
By Kemberley Washington, CPA, Bankrate.com (TNS) As the end of the year approaches, now’s the time to start preparing for filing your 2024 tax return in 2025. When it comes to tax strategies, generally Dec. 31 is the deadline to make changes that might lower your tax bill. One major exception is the deadline for contributing to a Roth or traditional IRA : You have until April 15, 2025, to make a contribution to a Roth or traditional IRA for tax year 2024. If you qualify for deductible IRA contributions , then a contribution to your traditional IRA can reduce your taxable income for 2024. Here are tips and strategies to prepare now for the 2025 tax-filing deadline. If you had significant changes in your life in 2024 — maybe you got married or divorced, started your own business, or had to claim unemployment benefits — your taxes may be more complicated. As a result, you might need to hire a certified public accountant (CPA), enrolled agent (EA) or other tax professional to prepare and file your taxes. If you decide to hire someone, it’s best to start planning for that sooner rather than later. Waiting until the calendar flips to April could cost you. The average fee for a professional to prepare and file a simple Form 1040 tax return, with no itemized deductions, is about $220, according to a survey by the National Society of Accountants in 2020-2021, the most recent data available. But that amount rises quickly for more complex returns, and varies depending on where you live. For example, a Form 1040 with itemized deductions costs an average of $432 in states on the Pacific Coast, compared with $285 in New England. No matter where you live, prices usually rise as the tax deadline approaches, so it’s smart to start searching for a tax pro soon. If you’re uncomfortable doing your taxes on your own and can’t afford a CPA, enrolled agent or other tax pro, or to pay for tax software , there are free options to consider. The IRS currently offers three ways to prepare your taxes for free: •With the IRS Free File program, the IRS partners with for-profit tax-software companies that offer free tax-prep software to eligible taxpayers so they can file their federal tax returns for free. Some taxpayers may also qualify for a free state tax filing, depending on the software provider. In January, the IRS will announce the income limit to qualify for the program for the 2025 tax season (for filing 2024 tax returns). For the 2024 tax season (2023 tax returns), taxpayers’ adjusted gross income (AGI) couldn’t exceed $79,000. •The IRS also offers its Direct File program, a free tool that allows you to file your federal income tax return directly with the IRS at no cost. The program supports simple tax returns and is available only in certain states. Check to see if you qualify here. •Another free-filing option is the Volunteer Income Tax Assistance (VITA) program. IRS-certified volunteers offer free basic tax preparation in person to people who earn less than $67,000 a year, are disabled or whose English is limited. The IRS has an online location tool for hundreds of free tax preparation sites in the U.S. (the locator tool is updated from February through April). Some VITA sites also offer online tax-prep assistance. Now is a good time to create an IRS online account. If you want to see your Form 1040 from last year, or you’re missing a prior year Form W-2 or mortgage interest statement, you can find your documents using this free tax tool. Another benefit of creating an IRS online account is that it allows you to quickly obtain your prior year’s tax information without sitting on the phone for hours with an IRS representative, says Carl Johnson, a certified public accountant in New Orleans. An IRS online account also lets you view your account balance and payment history for each year. You can also create a payment plan to settle your federal income tax debt within minutes. If you’re 73 years old and have enjoyed watching your 401(k) or IRA grow tax-free without touching it, remember that the IRS is going to want its share each year. That means you’ll have to make withdrawals — and pay income tax. If you turned 73 in 2024, plan to take your required minimum distribution (RMD) at the latest by April 1, 2025. Read this IRS bulletin for more information. The amount of your RMDs is based on your age and the year-end values of your retirement accounts. A Roth IRA has two big tax advantages over a traditional IRA : Qualified withdrawals are not considered income for federal (and usually state) tax purposes, and you don’t have to take distributions from a Roth every year once you reach age 73. Converting a traditional IRA to a Roth IRA may save you money in the long run. Just know that when you convert an IRA to a Roth, it’s considered taxable income, which will raise your tax bill for that year. Generally, it’s best to convert to a Roth IRA when you’re in a low-income year. As tax season approaches, many people start receiving phone calls, emails and texts from entities claiming to be the IRS. Be wary, and understand that these are scams. Typically, the