What Actually Happens When You Get Audited By The IRS
Keep in mind that the majority of audits are resolved through the mail. In any audit, it's more that the IRS needs information to resolve discrepancies.
Read MoreKeep in mind that the majority of audits are resolved through the mail. In any audit, it's more that the IRS needs information to resolve discrepancies.
Read MorePer the IRS, for tax year 2020, there's over $1 billion of refund money yet to be claimed. What's more, taxpayers need to claim it before the window closes.
Read MoreWhile President Joe Biden's budget proposal for fiscal year 2025 targets high-income earners, could it still affect taxpayers making far less? We take a look.
Read MoreWith a nearly 75% market share, TurboTax and tax preparation seem to go hand in hand. Yet, to make informed decisions, consumers should know the bigger picture.
Read MoreThe Tax Cuts and Jobs Act severely restricted, or eliminated altogether, many previous personal itemized deductions. Here's what it meant for Roth IRA losses.
Read MoreTurboTax offers three different products for do-it-yourself filers. Here, we review the Premium tier for investors, the self-employed, and small business owner.
Read MoreThe average tax refund in 2023 was $3,167, and IRS data so far indicates a bump in 2024. As for how to spend those refunds, many Americans have the same idea.
Read MoreWhen Congress passed the Tariff Act of 1894, churches were given official tax exemption from federal taxes. This said, there are a few exceptions to this rule.
Read MoreCryptocurrency is a (digital) currency, but it's also an investment, and because of that, it could be subject to tax. Specifically, a capital gains tax.
Read MoreIf you haven't yet gone paperless, then you likely have credit card statements around the home. Can you toss them? Before you do, be sure you won't need them.
Read MoreIf you take out a home equity loan, can you deduct the interest? There are two factors that will determine whether or not you can, as well as if you'll want to.
Read MoreWith regard to inheritance, there are four types of tax a person should learn about: estate taxes, inheritance taxes, capital gains taxes, and income taxes.
Read MoreFiling your taxes can be a hectic experience, but ignoring the plethora of pervasive myths about doing so makes the process easier.
Read MoreAppealing your property taxes isn't as complicated as you might think. What's more, the success rate of those who go into an appeal prepared is encouraging.
Read MoreTax season can be stressful, but by leveraging these strategies to reduce your tax burden, you may find a chunk of extra money coming your way.
Read MoreWhile they sound similar and even share the same goal (to pay less taxes), tax avoidance and tax evasion are very different in how they go about filing taxes.
Read MoreIf you think your property tax assessment is unfairly high, it's within your rights to appeal. This said, while it's rare, an appeal could backfire. Here's how.
Read MoreNot all electric vehicle models qualify for U.S. tax credits or rebates, but choosing the right one can knock a nice chunk off the sticker price.
Read MoreWhile taxpayers likely know of the six-month extension offered by the IRS via Form 4868, is it possible to get even more time? Here's what you should know.
Read MoreThe president's salary hasn't changed in over 20 years. That said, given that the president does receive a paycheck, here's the scoop on their tax obligation.
Read MoreFiling your taxes early rather than at the last minute can prove a winning strategy when it comes to getting your finances in order for tax season and the year.
Read MoreWhen it comes to tax ID numbers, this actually refers to a group of identification numbers used by the IRS. From SSNs to ITINs, here's a closer look at each.
Read MoreTax time can be stressful, but these tips can help you cut down on what you owe based on common factors that apply to many people.
Read MoreThree tax types comprise a state's tax burden: property taxes, personal income taxes, and sales/excise taxes. Four total states have a double-digit tax burden.
Read MoreNine U.S. states don't levy a tax on earned income. However, tax burden is more than just income; it's all the ways a person is taxed at the state/local level.
Read MoreWhile divorce will obviously change a person's tax filing status, there are other tax implications to think about now too, like assets, credits, and deductions.
Read MoreFrom casinos to sports betting to iGaming, a lot more people are gambling these days, but, likely, many may not know the tax rules on winnings and losses.
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