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Taxes

IRS changed 2024 tax reporting threshold for payment apps like Venmo, Cash App

Taxes

IRS new income tax brackets don’t apply to 2023 returns

The IRS released new income tax brackets and standard deduction amounts for 2024 taxes that will be filed in 2025. Here’s what that means for you.
Taxes

No, the new federal income tax brackets do not apply to your 2023 return

We VERIFY when newly adjusted federal income tax brackets will take effect.
Taxes

No, taxes on the middle class will not continue to increase every two years under the Tax Cuts and Jobs Act of 2017

A viral video falsely claims taxes will increase every two years for the middle class under a tax reform law signed by former President Trump.
Taxes

What IRS Commissioner Werfel said about under $400K audits

During a recent House hearing, IRS Commissioner Danny Werfel reaffirmed the agency’s commitment to not increasing audits for people making under $400,000 per year.
Taxes

No, the IRS' free Direct File program won’t be available to everyone in 2024

Direct File will allow people to e-file their taxes for free directly through the IRS, bypassing companies like TurboTax. The IRS is beginning with a limited test.
Taxes

Yes, the tax deadline for people who filed extensions is on Oct. 16

You have until Oct. 16, 2023, to file your 2022 income tax return if you requested an extension. The IRS encourages taxpayers to file electronically ASAP.
Scams

No, the IRS is not sending emails to taxpayers about a third round of economic impact payments

The IRS does not contact taxpayers through email and stimulus checks are no longer being issued in 2023. This is a phishing scam.
Scams

No, the IRS is not sending emails to taxpayers about a third round of economic impact payments

The IRS is not sending emails to taxpayers about a third round of economic impact payments because it does not initiate contact via email. This is a phishing scam.
Money

No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit

The ERC is a tax credit for businesses. It doesn’t provide up to $26,000 to people who worked through the COVID pandemic.
Taxes

No, the IRS is not changing tip reporting requirements to crack down on waiters

Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Money

No, taxpayer money is not being used to cover deposits at SVB

Silicon Valley Bank failed on March 10. The U.S. government announced all of the bank’s depositors would be made whole, and no taxpayers would have to foot the bill.