Current:Home > MyThe Daily Money: New to taxes or status changed? -Infinite Edge Capital
The Daily Money: New to taxes or status changed?
NovaQuant Quantitative Think Tank Center View
Date:2025-04-08 15:19:25
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.
Do I have to file 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.
5 tips for newbies
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.
Working kids and taxes
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.
Find out more in this story.
Get a divorce?
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.
Death and Taxes
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.
About the Daily Money
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.
veryGood! (6685)
Related
- Travis Hunter, the 2
- These Genius Amazon Products Will Help You Pack for Vacation Like a Pro
- Tweeting directly from your brain (and what's next)
- Nicky Hilton Shares Advice She Gave Sister Paris Hilton On Her First Year of Motherhood
- Apple iOS 18.2: What to know about top features, including Genmoji, AI updates
- With gun control far from sight, schools redesign for student safety
- Trump (Sort of) Accepted Covid-19 Modeling. Don’t Expect the Same on Climate Change.
- Why Bre Tiesi Was Finally Ready to Join Selling Sunset After Having a Baby With Nick Cannon
- Buckingham Palace staff under investigation for 'bar brawl'
- Becky Sauerbrunn, U.S. Women's National Team captain, to miss World Cup with injury
Ranking
- Elon Musk's skyrocketing net worth: He's the first person with over $400 billion
- The simple intervention that may keep Black moms healthier
- Is Climate Change Fueling Tornadoes?
- Padma Lakshmi Claps Back to Hater Saying She Has “Fat Arms”
- The Louvre will be renovated and the 'Mona Lisa' will have her own room
- Airplane Contrails’ Climate Impact to Triple by 2050, Study Says
- We're gonna have to live in fear: The fight over medical care for transgender youth
- The happiest country in the world wants to fly you in for a free masterclass
Recommendation
Senate begins final push to expand Social Security benefits for millions of people
WHO calls on China to share data on raccoon dog link to pandemic. Here's what we know
Climate Change Will Increase Risk of Violent Conflict, Researchers Warn
Staffer for Rep. Brad Finstad attacked at gunpoint after congressional baseball game
Nevada attorney general revives 2020 fake electors case
What's driving the battery fires with e-bikes and scooters?
Teen Mom's Catelynn Lowell Celebrates Carly's 14th Birthday With Sweet Tribute
Some adults can now get a second shot of the bivalent COVID-19 vaccine