File by the deadline to avoid penalties, interest While April 15 is the federal deadline for most taxpayers, filers in Maine and Massachusetts have until April 17. There are also automatic extensions for some taxpayers impacted by natural disasters. But if you skip the tax filing deadline and owe a balance, you can expect IRS … Read more
Damian Williams, U.S. Attorney for the Southern District of New York, speaks during a press conference in New York City, Sept. 22, 2023. Barry Williams | New York Daily News | Getty Images A New York tax preparer was arrested Monday on charges related to causing “substantially” more than $100 million in tax losses through … Read more
Maskot | Maskot | Getty Images The bulk of Americans buying qualifying new electric vehicles are opting to receive an associated tax credit upfront from the car dealer instead of waiting until tax season, according to new Treasury Department data. About 90% of consumers who qualify for a “new clean vehicle” tax credit — … Read more
Ezra Bailey | Getty Images Most Americans can expect to pay Social Security payroll taxes throughout 2024. But for top earners with gross annual wage income of $1 million, March 2 marks the date at which they will stop paying into the program, according to the Center for Economic and Policy Research. The reason why … Read more
If you’re expecting a tax refund this season, you can avoid delays by filing a complete and accurate return. But first, you’ll need to gather your tax forms. You get tax forms such as W-2s and 1099s from employers and financial institutions each year. Those entities also send the IRS copies, called “information returns.” And … Read more
Tax season often brings a frantic rush of investments in tax-saving instruments, but a strategic approach to tax planning can significantly enhance your financial health. This detailed guide will delve into incorporating tax planning into your broader financial strategy, which can result in improved investment choices and, ultimately, wealth accumulation. Understanding the Integration of Tax … Read more
Jgi/tom Grill | Tetra Images | Getty Images Does your year-end bonus look smaller than expected? Tax withholding is a likely culprit, but Uncle Sam may pay some back when you file an annual tax return, experts said. Bonuses are treated as taxable income, like wages in a typical paycheck. However, unlike wages, the IRS … Read more
Catherine Falls Commercial | Moment | Getty Images The page has almost turned on 2023 — and that means time is running out to make certain tax moves by year’s end, or else risk missing out on their benefits. Here are some tax strategies to consider before ringing in the new year, according to advisors … Read more
