by OverviewFX | Jan 29, 2024 | taxes
Today, January 29, the Internal Revenue Service (IRS) officially kicked off the opening of the 2024 tax filing season and is now accepting and processing tax year 2023 e-filed tax returns. As we all know, some taxpayers wait until the last minute to file their taxes,...
by OverviewFX | Jan 26, 2024 | taxes
Although the federal tax deadline is April 15, taxpayers are encouraged to file their taxes now to get their refund ASAP. Most people receive a tax refund each year, and last year, the average federal tax refund was more than 3,000. As taxpayers continue to file their...
by OverviewFX | Jan 26, 2024 | taxes
Today is National Earned Income Tax Credit Awareness Day! The Earned Income Tax Credit (EITC) is the country’s largest program for working people with low to moderate income. According to the IRS, about 23 million eligible filers received the EITC as of December 2023,...
by OverviewFX | Jan 25, 2024 | taxes
What are tax deductions? Deductions are used to reduce taxable income. And a lower taxable income reduces what you owe. Deductions are different from tax credits. Tax credits directly cut your tax bill by reducing the actual taxes owed. Both contribute to lowering...
by OverviewFX | Jan 25, 2024 | taxes
Having a Roth IRA account in place for retirement is a responsible plan for the future. After all, you wouldn’t want to worry about your financial security when you’ve finally reached an age to enjoy the fruits of your labor. If you’re contributing to this type of...
by OverviewFX | Jan 25, 2024 | taxes
You may be hearing various information about the Child Tax Credit and you may have questions like, “How much is the child tax credit this year?” and “How do I qualify for the child tax credit?” You may have also heard about a possible change to the Child Tax Credit,...
