File your return by April 15 even if you can’t pay If you can’t cover your taxes in full, you should still file your return by April 15 and pay what you can, according to the IRS. Here’s why: “Your interest and penalties are compounding quicker” if you owe taxes and don’t file, said Eric … Read more
If you’re racing to file taxes, you could miss another key deadline — the April 15 due date for first-quarter estimated tax payments. Estimated tax payments typically apply to earnings from gig economy work, freelancing, small business, retirement or investing, which may have no tax withholdings. If you expect to owe at least $1,000 in … Read more
Songsak Rohprasit | Moment | Getty Images The tax deadline is approaching and some filers are turning to chatbots powered by artificial intelligence for help with returns. But taxpayers should be wary of generative AI — which uses artificial intelligence to create content — for tax advice, experts say. Nearly 1 in 5 Americans would … Read more
Halfpoint Images | Moment | Getty Images Some retirement savers can still snag an extra tax incentive for 2023. However, most eligible filers don’t claim it, according to the IRS. The retirement savings contribution credit, or “saver’s credit,” can help low- to moderate-income filers offset part of the funds added to an individual retirement account, … Read more
Drakula & Co. | Moment | Getty Images More from Smart Tax Planning: Here’s a look at more tax-planning news. 1. Get an ‘immediate deduction’ from your IRA One of the first options is a pretax individual retirement account contribution, according to Mark Steber, chief tax information officer at Jackson Hewitt. “They’re still very popular … Read more
The Mega Millions jackpot grew to more than $1.6 billion on Aug. 9, 2023. Justin Sullivan | Getty Images State taxes can be hefty “None of these winners think about taxes until they have a third of it going right to Uncle Sam and the state government,” said Andrew Stoltmann, a Chicago-based lawyer who has … Read more
A person plays lottery at a 7-eleven store as Mega Millions jackpot reaches $ 1 billion 580 million, in Redwood City, California, United States on August 8, 2023. Tayfun Coskun | Anadolu Agency | Getty Images ‘Keep your mouth shut’ Hundreds of millions of dollars can be life-changing for a lottery winner, their family and … Read more
Whether you’re a longtime crypto investor or recently purchased digital assets, here are some key things to know from crypto tax experts. How to answer Form 1040 ‘digital assets’ question Cryptocurrency has become a priority area for the IRS, and the agency shared guidance in January about reporting digital currency this tax season. Since tax … Read more
Shannonstent | E+ | Getty Images As the IRS bolsters its cryptocurrency expertise, tax professionals are bracing for increased scrutiny of digital currency. Digital assets are one of the agency’s “priority areas,” according to a press release sent last week. The IRS announced it hired two former crypto executives to beef up its digital currency … 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
