Toms River Tax Service

01/21/2024

It's time to get things started. The IRS has announced the start of 2024 tax season. Returns will be accepted and begin processing on January 29.

01/05/2024

For the 2024 tax year, the child tax credit remains at up to $2,000, but the refundable portion of the credit increases to $1,700. This means eligible taxpayers could receive an additional $100 per qualifying child back as a tax refund. It's important to note that income limits apply to these benefits.

01/04/2024

New year, new goals for a new you. If you're thinking about continuing your education for 2024, there are valuable tax credits to help offset the costs of higher education. Depending on your situation, you may qualify for up to $2,500.

01/02/2024

Many activities can be a source of fun and income. The has a list to help you determine if your hobby has grown into a business.

Learn more: https://ow.ly/286v50QlWhJ

01/02/2024

Tax Season 2024 is right around the corner!
The IRS typically begins accepting tax returns toward the end of January. An official announcement has not been made for 2024, but it's likely going to be somewhere around Jan. 23 or Jan. 24.
However WAIT until you receive ALL of your tax documentation to avoid having to file an amendment if you file before receiving it all.

03/26/2023

Choose the IRS payment option that works the best for you. If you need to make a tax payment, you can:
Pay using electronic funds withdrawal when you e-file.
Make payments through your IRS Online Account or IRS Direct Pay
Use a credit card, debit card or digital wallet using the IRS2Go app
Pay in cash at one of their retail partners
Mail a check or money order

The IRS reminds taxpayers, the agency won't accept gift cards as payment for a tax bill.

02/07/2023

E-File and direct deposit go together like peanut butter and jelly. Combining direct deposit with electronic filing is the fastest and easiest way to receive your refund.
See previous post for tax refund schedule.

02/07/2023

01/27/2023

2023 Federal Tax Brackets
Here are the 2023 Federal tax brackets. Remember, these aren't the amounts you file for your tax return, but rather the amount of tax you're going to pay starting January 1, 2023 to December 31, 2023. These brackets significantly increased for 2023 due to rising inflation.

The table below shows the tax bracket/rate for each income level

01/22/2023

If you’re trying to figure out how much to have taken out of your paycheck try this tax estimator from the IRS.
You’ll want your tax withholding to fit just right. Having too much taken out means less in your paycheck. Having too little could mean you owe taxes when you file. Let this tool help you get the perfect fit. www.irs.gov/withholding