ALL THE MONEY NEWS YOU NEED TO KNOW | | | |  |
Good morning. This is Betty Lin-Fisher with your Daily Money, Sunday Tax Edition. |
On Sundays between now and April 15, we'll walk you through what's new and newsworthy in Tax Season 2024. |
By the way, Tax Day is officially two months away. If you have questions about filing, our USA TODAY Money team hosted a Reddit AMA on Monday that covered everything from the most efficient way to file taxes to things that are considered tax write-offs. Check it out here! |
Today, let's talk about first-timers – those who have never filed a tax return – and different life events, which may change how you do taxes. |
Who needs to file taxes, anyway? |
Not everyone is required to file taxes, but most Americans must and likely will submit a return. |
Of the 176.2 million individuals and married couples who could file a return in 2020, about 144.5 million of them did, according to the nonpartisan Washington think tank, the Tax Policy Center. |
Whether you need to file depends mostly on your income, filing status and age. |
Find out more in this story. |
Here's a helpful story with 5 tips for newbies if this is your first time filing taxes. |
Did your family grow last year? |
If you added to your family during the last tax year, either by birth or adoption, your taxes will change. Filing taxes with dependents is more complicated, but you also may qualify for new tax credits and deductions. |
Check out this guide, which will fill you in on all you need to know. |
Speaking of those kids, when they grow up and get their first job, they pay taxes. |
But many questions come to mind: When must your kid file a return, who's responsible for filing it and what's your child's tax rate? The answers depend on the kind and amount of income your kid earns. |
If you and your spouse divorced in 2023, there are new things you'll have to do when it comes to taxes. |
Taxes after divorce can be messy. Here are seven tax tips for the newly unmarried. |
And even in death, we can't get away from taxes. |
A death triggers estate tax and inheritance tax. |
Find out the difference between the two and what you need to do with taxes after a loved-one dies. |
This has been a special Sunday Tax Edition of The Daily Money. Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. | | | | Not everyone is required by law to file a tax return. Here's how to know if you have to and why even if you don't have to, you might want to. | | | |  | You've never filed a tax return. You're wondering if this could be the year. Here are 5 tips for first-time filers. | | | | Had or adopted a child in 2023? What new parents need to know about tax credits and deductions. Importantly, the enhanced Child Tax Credit went away in 2022. | | | | Do minors have to pay taxes? Learn when and how your child needs to file a return with the IRS. | | | | If you and your spouse divorced in 2023, you will have to learn a new set of rules for paying taxes in 2024. | | | | Death can be a tax-triggering event. And there are two you should be aware of: the estate tax and inheritance tax. | | | | After pausing during the pandemic, the IRS is sending out LT38 Notices for the first time in two years. Don't panic. Also don't ignore them. | | | | What does it mean? Maybe nothing. Tax season started later this year. The IRS has only issued 2.6M refunds so far, versus 8M at this time last year. | | | | Your refund is money that rightfully belonged to you all year long that the IRS has been collecting and holding. | | | | Here's what you should know about income tax, what it is, how it works, how to calculate it and which states don't have it. | | | | |  | Sign up for the news you want | Exclusive newsletters are part of your subscription, don't miss out! We're always working to add benefits for subscribers like you. | | | | | | |
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