When to submit your tax return in 2023 to avoid missing forms

If you’re eager to file your 2022 tax return in January or early February, the IRS has a warning: You’ll need to wait for “key documents” before filing in 2023. In a release la...

What the pro-business tax agenda is chasing in a changing Congress 

Sunrise hits the U.S. Capitol dome on September 30, 2021 in Washington, DC. Chip Somodevilla | Getty Images News | Getty Images Main Street could find itself stuck in gridlock next year in terms of ad...

How to prepare for a 1099-K for online payments and reduce your taxes

Charday Penn | E+ | Getty Images If you’ve accepted payments via apps such as Venmo or PayPal in 2022, you may receive Form 1099-K, which reports income from third-party networks, in early 2023....

Trump Organization, owned by Donald Trump, convicted in tax fraud case

Two subsidiaries of the Trump Organization were convicted Tuesday by a jury in New York City of multiple crimes, including tax fraud, falsifying business records and conspiracy. The guilty verdicts on...

The biggest tax changes to know before filing your 2022 return

Tom Werner | DigitalVision | Getty Images Certain tax credits have been reduced  One possible reason for a smaller tax refund is the child tax credit and the child and dependent care tax credit have b...

Here’s why your tax refund may be smaller in 2023, the IRS says

If you’re expecting a tax refund in 2023, it may be smaller than this year’s payment, according to the IRS.  Typically, you get a federal refund when you’ve overpaid yearly taxes or ...

Double-digit percentage drop will hit stocks in 2023: Morgan Stanley

Investors may be on the doorstep of a deep pullback. Morgan Stanley’s Mike Wilson, who has a S&P 500 year-end target of 3,900 for next year, warns corporate America is getting ready to unlea...

How the BlockFi bankruptcy, FTX collapse may affect your crypto taxes

It is thought the new U.K. government’s mini-budget may have made buying a house even more difficult. Photo by LanaStock via Getty Images Crypto firm BlockFi on Monday filed for Chapter 11 bankr...

Lesser-known ways to reduce your 2022 tax bill or boost your refund

Charles Taylor | Getty Images 1. If your income is higher in 2022, defer your bonus into 2023 If you’ve had a strong year and expect lower earnings in 2023, you may try to defer a holiday bonus ...

Trump blasts Supreme Court over tax return ruling favoring Congress

Former President Donald Trump lashed out Wednesday at the Supreme Court — three of whose justices he appointed — for unanimously rejecting his request to block a congressional committee from obtaining...

Here’s how to score a charitable tax break on ‘Giving Tuesday’

Ariel Skelley | Getty Images You must ‘itemize’ to claim the charitable deduction When filing your return, you reduce your taxable income by subtracting the greater of either the standard ...

How to reduce your cryptocurrency tax bill before year-end

After a rough year for cryptocurrency, taxes may not be a top priority for digital currency investors battered by steep losses. But the falling crypto market and the recent collapse of digital currenc...

President Biden decides on nomination for IRS Commissioner

The Internal Revenue Service building in Washington. SAUL LOEB/AFP via Getty Images New role a ‘challenging assignment,’ former IRS commissioner says Biden’s nomination comes at a cr...

What the ‘millionaire tax’ in Massachusetts means for the wealthy

If you make more than $1 million a year in Massachusetts, you may soon be subject to a “millionaire tax” approved by voters this week through a ballot initiative. The new law creates a 4% ...

What 5 key personal finance issues mean for you

As Americans head to the polls, several key personal finance issues are weighing on voters’ minds and wallets. This week, the Federal Reserve enacted its fourth consecutive 0.75 percentage point...

Powerball jackpot hits $1 billion. If you win, here’s the tax bill

The jackpot for Powerball’s Monday night drawing is a whopping $1 billion. Sort of, anyway. The advertised number represents the pretax amount you’d get if you were to receive your windfal...

What ‘millionaire tax’ plans on California, Massachusetts ballots mean for taxpayers

How states plan to spend ‘millionaire tax’ revenue While the proposed taxes sound similar, there are differences in how each state plans to use the revenue.  In Massachusetts, assuming vot...

More than 40% of U.S. households will owe no federal income tax for 2022

More than 72 million American households will pay no federal income taxes this year, marking a large decline from last year, according to a new analysis. An estimated 72.5 million households — o...

How to save above 401(k) deferral limits with after-tax contributions

If you’ve already maxed out 401(k) plan contributions for 2022 and you’re eager to save more for retirement, some plans have an under-the-radar option, experts say. For 2022, you can defer...

What investors need to know about the latest crypto tax reporting rules

Jose Luis Pelaez | Getty Images The IRS is sharing more details on how to report digital assets for the 2022 tax filing year, according to draft instructions. Since 2019, there’s been a yes or n...

Investors can contribute up to $22,500 in a 401(k) and $6,500 in IRAs in 2023

If you’re eager to save more for retirement in 2023, there’s good news from the IRS: higher limits for your annual 401(k) plan and individual retirement account contributions. The employee...

How much income you can have for 0% capital gains taxes in 2023

If you’re planning to sell investments or rebalance your taxable portfolio, you may be less likely to trigger a tax bill in 2023, experts say. This week, the IRS released dozens of inflation adj...

IRS bumps estate-tax exclusion to $12.92 million for 2023

Bernd Vogel | Getty Images Ultra-wealthy Americans can soon protect more assets from federal estate taxes, the IRS announced this week.  Starting in 2023, individuals can transfer up to $12.92 million...

Here are the new income tax brackets for 2023

Andersen Ross | Blend Images | Getty Images Amid soaring inflation, the IRS this week announced higher federal income tax brackets and standard deductions for 2023. The agency has boosted the income t...

The $7,500 electric vehicle tax credit’s full value may be hard to get

Tomekbudujedomek | Moment | Getty Images The historic climate legislation President Joe Biden signed in August offered a federal tax break — worth up to $7,500 — to households that buy new electric ve...

IRS delays rules for some inherited retirement accounts until 2023

Zinkevych | iStock | Getty Images If you inherited a retirement account in 2020 or 2021, the IRS is waiving penalties for some heirs who needed to start taking required minimum distributions right awa...

Here’s how uber-rich pass wealth tax-free to heirs when markets are down

Brand New Images | Stone | Getty Images A lousy stock market is often no reason for investors to cheer. But for the uber-rich, it may offer a route to lower estate taxes down the road. That’s be...

Here’s how to pay 0% capital gains taxes with a six-figure income

Luminola | E+ | Getty Images It’s natural to fixate on portfolio losses, especially with the S&P 500 down more than 20% for the year. But you may still have gains after years of growth, and ...

How to use your required minimum distributions for unpaid taxes

Portra | E+ | Getty Images If you’re retired and haven’t made the necessary quarterly estimated tax payments for 2022, there may still be time to avoid late penalties, experts say. Retiree...

Here’s how advisors are helping clients reduce their 2022 tax bill

Hero Images | Hero Images | Getty Images Weigh Roth IRA conversions With the S&P 500 Index down more than 20% in 2022, many investors are eyeing Roth individual retirement account conversions, whi...

Here’s how to pick the best charitable giving strategy

Catherine Mcqueen | Moment | Getty Images It’s easy to transfer cash when a charity pulls at your heartstrings. But other giving strategies may provide a bigger tax break, financial experts say....