Delmaine Donson | E+ | Getty Images The federal tax deadline was April 15 for most filers — and if you missed it, you should file your return and pay your balance as soon as possible, experts say. If you still owe taxes for 2023, you’ll continue racking up penalties and interest until you file … Read more
Jacob Wackerhausen | iStock / 360 | Getty Images If you’ve inherited an individual retirement account since 2020, you could have a shorter timeline to withdraw the money, which can trigger tax consequences. But there are a few things to consider before emptying an inherited account, experts say. Under the Secure Act of 2019, so-called … Read more
President Joe Biden and Vice President Kamala Harris deliver remarks about healthcare in Raleigh, North Carolina on March 26, 2024. Peter Zay | Anadolu | Getty Images President Joe Biden and Vice President Kamala Harris released their annual tax returns Monday, and there are lessons within for average Americans, according to tax experts. The president … Read more
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
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