IRS will mail you a notice before using any other method of communication to notify you concerning issues with your tax return. The IRS won’t reach out via social media or text messaging. Relatedly, the IRS warns taxpayers to be careful when choosing a tax preparer. Taking time to vet your tax preparer is crucial to protect yourself from tax scams and fraud. Before hiring a tax professional, search that person’s name in the IRS database of federal tax return preparers to avoid dishonest “professionals.” “Taxpayers should check the tax professional’s credentials,” Johnson says. Tax pros without credentials “may take questionable positions without any degree of scrutiny or fear of losing their access to the profession,” Johnson says. Taxpayers who don’t file a tax return and owe a tax bill, or who file but don’t pay their tax bill on time, risk severe penalties. The IRS can even seize assets if necessary. Respond quickly if the IRS has been sending you letters because it found an error on your return or claims you owe back taxes. Typically, the IRS will send you a notice if you have a balance due, changes were made to your tax return, or the agency needs additional information. “If you ignore a collection letter from the IRS, you may face wage garnishments, liens, bank levies, and other adverse action. And in some cases, the amount due may increase for failure to respond,” Johnson says. Keep in mind the IRS does offer installment plans and other payment plans. Make copies of your correspondence and use only the U.S. Postal Service, the postmark from which is your proof of timeliness when responding. But whatever you do, don’t ignore the IRS because this may cause more issues in the future. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.
WASHINGTON — Austin Tice’s entire family visited Washington this week in a show of force to the outgoing Biden administration, asserting they have fresh, reliable information that he is alive and pressing top White House and State Department officials to leverage dramatic changes on the battlefield in Syria to secure a breakthrough in the case of the missing journalist. Tice’s parents, Debra and Marc Tice, have frequently visited the capital to advocate for their son, who went missing as a freelance journalist covering Syria’s civil war in 2012. But this visit was the first of its kind from the entire Tice family since he first disappeared over 12 years ago. Little progress has been made on Tice’s case over those years, spanning three presidents and a transformed Middle East. But a resurgence in Syria’s war over the past month after years of frozen frontlines has created new opportunities and perils for the American, a former U.S. Marine and Texas native. “Today is a day full of emotions. The news that we’re hearing from the Middle East – that kind of thing can unsettle a mom,” Debra Tice told reporters at a press conference at the National Press Club on Friday. “There are all kinds of ways this can go.” She told reporters that the family had a new source telling them that Austin Tice remains alive and healthy. The family is working to be able to share more information with the public, she said. “We have from a significant source that has already been vetted all over our government that Austin Tice is alive – Austin Tice is treated well,” Debra Tice said. Debra and Marc Tice both said the Biden administration is declining to make the new information public. U.S. officials did not immediately respond to requests for comment about the family’s statement. Syria erupted in civil war in 2011 following a brutal crackdown on democratic protesters by the Assad government. Tice traveled to the country to cover the conflict the following year for McClatchy, The Washington Post and other publications. U.S. officials believe he was detained at a Syrian government checkpoint southwest of Damascus on Aug. 14, 2012. A video emerged six weeks after his disappearance purporting to show him in captivity. With assistance from Russia and Iran, the Assad regime was able to push back an array of opposition forces that increasingly fractured throughout the war. The rise of Islamic State in the country also led to an international military offensive in northern Syria that culminated in 2017. Ever since, Assad’s hold on power has appeared stable. But a surprise offensive launched by a united front of rebel forces last month has put Assad’s army on the run for the first time in years. In a span of mere weeks, the Syrian army has retreated from Aleppo, Hama and Homs, cities where Assad spent years fighting to regain control. The offensive is being led by Tahrir al-Sham, a group designated as a terrorist organization by the United States and the European Union. It is not immediately clear how the resurgence of military action in Syria might affect negotiations over Tice. But U.S. officials are watching the developments closely to monitor for any new opportunities to engage on his case, an official told McClatchy. Tice’s family met with State Department officials on Thursday and with National Security