taxes

Beware tax schemes

It seems like I hear about a possible scam once a day, these days. The IRS has sent out a warning for some things related to taxes that you need to watch out for. 

IRS Imposter Scams

The IRS does not call people and demand payment over the phone. They definitely don’t accept gift cards or Venmo. 

If you DO owe money to the IRS, you’re going to get a whole series of letters. Someone is not going to call you out of the blue and demand gift cards or Venmo payments. 

2024 Tax Brackets: Here's Why Your Paycheck May Be Bigger This Year

Last year, the IRS announced several key tax code changes, including a boost to income tax brackets. For some folks, these changes could impact how much tax is withheld from their paycheck. 

Both federal income tax brackets and the standard deduction have increased for 2024. This change is in response to sticky inflation, which has kept prices high all year. The higher amounts will apply to your 2024 taxes, which you'll file in 2025.