LedgerSummit.com - Tax Services

💸 Tax holidays have begun in Connecticut. This year, Connecticut’s tax-free week starts on August 18th and will last until August 24th. During this period, most clothing and footwear items priced under $100 will be exempt from sales tax. This is a great opportunity for families to save on back-to-school shopping. #TaxFreeWeek #ConnecticutSavings #BackToSchoolShopping #TaxHoliday #SaveOnShopping #CTDeals #BackToSchool #ShopSmart #TaxFreeShopping

📉 The decline in U.S. housing market prices has reached the highest level in six years. 24.3% of sellers reduced the price of their homes in June 2024. This is the highest rate since 2018. This indicates that housing prices are expected to decrease in the second half of 2024. #HousingMarket #PriceDrop #RealEstateTrends #HomePrices #MarketDecline #Housing2024 #RealEstateNews #PropertyMarket #HomeSellers #EconomicTrends

The IRS recommends taking advantage of the tax deduction for removing architectural barriers to improve accessibility for individuals with disabilities and the elderly. #TaxDeduction #Accessibility #DisabilityInclusion #ElderlySupport #IRSRecommendations #BarrierRemoval #InclusiveDesign #TaxBenefits #AccessibleSpaces #SeniorCare

Notification from the IRS: You can send a response by fax, but we cannot confirm its receipt. Please do not send a response by mail if you have already sent it by fax... Are you kidding? So, does this mean we just have to hope they will do something?

Child Tax Credit in 2024: What You Need to Know! 💰 It’s important to stay informed about changes in tax legislation, especially if you have children. The Child Tax Credit is a significant aid for families, but to make the most of it, you need to understand all the details. 🔹 Credit Amount: In 2024, the amount of the Child Tax Credit is up to $2,000 per child. For children under 6 years old, it’s up to $3,000! This money can significantly reduce your tax liabilities. 🔹 Eligibility: The credit is available for each child under the age of 17, provided they are your dependent. Make sure you have all the necessary documents to prove this. 🔹 Phaseout: The full credit is available for families with an income of up to $200,000 (or $400,000 for married couples filing jointly). If your income exceeds this threshold, the credit amount will gradually decrease. 🔹 Refundable Portion: The Child Tax Credit is partially refundable, which means that even if your tax bill is zero, you can receive up to $1,400 per child as a refund. ❗️Don’t miss the opportunity to ease your financial burden with this credit! Ensure that you fill out all forms correctly and submit your documents on time. If you have any questions, it’s best to consult a tax specialist. 🤗 Take care of yourself and your loved ones, and let tax benefits work for you! #ChildTaxCredit #TaxCredits2024 #FamilyFinance #TaxBenefits #ParentingTips #FinancialRelief #TaxAdvice #2024TaxSeason #SaveMoney #TaxPlanning #Accountingpro #USA

5 Unusual Tax Moves to Make Before the End of the Year Tip 1: Use Your Credit Card Financial advisors usually discourage using credit cards, but if you handle them responsibly by paying off the balance each month to avoid interest, it can be beneficial. The significant advantage of using a credit card is that the tax deduction occurs at the time of purchase, not when you pay off the card! This is especially useful for deductions you typically pay at the beginning of the new year, such as charitable donations and property taxes (if your limit does not exceed $10,000). Tip 2: Clean Out Your Closet You know you have items you never wear. Your children have toys they don’t play with. Why not spread some holiday spirit and help those in need? The rules aren't too complicated: write down what you're donating, get a receipt, and keep the total under $5,000 to avoid the need for an appraisal. Your deduction is the lesser of the amount you paid or its current value. Tip 3: Increase Your Tax Withholding If you had additional income from side jobs and didn't make estimated tax payments (quarterly payments) to cover taxes on that income, you might face a penalty. It's important to know that the underpayment penalty rate is 8% according to recent IRS updates! To avoid penalties, the IRS requires that you pay at least 90% of your annual tax evenly throughout the year. Tip 4: Delay Prepayment of Property Taxes Your property taxes are typically paid in two installments. When interest rates on savings were low, it was convenient to pay everything at once. However, with the current $10,000 cap on state and local tax deductions, prepaying property taxes may not provide you with tax benefits. Given the current savings account interest rates, which can exceed 5%, it’s wise not to move your money earlier than necessary. Tip 5: Get Quick Cash Using Your IRA If you are facing financial difficulties and are confident that you can repay the funds within two months, you can take advantage of borrowing from your Individual Retirement Account (IRA). There are only two rules: repay the amount within 60 days and use this method no more than once every 12 months. There are no penalties or taxes for this. Use Our Calculators to Plan Your Financial Matters: https://calculator.tax/ #TaxTips #FinancialPlanning #EndOfYear #TaxDeductions #CreditCardBenefits #CharitableDonations #TaxWithholding #PropertyTaxes #IRA #QuickCash #TaxSeason #PersonalFinance #SmartMoney #Savings #TaxStrategy #YearEndPlanning #FinancialAdvice #MoneyManagement #TaxSavings