Advisor Jake Sullivan on Friday, a White House official confirmed in a statement. “President Biden and his team have worked around the clock, often in partnership with key allies, to negotiate for the release of Americans held hostage or unjustly detained abroad so that they can be reunited with their families, and the administration will continue to do so throughout the remainder of the term,” the official said. Speaking to the press on Friday, Austin Tice’s father, Marc, said that Sullivan told the family the administration had done everything it could think of to reach a breakthrough in his case. But his family believes the government has exerted more effort to secure the release of wrongfully detained Americans in Russia, Venezuela, Iran and Gaza than they have for their son. Similarly, at the State Department meeting, “there were complaints and finger pointing about who is preventing things from happening, and who’s responsible for doing what,” Marc Tice said. “We think this is a time of opportunity, actually, and there’s no time like now to start doing the right thing.” Last month, as Syrian regime lines were collapsing before the rebel advance, the White House said that Assad’s refusal to participate in a political process with the opposition, and his reliance on Russia and Iran, had “created the conditions now unfolding, including the collapse of Assad regime lines in northwest Syria.” “The United States, together with its partners and allies, urge de-escalation, protection of civilians and minority groups, and a serious and credible political process that can end this civil war once and for all with a political settlement,” Sean Savett, spokesperson for the National Security Council, said in a statement. “We will also continue to fully defend and protect U.S. personnel and U.S. military positions, which remain essential to ensuring that ISIS can never again resurge in Syria.” Debra Tice was skeptical of the policy, questioning why the administration would support the rebel advance on Assad forces. Biden officials have made clear they are not a part of the offensive. “I don’t really understand what’s happening in Syria,” she said. “I’m upset by the fact that terrorists are tearing up Aleppo, killing people in Aleppo. I don’t understand that. I don’t understand why our government isn’t running in saying we are not going to allow a terrorist entity to take over Syria.” “There are people feeling like it’s possible this could be Austin’s release. I certainly pray that that’s it,” she added.” Long-stalled talks In August, marking 12 years since Tice’s disappearance, President Joe Biden issued a statement that his administration had “repeatedly pressed the government of Syria to work with us so that we can, at last, bring Austin home.” “The freedom of the press is essential, and journalists like Austin play a critical role informing the public and holding those in power accountable,” Biden said. “We stand in solidarity with Austin, his family, and all Americans wrongfully detained and held hostage abroad. I will continue to do everything possible to advocate for and pursue his release and support his loved ones until he is safely returned home.” In 2022, Biden met with Tice’s parents at the White House and vowed to engage the Syrians directly over Tice. In a statement at that time, the president expressed “certainty” that Assad had held him in Syrian custody, without specifying when, where or in what condition. During the Obama administration, the CIA obtained Syrian government records indicating Tice had at one point been processed through the Syrian court system. Biden’s team had been hopeful the following year that quiet talks with Damascus could produce a breakthrough. But Hamas’ attack on Israel, and the war that followed in Gaza and Lebanon, disrupted the discussions. Officials in the first Trump administration also attempted to directly engage with the Syrians to secure Tice’s release, traveling to Damascus in an effort to do so. But Assad aides refused to acknowledge Tice’s case during that meeting, insisting the U.S. government renew its recognition of Assad as the leader of Syria – and a full withdrawal of U.S. troops in the country there to combat Islamic State – before even uttering his name, U.S. officials told McClatchy. In August, marking the anniversary, Secretary of State Antony Blinken said that Tice had been held in “unknown conditions” and issued a plea to Syria to open an honest dialogue on his case. “For more than a quarter of his life, Austin has been separated from his family and kept in unknown conditions,” Blinken said. “We know the Syrian government has held Austin, and we have repeatedly offered to find a way to bring him home.” “This has gone on for far too long,” Blinken added. “We call on the Syrian government to work with the United States to end Austin’s captivity.” U.S. officials told McClatchy this week that the government’s knowledge of Tice’s condition and whereabouts remain unchanged. ©2024 McClatchy Washington Bureau. Visit mcclatchydc.com . Distributed by Tribune Content Agency, LLC.
