"Students, listen up! ? Get ready to save big on your taxes with our latest video focusing on the student loan interest deduction (Line 21) for Tax Preparation 2023-2024! We'll break down everything you need to know to claim this valuable deduction, helping you reduce your tax burden and keep more money in your pocket. Don't miss out on this essential tax tip – watch now and take control of your finances! ? #StudentLoans #TaxDeductions #FinanceTips"
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https://www.youtube.com/watch?v=amaRgIZMq1I
What to Know About Your Escrow Balance
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Subsidiary Ledgers
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https://www.youtube.com/watch?v=e8Mv0_NkKhA
Welcome to our comprehensive guide on Taxable Income Calculation for the 2023-2024 tax season! ? Whether you're a seasoned taxpayer or diving into the world of tax preparation for the first time, understanding taxable income is crucial. In this video, we break down the complexities of tax law, deductions, and credits to help you maximize your return while staying compliant.
Join us as we delve into the intricacies of tax preparation, covering everything from income sources to allowable deductions and credits. Our expert guidance will equip you with the knowledge needed to navigate the tax landscape confidently, ensuring you don't miss out on potential savings.
Key Topics Covered:
Explanation of Taxable Income
Understanding Different Income Sources
Deductions and Credits Explained
Strategies for Maximizing Returns
Tips for Accurate Tax Preparation
Changes and Updates for 2023-2024 Tax Year
Whether you're a freelancer, small business owner, or an individual taxpayer, this video provides valuable insights to streamline your tax preparation process. Don't let tax season overwhelm you; empower yourself with the knowledge to manage your finances efficiently.
Hit the subscribe button and turn on notifications to stay updated on our latest tax tips and guides. Let's make tax season a breeze together! ?? #TaxPreparation #TaxableIncome #FinanceTips
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https://www.youtube.com/watch?v=NpMJ-xP_zeg
IRS unveils new online identity verification process for accessing self-help tools
https://www.irs.gov/newsroom/irs-unveils-new-online-identity-verification-process-for-accessing-self-help-tools
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The Internal Revenue Service today announced the launch of an improved identity verification and sign-in process that enables more people to securely access and use IRS online tools and applications.
Taxpayers using the new mobile-friendly verification procedure can gain entry to existing IRS online services such as the:
Child Tax Credit Update Portal,
Online Account,
Get Transcript Online,
Get an Identity Protection PIN (IP PIN) and
Online Payment Agreement.
Additional IRS applications will transition to the new method over the next year.
"Identity verification is critical to protect taxpayers and their information. The IRS has been working hard to make improvements in this area, and this new verification process is designed to make IRS online applications as secure as possible for people," said IRS Commissioner Chuck Rettig. "To help taxpayers and the tax community, we are improving the accessibility of online tools that help families manage their Child Tax Credit, check on their IRS accounts and securely perform other routine tasks online."
The new process can reach more people through the expanded use of identity documents and increased help desk assistance for taxpayers who encounter a problem when attempting to verify their identity online. Developed under the Secure Access Digital Identity initiative (SADI), the new process complies with a federal mandate.
To provide verification services, the IRS is using ID.me, a trusted technology provider. The new process is one more step the IRS is taking to ensure that taxpayer information is provided only to the person who legally has a right to the data.
The IRS also integrated this new account-creation process into some applications used by tax professionals, including those used to request powers of attorney or tax information authorizations online using Tax Pro Account or to submit Forms 2848 and 8821 online.
Accessing IRS tools
When accessing the tools listed above, taxpayers will be asked to sign in with an ID.me account. People who already have IRS usernames may continue to use their credentials from the old system to sign-in until summer 2022, but are prompted to create an ID.me account as soon as possible. Anyone with an existing ID.me account from the Child Tax Credit Update Portal, or from another government agency, can sign in with their existing credentials.
To verify their identity with ID.me, taxpayers need to provide a photo of an identity document such as a driver's license, state ID or passport. They'll also need to take a selfie with a smartphone or
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