Tax Planning for People Living Paycheck to Paycheck: Note: The figures vary from survey to survey; however, approximately 60% of Americans live paycheck to paycheck. Living paycheck to paycheck is tough—I know from personal experience. If you're in this situation, this post is for you. First, don't worry about tax planning. You have more pressing issues. Ignore tax planning. Yes, I said it. Second, create a budget. Don't skip this step. Make a written budget and track where every dollar goes. This is crucial. Third, increase your income. Find a side job. Work overtime if offered. Consider switching jobs if it means earning more money after weighing benefits and opportunities. Deliver pizzas. Babysit. Mow lawns. Work! Fourth, cut expenses. Be strict about it. Cancel services. Get a cheaper cell phone plan. Stop eating out entirely. Pack your lunch. No more Starbucks for you. Plan your grocery shopping to minimize costs. Look for coupons. Reduce your entertainment budget. Stop buying unnecessary clothes. Be ruthless. Very ruthless. Fifth, save at least $1000. This is your emergency fund. You'll need it when something goes wrong. You get a flat tire. Your car breaks down. You get sick. Your child gets sick. Sixth, once you have an emergency fund, add back one of the expenses you cut. Do it! Reward yourself. Seventh step, pay off high-interest debts. Start with the debt with the highest interest rate first. Eighth step, reward yourself. Add back one of the expenses you cut. Ninth step, pay off the next highest interest rate debt. Tenth, congratulations, you've come this far! Don't give up and continue with this new way of managing your budget. #TaxPlanning #PersonalFinance #LivingPaycheckToPaycheck #Budgeting #IncreaseIncome #CutExpenses #EmergencyFund #DebtRepayment #FinancialFreedom #MoneyManagement #FinancialAdvice #SideHustle #BudgetTips #LinkedInFinance

Oregon will become the first state to join the IRS's expanded direct tax filing tool in the next tax season. Our free calculators for Oregon are already available for use. Make life simple and enjoy! 👉 https://lnkd.in/e4Kj8KtU #Oregon #FreeCalculators #TaxSeason #SimplifyLife #IRS #DirectFiling #EasyTaxes #FinancialTools #OregonTax #LiveSimply

Add the income tax of each state, property tax, and sales and excise taxes... And here is the map of the TOTAL TAX BURDEN States with the highest tax burden 👇 ▪️New York ▪️Hawaii ▪️Vermont Our free calculation tools will help you understand many tax issues. #StateIncomeTax #PropertyTax #SalesTax #ExciseTax #TotalTaxBurden #TaxMap #HighTaxStates #NewYork #Hawaii #Vermont #Accountingpro

Attention! The IRS has announced that starting July 14, taxpayers will need to use either http://Login.gov or http://ID.me to access the FATCA registration system. #IRS #FATCA #LoginGov #IDme #TaxNews #TaxUpdate #IRSAnnouncement #FATCARegistration #IRSChanges #Accountingpro