Mbappe's recent actions on and off the field have cast a shadow over his otherwise stellar career. His petulant behavior during matches, including diving and verbally abusing opponents, has drawn criticism from fans and pundits alike. Moreover, his off-field antics, such as flaunting wealth on social media and engaging in questionable activities, have further tarnished his image. For young aspiring footballers who look up to Mbappe, these actions send the wrong message about sportsmanship, integrity, and professionalism.As the evening party approaches, fans are eager to see their favorite characters reunited and catch a glimpse of the camaraderie and friendship that blossomed among the cast during the filming of the series. For many, "Empresses in the Palace" holds a special place in their hearts, serving as a timeless reminder of the power of storytelling and the lasting impact of a well-crafted drama.
By Kemberley Washington, CPA, Bankrate.com (TNS) As the end of the year approaches, now’s the time to start preparing for filing your 2024 tax return in 2025. When it comes to tax strategies, generally Dec. 31 is the deadline to make changes that might lower your tax bill. One major exception is the deadline for contributing to a Roth or traditional IRA : You have until April 15, 2025, to make a contribution to a Roth or traditional IRA for tax year 2024. If you qualify for deductible IRA contributions , then a contribution to your traditional IRA can reduce your taxable income for 2024. Here are tips and strategies to prepare now for the 2025 tax-filing deadline. 1. Decide who will prepare your taxes If you had significant changes in your life in 2024 — maybe you got married or divorced, started your own business, or had to claim unemployment benefits — your taxes may be more complicated. As a result, you might need to hire a certified public accountant (CPA), enrolled agent (EA) or other tax professional to prepare and file your taxes. If you decide to hire someone, it’s best to start planning for that sooner rather than later. Waiting until the calendar flips to April could cost you. The average fee for a professional to prepare and file a simple Form 1040 tax return, with no itemized deductions, is about $220, according to a survey by the National Society of Accountants in 2020-2021, the most recent data available. But that amount rises quickly for more complex returns, and varies depending on where you live. For example, a Form 1040 with itemized deductions costs an average of $432 in states on the Pacific Coast, compared with $285 in New England. No matter where you live, prices usually rise as the tax deadline approaches, so it’s smart to start searching for a tax pro soon. 2. Find ways to file for free If you’re uncomfortable doing your taxes on your own and can’t afford a CPA, enrolled agent or other tax pro, or to pay for tax software , there are free options to consider. The IRS currently offers three ways to prepare your taxes for free: •With the IRS Free File program, the IRS partners with for-profit tax-software companies that offer free tax-prep software to eligible taxpayers so they can file their federal tax returns for free. Some taxpayers may also qualify for a free state tax filing, depending on the software provider. In January, the IRS will announce the income limit to qualify for the program for the 2025 tax season (for filing 2024 tax returns). For the 2024 tax season (2023 tax returns), taxpayers’ adjusted gross income (AGI) couldn’t exceed $79,000. •The IRS also offers its Direct File program, a free tool that allows you to file your federal income tax return directly with the IRS at no cost. The program supports simple tax returns and is available only in certain states. Check to see if you qualify here. •Another free-filing option is the Volunteer Income Tax Assistance (VITA) program. IRS-certified volunteers offer free basic tax preparation in person to people who earn less than $67,000 a year, are disabled or whose English is limited. The IRS has an online location tool for hundreds of free tax preparation sites in the U.S. (the locator tool is updated from February through April). Some VITA sites also offer online tax-prep assistance. 