Meadows & Howell, LLC

The IRS announced yesterday that they are making their free file program, Direct File, a permanent option for filing federal tax returns. The program had a successful 2024 pilot season, where 140,803 taxpayers in 12 states used Direct File to file their taxes. The pilot was only available for 12 states' returns in 2024, but the IRS is inviting all states to join moving forward. 📄💰

Link:

IRS makes Direct File a permanent option to file federal tax returns; expanded access for more taxpayers planned for the 2025 filing season | Internal Revenue Service IR-2024-151, May 30, 2024 — Following a successful filing season pilot and feedback from a variety of partners, the Internal Revenue Service announced today that it will make Direct File a permanent option for filing federal tax returns starting in the 2025 tax season.

📜 Alabama Governor Kay Ivey signed Senate Bill 297 into law this week, eliminating capital gains tax on the sale of gold, silver, platinum, or palladium for Alabama income tax purposes. The new law also abolishes the deduction for capital losses on precious metals sales. Aimed at supporting "sound money principles" and combating inflation, this move follows similar actions taken by 12 other states. 🏛️💰

Read more here:

SIGNED INTO LAW: Alabama Abolishes Income Taxes on Gold and Silver BIRMINGHAM, AL / ACCESSWIRE / May 20, 2024 / Alabama Governor Kay Ivey today signed a bill that removes all income taxes on capital gains from the sale of...

📈💰 Great news! The IRS interest rates for the 3rd quarter of 2024 will stay the same. For individual taxpayers, the rate for overpayments and underpayments remains 8% annually, compounded daily. Pay off any tax debt promptly to avoid unnecessary interest! 📑💳

⏳📊 Now that the 2023 tax season is over, it's time to plan ahead for 2024 taxes! Use the IRS withholding estimator to estimate your tax liability and adjust your withholdings with your employer using Form W-4 if needed. 💰 Learn more here: https://www.irs.gov/individuals/tax-withholding-estimator 📑🧮

Tax Withholding Estimator | Internal Revenue Service Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.