2013 1:35 pm
May Header
NSGlobal Newsletter - May 2013

NSGlobal Newsletter - May 2013 NSGlobal Newsletter - May 2013 NSGlobal Newsletter - May 2013 NSGlobal Newsletter - May 2013 NSGlobal Newsletter - May 2013 NSGlobal Newsletter - May 2013 Unsubscribe Linkedin Facebook Twitter Blog
Share

Eight Facts on Late Filing and Late Payment Penalties – by IRS

Posted by Sanket Shah | General | Friday 19 April 2013 12:16 pm

April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing to pay taxes they owe by the deadline.

Here are eight important points about penalties for filing or paying late.

1. A failure-to-file penalty may apply if you did not file by the tax filing deadline. A failure-to-pay penalty may apply if you did not pay all of the taxes you owe by the tax filing deadline.

2. The failure-to-file penalty is generally more than the failure-to-pay penalty. You should file your tax return on time each year, even if you’re not able to pay all the taxes you owe by the due date. You can reduce additional interest and penalties by paying as much as you can with your tax return. You should explore other payment options such as getting a loan or making an installment agreement to make payments. The IRS will work with you.

3. The penalty for filing late is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.

4. If you do not pay your taxes by the tax deadline, you normally will face a failure-to-pay penalty of ½ of 1 percent of your unpaid taxes. That penalty applies for each month or part of a month after the due date and starts accruing the day after the tax-filing due date.

5. If you timely requested an extension of time to file your individual income tax return and paid at least 90 percent of the taxes you owe with your request, you may not face a failure-to-pay penalty. However, you must pay any remaining balance by the extended due date.

6. If both the 5 percent failure-to-file penalty and the ½ percent failure-to-pay penalties apply in any month, the maximum penalty that you’ll pay for both is 5 percent.

7. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is the smaller of $135 or 100 percent of the unpaid tax.

8. You will not have to pay a late-filing or late-payment penalty if you can show reasonable cause for not filing or paying on time.

Share

IRS Announces Three-Month Filing, Payment Extension Following Boston Marathon Explosions

Posted by Sanket Shah | General | Thursday 18 April 2013 11:56 am

The Internal Revenue Service (“IRS”) has announced of a three-month tax filing and payment extension to Boston area taxpayers and others affected by Monday’s explosions.

This relief applies to all individual taxpayers who live in Suffolk County, Mass., including the city of Boston. It also includes victims, their families, first responders, others impacted by this tragedy who live outside Suffolk County and taxpayers whose tax preparers were adversely affected.

“Our hearts go out to the people affected by this tragic event,” said IRS Acting Commissioner Steven T. Miller. “We want victims and others affected by this terrible tragedy to have the time they need to finish their individual tax returns.”

Under the relief announced, the IRS will issue a notice giving eligible taxpayers until July 15, 2013, to file their 2012 returns and pay any taxes normally due April 15. No filing and payment penalties will be due as long as returns are filed and payments are made by July 15, 2013. By law, interest, currently at the annual rate of 3 percent compounded daily, will still apply to any payments made after the April deadline.

The IRS will automatically provide this extension to anyone living in Suffolk County. If you live in Suffolk County, no further action is necessary by taxpayers to obtain this relief. However, eligible taxpayers living outside Suffolk County can claim this relief by calling 1-866-562-5227 starting Tuesday, April 23, and identifying themselves to the IRS before filing a return or making a payment. Eligible taxpayers who receive penalty notices from the IRS can also call this number to have these penalties abated.

Eligible taxpayers who need more time to file their returns may receive an additional extension to Oct. 15, 2013, by filing Form 4868 by July 15, 2013.

Share
Next Page »
Copyright @ 2011 NS Global.