3. Create an online IRS account Now is a good time to create an IRS online account. If you want to see your Form 1040 from last year, or you’re missing a prior year Form W-2 or mortgage interest statement, you can find your documents using this free tax tool. Another benefit of creating an IRS online account is that it allows you to quickly obtain your prior year’s tax information without sitting on the phone for hours with an IRS representative, says Carl Johnson, a certified public accountant in New Orleans. An IRS online account also lets you view your account balance and payment history for each year. You can also create a payment plan to settle your federal income tax debt within minutes. 4. Take your required minimum distributions (RMDs) If you’re 73 years old and have enjoyed watching your 401(k) or IRA grow tax-free without touching it, remember that the IRS is going to want its share each year. That means you’ll have to make withdrawals — and pay income tax. If you turned 73 in 2024, plan to take your required minimum distribution (RMD) at the latest by April 1, 2025. Read this IRS bulletin for more information. The amount of your RMDs is based on your age and the year-end values of your retirement accounts. 5. Think long-term: Consider converting an IRA to a Roth A Roth IRA has two big tax advantages over a traditional IRA : Qualified withdrawals are not considered income for federal (and usually state) tax purposes, and you don’t have to take distributions from a Roth every year once you reach age 73. Converting a traditional IRA to a Roth IRA may save you money in the long run. Just know that when you convert an IRA to a Roth, it’s considered taxable income, which will raise your tax bill for that year. Generally, it’s best to convert to a Roth IRA when you’re in a low-income year. 6. Protect yourself from tax scams and fraud As tax season approaches, many people start receiving phone calls, emails and texts from entities claiming to be the IRS. Be wary, and understand that these are scams. Typically, the IRS will mail you a notice before using any other method of communication to notify you concerning issues with your tax return. The IRS won’t reach out via social media or text messaging. Relatedly, the IRS warns taxpayers to be careful when choosing a tax preparer. Taking time to vet your tax preparer is crucial to protect yourself from tax scams and fraud. Before hiring a tax professional, search that person’s name in the IRS database of federal tax return preparers to avoid dishonest “professionals.” “Taxpayers should check the tax professional’s credentials,” Johnson says. Tax pros without credentials “may take questionable positions without any degree of scrutiny or fear of losing their access to the profession,” Johnson says. 7. Don’t ignore the IRS Taxpayers who don’t file a tax return and owe a tax bill, or who file but don’t pay their tax bill on time, risk severe penalties. The IRS can even seize assets if necessary. Respond quickly if the IRS has been sending you letters because it found an error on your return or claims you owe back taxes. Typically, the IRS will send you a notice if you have a balance due, changes were made to your tax return, or the agency needs additional information. “If you ignore a collection letter from the IRS, you may face wage garnishments, liens, bank levies, and other adverse action. And in some cases, the amount due may increase for failure to respond,” Johnson says. Keep in mind the IRS does offer installment plans and other payment plans. Make copies of your correspondence and use only the U.S. Postal Service, the postmark from which is your proof of timeliness when responding. But whatever you do, don’t ignore the IRS because this may cause more issues in the future. ©2024 Bankrate.com. Distributed by Tribune Content Agency, LLC.
The recruitment events also provided a platform for businesses to showcase their products and services, connect with potential customers, and generate leads. From fashion and beauty products to electronics and home goods, businesses from a wide range of industries had the opportunity to showcase their unique offerings and attract new customers.South Korea's governing party head supports suspending Yoon's powers, making impeachment more likelyDALLAS , Dec. 5, 2024 /PRNewswire/ -- Wingstop Inc. (NASDAQ: WING) today announced that its board of directors approved the purchase of up to an additional $500 million of its outstanding shares of common stock under its existing share repurchase program, effective immediately. This repurchase program follows the substantial completion of purchases of common stock under the inaugural $250 million repurchase authorization from August 2023 . With this additional repurchase authorization, the Company anticipates executing a $250 million accelerated share repurchase ("ASR") program that will commence in the fourth quarter of 2024.