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Spring showers bring summer flowers and weddings typically aren’t far behind. Newlyweds have a lot to think about and taxes might not be on the list. However, there is good reason for a new couple to consider how the nuptials may affect their tax situation. The IRS has some tips to help in the planning:
Read MoreNext, an experienced auditor reviews the return. They may accept it; or if the auditor notes something questionable, they will identify the items noted and forward the return for assignment to an examining group.
If you can’t file by the due date of your return, you should request an extension of time to file. To receive an automatic 6-month extension of time to file your return, you must file Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (PDF) by the due date of your return. An extension of time to file is not an extension of time to pay. You may be subject to a late payment penalty on any tax not paid by the original due date of your return.
• Exterior doors, windows, skylights and insulation materials
• Central air conditioners, water heaters, furnaces, boilers and heat pumps
• Biomass stoves and boilers
• Home energy audits
The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:
• 2022: 30%, up to a lifetime maximum of $500
• 2023 through 2032: 30%, up to a maximum of $1,200 (biomass stoves and boilers have a separate annual credit limit of $2,000), no lifetime limit
• Solar, wind and geothermal power generation
• Solar water heaters
• Fuel cells
• Battery storage (beginning in 2023)
The amount of the credit you can take is a percentage of the total improvement expenses in the year of installation:
• 2022 to 2032: 30%, no annual maximum or lifetime limit
• 2033: 26%, no annual maximum or lifetime limit
• 2034: 22%, no annual maximum or lifetime limit
Federal law requires a person to report cash transactions of more than $10,000 to the IRS. Here are some facts about reporting these payments.
For purposes of cash payments, a “person” is defined as an individual, company, corporation, partnership, association, trust or estate. For example:
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