Man United transfer news: Red Devils 'weighing up £33m January bid' for Premier League centre-backBy 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.For now, all we can do is wait and see how this story unfolds. Whether Chen Xiao and Michelle Chen choose to address the rumors or maintain their silence, one thing is certain: their fans will continue to support them through thick and thin, hoping for a happy resolution to this latest chapter in their love story.
As the probe unfolds, all eyes are on the developments within the ruling party and the response from the opposition. The unity and cohesion of the government will be put to the test as the nation awaits the findings of the investigations. The outcome of this internal turmoil could reshape the political landscape of South Korea and set the tone for the upcoming elections.LOVE Island star Tasha Ghouri faced a tough night on Strictly Come Dancing as the judges delivered brutal feedback following a blunder. Tasha landed in the dance-off last week, and tonight her semi-final Salsa routine failed to impress the judges. The reality TV beauty, 25, delivered a high-energy performance to Girls Aloud’s hit Something New, but left the judges wincing. The star, who has wowed audiences with her moves all season, appeared visibly upset after the routine didn’t go as planned. Judge and former pro Anton Du Beke didn’t hold back, telling her: "It's got to be absolutely seamless, and it wasn't. "There were transitions there that were a bit stumbly. We are talking about the semi-final here" while head judge Shirley Ballas added: "There was a tiny thing, your transitions in your lift." READ MORE ON STRICTLY Craig Revel Horwood added: "You need to dance out of every transition smoothly and out of it. That didn't really happen tonight." Motsi Mabusetold her: "That beginning was insane, out of this world. I understand what the other judges are talking about but we are talking about levels of lifts here." Viewers took to social media to defend the star, with many praising her dance. Tasha's semi-final opener won her 35 points. Most read in TV She managed to pull it back for her second dance, and was awarded a perfect score for her waltz to Aretha Franklin's romantic ballad You Make Me Feel Like A Natural Woman. However, after finding herself in the dreaded dance-off last week some were worried it wouldn't be enough. They also accused the judges of picking holes in her performance while awarding high scores for her fellow contestants. One fan tweeted: "Worried though since her Salsa got no 10’s... just hoping if she’s in the dance-off it’s against Pete rather than JB (won’t be Chris or Sarah). PLEASE VOTE FOR TASHA!" Another said: "I’m still mad about Tasha’s salsa score because worse dances this season has got 10s, but you’re telling me that didnt... do me a favour." A third said: "If Tasha’s salsa was a 9, Chris’ Charleston was a 6, blind or not it doesn’t matter, they’re all judged equally (apparently)." Tasha will now rely on the public vote to secure her place in the grand finale.
Welling scores 21 as Utah Valley takes down West Georgia 77-74
Suit filed against Silkbank-UBL merger proposal UBL building external view seen in this image. — Facebook@UBLUnitedBankLtd/File KARACHI: Park View Enclave (Private) Limited has filed a suit in the Sindh High Court against Shaukat Fayaz Tarin and other parties about the proposed amalgamation of Silkbank Limited with and into United Bank Limited, a bourse filing said on Thursday. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1700472799616-0'); }); “Park View Enclave (Private) Limited has filed Suit No 1384 of 2024 (suit) in the Sindh High Court at Karachi against Shaukat Fayaz Tarin and others in connection with the proposed amalgamation of Silkbank Limited with and into United Bank Limited (UBL) pursuant to a scheme of amalgamation to be sanctioned by the State Bank of Pakistan (SBP) under Section 48 of the Banking Companies Ordinance, 1962,” UBL said in a notice sent to the Pakistan Stock Exchange (PSX). “UBL has also been impleaded in the suit as a defendant,” the bank added. Earlier this month, the bank’s board of directors approved the Silkbank merger into UBL through a share swap arrangement.
Skilled workforce vital for public sector growth – LASGIreland says "céad míle fáilte" to more than 6,000 new citizens this weekThe World Trade Organization (WTO) has recently released a report indicating that global goods trade experienced moderate growth in the fourth quarter of the year. This development comes amidst a backdrop of economic uncertainty and trade tensions, highlighting the resilience of the global trading system.
To achieve this, governments and businesses must focus on enhancing consumer confidence, improving income levels, and expanding access to credit and financial services. By creating a conducive environment for consumption, countries can boost domestic demand, spur innovation, and promote inclusive growth. Moreover, fostering a culture of responsible consumption can lead to sustainable development and a healthier society.Trump has promised again to release the last JFK files. But experts say don’t expect big revelations
'Teachers Have A Duty To Shape Good Human Beings,' Says RSS Chief Mohan Bhagwat At 70th Somalwar Shikshan Sanstha Foundation Day; VIDEORumors have already started swirling about potential suitors for the French star, with several top clubs from across Europe reportedly interested in securing his services. It remains to be seen which club will meet Real Madrid's asking price and successfully complete the transfer.