Hoxton/Sam Edwards | Getty Images After kicking off tax season with customer service and technology upgrades, the IRS this week unveiled a new option allowing taxpayers to respond more easily to certa...
Tag: Internal Revenue Service
Here’s what we learned from the IRS Commissioner hearing
Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate Finance Committee hearing. Tom Williams | Pool | Reuters President Joe Biden‘s nominee ...
Here’s how much you can make in 2023 and pay 0% capital gains taxes
vitapix | E+ | Getty Images Planning to sell some investments this year? It’s less likely to affect your 2023 tax bill, experts say. Here’s why: The IRS made dozens of inflation adjustment...
Here’s the average tax refund through Feb. 3, according to the IRS
Bill Oxford | E+ | Getty Images Tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,96...
What to know about $10,000 deduction limit for state and local taxes
Rep. Bill Pascrell, D-N.J., speaks at a news conference announcing the state and local taxes caucus outside the Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images A group of bipartis...
Celebrity Involvement In The Growing Sports Betting Sector
TOPSHOT – Singer Justin Timberlake performs during the halftime show of Super Bowl LII at US Bank … [+] Stadium in Minneapolis, Minnesota, on February 4, 2018. / AFP PHOTO / ANGELA WEISS (...
SEC Reportedly Probes Mormon Church Over $100 Billion Investment Portfolio Allegedly Saved For ‘Second Coming Of Christ’
Topline The Securities Exchange Commission is investigating the Mormon Church over allegations it failed to disclose investments in a secretive $100 billion portfolio, the Wall Street Journal reported...
Taxpayer Advocate Cites Improvement In Backlog. Will It Last?
In the Taxpayer Bill of Rights, Congress directed the Internal Revenue Service to form the National Taxpayer Advocate Service to address problems not resolved through normal IRS channels and large-sca...
Record-Breaking Cryptocurrency Adoption Leads The IRS To Release New Reporting Requirements
WASHINGTON, DC – APRIL 15: The Internal Revenue Service (IRS) building stands on April 15, 2019 in … [+] Washington, DC. April 15 is the deadline in the United States for residents to file...
Don’t risk an audit. Here are four reasons the IRS may flag your return
dmphoto | E+ | Getty Images Tax season is underway and there’s been increased scrutiny of the IRS as the agency starts deploying part of the nearly $80 billion approved by Congress in August. W...
What to know about the Republican plan
John Miller | iStock | Getty Images A group of House Republicans is revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS. While th...
Here’s why your tax refund may be smaller this year
Bill Oxford | E+ | Getty Images If you’re banking on a tax refund, it may be “somewhat lower” than last year’s payment, according to the IRS. Typically, you can expect a federa...
Tax season kicks off as IRS begins to deploy $80 billion in funding
kate_sept2004 | E+ | Getty Images Tax season kicked off for individual filers Monday with a bigger IRS customer service team and enhanced technology as the agency begins to deploy its nearly $80 billi...
Here’s how to report Roth IRA conversions on your taxes
If you made a Roth individual retirement account conversion in 2022, you may have a more complicated tax return this season, experts say. The strategy, which transfers pretax or non-deductible IRA fu...
Jan. 17 is the deadline for 2022 fourth-quarter estimated tax payments
Constantine Johnny | Moment | Getty Images There’s still time to avoid a penalty if you didn’t pay enough taxes in 2022 — but the clock is ticking. If you are self-employed or receive inco...
Here’s how to get a faster tax refund during the 2023 filing season
Bill Oxford | E+ | Getty Images Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. Some 30% of Americans overal...
Tax season opens for individual filers on Jan. 23
It’s official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday. For most taxpayers, you must file your federal return and pay your balance by April 18 this ...
Here are 3 moves to make before the 2023 tax filing season opens
mediaphotos | E+ | Getty Images Enlist tax prep help One of the first things to consider: Will you be filing your own taxes this year or tapping an expert to file a return on your behalf? If you’...
House Republicans have voted to cut IRS funding
New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. Jon Cherry | Reuters House Republicans on Monday night voted to slash funding for the IRS, fo...
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...
Tax strategy that may offset losses – but investors need to act now
Investors may get a wake-up call this winter when it comes to taxes, but it doesn’t have to be that way. According to BNY Mellon’s Ben Slavin, it’s a key time to sell losing investme...
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 ...
Tax Changes Boost Retirement Contribution Limits For 401(k)s, IRAs In 2023
High inflation in 2022 has increased income limits and contribution amounts for IRAs and 401(k)s as … [+] well as other retirement plans in 2022 (Photo Illustration by Scott Olson/Getty Images) ...
Dennis Rodman Tax Case Is About Confidentiality
Dennis Rodman during Maxim Magazine’s Hot 100 – Arrivals at Montmartre Lounge in Hollywood, … [+] California, United States. (Photo by Chris Polk/FilmMagic) FilmMagic Resolving lawsu...
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...
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...