The tax extension deadline is Oct. 15. What to do if you can’t pay

The tax extension deadline is Oct. 15. What to do if you can’t pay

Woman at home looking at the bills and taxes.  Hirurg | E+ | Getty Images The tax extension deadline is Oct. 15, but you have options if you still can’t pay your balance, experts say. This year, the federal tax deadline was April 15. Those struggling to meet that due date could submit Form 4868 … Read more

Here’s how to know if you’ve withheld enough taxes for 2024

Here’s how to know if you’ve withheld enough taxes for 2024

Yellow Dog Productions | The Image Bank | Getty Images One way to estimate tax withholding You can start by finding your total federal taxes paid for 2023, which is listed on line 24 of your tax return. If your gross income and tax situation has not changed from last year, you are likely to … Read more

This ‘rule of thumb’ shows who needs to pay taxes by Sept. 16

This ‘rule of thumb’ shows who needs to pay taxes by Sept. 16

Weiquan Lin | Moment | Getty Images The third-quarter estimated tax deadline for 2024 is Monday, Sept. 16, and skipping a payment could trigger a penalty, according to the IRS. Typically, you need estimated payments for any income without tax withholdings, such as earnings from self-employment, contract or gig economy work and investment or retirement … Read more

Senate lawmakers debate Trump’s 2025 tax break expirations

Senate lawmakers debate Trump’s 2025 tax break expirations

Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters With trillions in tax breaks scheduled to expire after 2025, lawmakers are debating policy priorities that could impact millions of families and small businesses. Enacted by former President Donald Trump in … Read more

Harris wants a 28% capital gains tax rate. How it compares with history

Harris wants a 28% capital gains tax rate. How it compares with history

U.S. Vice President Kamala Harris in Milwaukee, Wisconsin, U.S. August 20, 2024 and former U.S. President Donald Trump in Bedminster, New Jersey, U.S., August 15, 2024 are seen in a combination of file photographs.  Marco Bello | Jeenah Moon | Reuters As the election ramps up, many investors are focused on capital gains taxes and … Read more

What taxes may look like after 2025

What taxes may look like after 2025

With the presidential election approaching, experts are sounding alarms about the upcoming expiration of the 2017 Tax Cuts and Jobs Act, or TCJA. Without action from Congress, trillions in tax breaks enacted by former President Donald Trump via the TCJA will expire after 2025. The outcome of the 2024 election will determine which political party … Read more

Harris proposed 28% capital gains tax rate for top earners—what to know

Harris proposed 28% capital gains tax rate for top earners—what to know

Democratic presidential candidate Vice President Kamala Harris arrives at Portsmouth International Airport in Portsmouth, New Hampshire, Sept. 4, 2024. Joseph Prezioso | AFP | Getty Images ‘We don’t make any changes until the law has passed’ Currently, investors pay 0%, 15% or 20% for long-term capital gains, plus an extra 3.8% net investment income tax, … Read more

Retirees can face a ‘phantom tax’ on Marketplace health insurance

Retirees can face a ‘phantom tax’ on Marketplace health insurance

Hero Images | Getty Images Since most Americans aren’t eligible for Medicare before age 65, many younger retirees rely on Marketplace health insurance, which offers lower monthly premiums through the end of 2025 thanks to boosted tax breaks. But retirees can face a costly tax surprise without proper planning, experts say. As of open enrollment … Read more

How to harvest 0% capital gains amid the latest stock market rally

How to harvest 0% capital gains amid the latest stock market rally

During a strong year for the stock market, a lesser-known strategy could help rebalance your portfolio and save on future taxes. The tactic, known as tax-gain harvesting, involves strategically selling your profitable brokerage account assets during lower-income years. That could include early years of retirement or periods of unemployment. As of Aug. 26, the S&P 500 … Read more

This required minimum distribution strategy helps avoid tax penalties

This required minimum distribution strategy helps avoid tax penalties

Aire Images | Moment | Getty Images Retirees may have income from Social Security, a pension, a retirement plan or other sources — and they typically must either withhold taxes or make quarterly payments to avoid IRS penalties. For 2024, the quarterly estimated tax deadlines are April 15, June 17, Sept. 16 and Jan. 15, … Read more