Check the status of your income tax refund for 2024, 2023 and 2022. If you e-file, allow 36 hours for your information to appear and 3 weeks to get your refund. If you mail your return, it will take 12 weeks to process up to 20 weeks to get your Refund.

Taxpayers who received more than $5,000 in payments for goods and services through an online marketplace or payment app in 2024 should expect to receive a Form 1099-K in January 2025. IRS will also receive a copy of your Form 1099-K.

There have been no changes to the taxability of income. 

All income, including proceeds from part-time work, side jobs or the sale of goods and services is taxable.  Taxpayers must report all income on their tax return unless it's excluded by law, whether they receive a Form 1099-K, a Form 1099-NEC, Form 1099-MISC, or any other information return.

It is important for taxpayers to understand why they received a Form 1099-K and how to use it along with their other records to figure and report the correct amount of income on their tax return. 

It is also important for taxpayers to know what to do if they received a Form 1099-K but shouldn't have. In either situation, good recordkeeping is key and will help make tax filing easier.

If you got a Form 1099-K, understand why you received it.

Then use the form and your other records to help figure and report your correct income on your tax return.

Even if you don't get a Form 1099-K, if you received payments for goods, services or property, you must report your income. This includes payments you receive in cash, property, goods, digital assets or foreign sources or assets.

The Internal Revenue Service today reminded low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years.

The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps taxpayers offset a portion of the first $2,000 ($4,000 if married filing jointly) they voluntarily contribute to Individual Retirement Arrangements (IRAs), 401(k) plans and similar workplace retirement programs.

The credit also helps eligible persons with a disability who are the designated beneficiary of an Achieving a Better Life Experience (ABLE) account and contributes to that account. For more information about ABLE accounts, see Publication 907, Tax Highlights for Persons with Disabilities, on IRS.gov.

The maximum Saver’s Credit is $1,000 ($2,000 for married couples). The credit can increase a taxpayer’s refund or reduce the tax owed but is affected by other deductions and credits. Rollover contributions do not qualify for the credit, and distributions from a retirement plan or ABLE account reduce the contribution amount used to figure the credit.

Taxpayers can use the Interactive Tax Assistant tool for the Saver’s Credit to determine their eligibility. A taxpayer is eligible for the credit if they’re:

• Age 18 or older,
• Not claimed as a dependent on another person’s return, and
• Not a full-time student.

Furthermore, the Saver’s Credit can be claimed by:

• Married couples filing jointly with adjusted gross incomes up to $76,500.
• Heads of household with adjusted gross incomes up to $57,375.
• Married individuals filing separately and singles with adjusted gross incomes up to $38,250.
• Qualified surviving spouse filers.

Individuals with IRAs have until April 15, 2025 - the due date for filing their 2024 return - to set up a new IRA or add money to an existing IRA for 2024. Both Roth and traditional IRAs qualify.

Individuals with workplace retirement plans still have time to make qualifying retirement contributions and possibly get the Saver’s Credit on their 2024 tax return. Contributions to workplace retirement plans must be made by December 31 to a:

• 401(k) plan.
• 403(b) plan for employees of public schools and certain tax-exempt organizations.
• Governmental 457 plan for state or local government employees.
• Thrift Savings Plan (TSP) for federal employees.

CORPORATIONS, S CORPORATIONS AND LLCs

 Many sole proprietor and general partnership may be wondering if it’s time to create a formal business structure. If you are still on the fence, here are some major reasons a small business would choose to incorporate or form an LLC:

•  Liability protection of personal assets 
•  Separate legal entity 
•  Added credibility 
•  Perpetual existence 
•  Tax flexibility 
•  Deductible expenses 

 Choosing Which State to Incorporate In 

•  Nevada and Wyoming don’t levy a state corporate income tax or a state personal income tax 
•  Delaware doesn’t have a corporate income tax for Businesses formed there and no personal income tax on non-residents  
• Delaware has separate court system for businesses and individuals 
• Can’t escape home-state taxes 

Requisito para las aplicaciones: Todas las solicitudes de la Forma W-7 incluyendo renovaciones, tienen que ir acompañadas de el reporte de sus taxes al menos que califique para una excepción.

Un ITIN solo necesita renovarlo si se expiro y lo necesita para una declaración de impuestos en los Estados Unidos.

   Si no renueva un ITIN que está por vencer o que está vencido, el IRS puede aceptar su declaración de impuestos, pero puede demorar su proceso o los créditos fiscales a los que tiene derecho, como el Crédito Tributario por Hijos y el Crédito Tributario por Oportunidad Estadounidense, lo que afectaría el tiempo en que reciba su reembolso.

 Si su ITIN no se incluyó en una declaración de impuestos federales de EE. UU. al menos una vez en los años fiscales 2021, 2022 y 2023, su ITIN vencer el 31 de diciembre del 2024.