Gen Z are immersing themselves in the world of investing
There's new research underlining the investment motivations and behaviors among Gen Z investors ages 18–25 that might be a surprise to some. The survey of more than 2,800 Gen Z, Millennial, and Gen X respondents from the U.S., Canada, the UK, and China examined the investment-related behaviors of those with and without [...]
After a disaster, affected taxpayers may qualify for tax relief
Thankfully, tax relief is available for people living in areas declared disasters by the Federal Emergency Management Agency. To determine whether an area qualifies for federal disaster relief, taxpayers should check DisasterAssistance.gov. Find Disaster Assistance Information from the IRS Up-to-date information is available from these IRS resources: Disaster Assistance and [...]
Going green may help taxpayers qualify for home energy tax credits
The Internal Revenue Service reminds taxpayers that making certain energy-efficient updates to their homes could qualify them for home energy tax credits. The credit amounts and types of qualifying expenses were expanded by the Inflation Reduction Act of 2022. Taxpayers who make energy improvements to a residence may be eligible [...]
‘Offer in Compromise’ can help certain taxpayers resolve tax debt
When a taxpayer can't pay their full tax liability or if paying would cause financial hardship, they may want to consider applying for an 'Offer in Compromise.' The Agreement This agreement between a taxpayer and the IRS settles a tax debt for less than the full amount owed. The goal [...]
This online tool helps taxpayers track their refund
Where's my refund? After filing a return, taxpayers due a refund are usually eager for that money to hit their bank account. They can check the status of their refund easily and conveniently with the IRS Where's My Refund? tool at IRS.gov/refunds and with the IRS2Go app. Refund status is available within [...]
What taxpayers need to know to claim clean vehicle tax credits
The Inflation Reduction Act of 2022 made several changes to the tax credits provided for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles to the tax credit. Beginning January 1, 2023, eligible vehicles may qualify for a tax credit of up to $7,500. The amount of the [...]