Gifts Can Be Taxed, Even On Thanksgiving

Thanksgiving dinner. Roasted turkey garnished with cranberries on a rustic style table decoraded … [+] with pumpkins, vegetables, pie, flowers, and candles getty At the holidays, many people give gifts or donations, but telling them apart can be important for tax purposes. The holiday season starts with Thanksgiving. The classic O. Henry story Two Thanksgiving…

New 2023 IRS Income Tax Brackets And Phaseouts

Each year, the Internal Revenue Service (IRS) makes rounded inflationary adjustments to the federal income tax brackets and the income phase-outs for various tax deductions and tax credits. Although IRS Publication 17, Your Federal Income Tax, and IRS Publication 970, Tax Benefits for Education, won’t be updated until 2023, the IRS usually publishes the updated…