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IR-2024-297, Nov. 22, 2024 WASHINGTON — As the nation’s tax season approaches, the Internal Revenue Service is reminding people of simple steps they can take now to prepare to file their 2024 federal tax returns. This reminder is part of the IRS’s “Get Ready” campaign to help everyone prepare for the upcoming filing season in early 2025. […]

R-2023-235, Dec. 11, 2023 WASHINGTON — The Internal Revenue Service today urged taxpayers to take important actions now to help them file their 2023 federal income tax return next year. This is the second in a series of reminders to help taxpayers get ready for the upcoming filing season. The Get ready page on IRS.gov […]

Welcome to Delgado and Associates, where we specialize in demystifying the intricate world of taxes to ensure you get the most out of your return. In this blog post, we’ll explore key tax credits that can significantly impact your refund, from the Earned Income Credit (EIC) and Child Tax Credit (CTC) to the Student Tax […]

IR-2023-222, Nov. 22, 2023 WASHINGTON —The Internal Revenue Service reminds low- and moderate-income taxpayers that they can save for retirement now and possibly earn a special tax credit in 2024 and years ahead. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps offset part of the first $2,000 workers voluntarily contribute to […]

IR-2023-233, Dec. 8, 2023 WASHINGTON— The Internal Revenue Service’s Independent Office of Appeals today released its Focus GuidePDF for fiscal year 2024. The guide highlights where Appeals will be improving taxpayer service in its mission to resolve tax disputes in a fair and impartial manner without the need for litigation. “Appeals’ participation in IRS transformation and […]

IR-2023-234, Dec. 8, 2023 WASHINGTON — During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA. For 2024, there is a $150 increase to the contribution limit for […]

Adjusted Gross Income (AGI) is defined as gross income minus adjustments to income. Gross income includes your wages, dividends, capital gains, business income, retirement distributions as well as other income. Adjustments to Income include such items as Educator expenses, Student loan interest, Alimony payments or contributions to a retirement account. Your AGI will never be more […]

The American opportunity tax credit (AOTC) is a credit for qualified education expenses paid for an eligible student for the first four years of higher education. You can get a maximum annual credit of $2,500 per eligible student. If the credit brings the amount of tax you owe to zero, you can have 40 percent […]

What is the child tax credit? The credit—currently up to $2,000 for each child in a family under age 17 at year-end—is a dollar-for-dollar reduction in taxes that many families with children can claim. It begins to phase out at $400,000 of adjusted gross income for married joint filers and $200,000 for single filers.

The Earned Income Tax Credit (EITC) helps low- to moderate-income workers and families get a tax break. If you qualify, you can use the credit to reduce the taxes you owe – and maybe increase your refund.