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
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
Violetastoimenova | E+ | Getty Images House lawmakers are weighing relief for a “marriage penalty” that impacts the federal deduction limit on state and local taxes, known as SALT. While the bill doesn’t have broad support, it could help shape future tax policy discussions, experts say. Enacted via the Republicans’ 2017 tax overhaul, there’s currently … Read more
Image Source | Image Source | Getty Images As Americans file returns this season, some worry about IRS audits amid agency efforts to ramp up service, technology and enforcement. Recent IRS enforcement has targeted high-income individuals, large corporations and complex partnerships. But everyday filers could still face an audit — and certain issues are more … Read more
Artistgndphotography | E+ | Getty Images With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion, as of Feb. 2, the agency reported last week. So far, the average refund is $1,395, compared with $1,963 one year ago, which is roughly 29% smaller. However, since the … Read more
Witthaya Prasongsin | Moment | Getty Images If your tax refund or bill is bigger than expected, it could be time to adjust your paycheck withholding — and a simple calculation could help, experts say. Typically, you get a refund when you overpay taxes throughout the year, and you owe money when you don’t pay … Read more
Valentinrussanov | E+ | Getty Images If you’re eager to save money filing your taxes this season, there’s a free option that’s used by only a fraction of eligible taxpayers. Established in 2002, the program, known as IRS Free File, is a public-private partnership between the agency and the Free File Alliance, a nonprofit coalition … Read more
Filing taxes is more expensive this year as the industry raises prices to combat a growing accountant shortage. The cost of tax preparation and accounting fees grew 8.3% in November 2023 compared to the previous year, according to the U.S. Bureau of Labor Statistics. Taxpayers typically spend an average of $140 to file taxes every … Read more
