IRS free tax filing program launches in 12 pilot states. Here’s what to know

IRS Direct File is now fully open in 12 pilot states for “simple tax situations,” according to the U.S. Department of the Treasury.  The Treasury estimates the Direct File pilot could cover about one-third of federal tax returns or 19 million taxpayers, and hopes 100,000 filers will participate this season. miniseries | Getty After weeks […]

IRS free tax filing program launches in 12 pilot states. Here’s what to know Read More »

My tax refund this year was just $18—why financial experts say that’s a good thing

The IRS has received some 44 million returns so far for tax year 2023, and is issuing an average refund of $3,213, the agency says. Having filed my return and received my refund, I think it’s safe to say I’m dragging the average down. My federal refund this year was just $18. Don’t worry, I

My tax refund this year was just $18—why financial experts say that’s a good thing Read More »

How to know when married filing separately makes sense, according to tax experts

Women and Wealth Events Your Money Married couples can choose to file taxes jointly or separately every year. While the tax code generally favors joint returns, some spouses may benefit from filing apart, experts say. For 2021, roughly 3.9 million taxpayers chose “married filing separately” and more than 54 million picked “married filing jointly,” according

How to know when married filing separately makes sense, according to tax experts Read More »

I’m a certified financial planner and tax reporter at CNBC. How I tackle my retirement tax planning

Register now for CNBC’s virtual Women & Wealth Event on March 5th, 2024 Women and Wealth Events Your Money As a tax reporter for CNBC and a certified financial planner, I focus on tax strategy all year, including how certain moves may affect long-term plans. Here’s how I’ve tackled tax planning in my portfolio, and how my

I’m a certified financial planner and tax reporter at CNBC. How I tackle my retirement tax planning Read More »

IRS free tax filing program will open to all eligible filers in pilot states on March 12

Smart Tax Planning Starting March 4, Direct File will expand testing to eligible users 24 hours per day, 7 days per week. But space will remain limited. The IRS plans to fully open Direct File to eligible taxpayers in pilot states on March 12 once testing concludes. The pilot states include Arizona, California, Florida, Massachusetts,

IRS free tax filing program will open to all eligible filers in pilot states on March 12 Read More »

IRS targets wealthy ‘non-filers’ with new wave of compliance letters

The IRS on Thursday unveiled plans to target wealthy “non-filers” with a new round of compliance letters. Non-filers making between $400,000 and more than $1 million with unfiled federal returns from tax years 2017 to 2021 will receive the initial round of letters. The agency urges recipients to take “immediate action” to avoid more letters,

IRS targets wealthy ‘non-filers’ with new wave of compliance letters Read More »

These surprise sources of income could cost you during tax season

Investors are celebrating a year of easy-to-obtain interest income, but the Tax Man will want his slice this spring. Following the Federal Reserve’s interest rate hikes, which has left the fed funds rate at its current target range of 5.25% to 5.5%, banks that were once stingy on annual percentage yields are now paying up

These surprise sources of income could cost you during tax season Read More »

This IRS issue is ‘the biggest, most consistent problem’ for taxpayers, expert says

Smart Tax Planning You can help avoid tax refund delays by filing a complete and accurate return. The information you report on your return must match the tax forms received by the IRS. Here’s a checklist of tax forms you may need before you file and when to expect them. Getty Images If you’re expecting

This IRS issue is ‘the biggest, most consistent problem’ for taxpayers, expert says Read More »

Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief

The nation’s millionaires and billionaires are evading more than $150 billion a year in taxes, according to the head of the Internal Revenue Service. The IRS, with billions of dollars in new funding from Congress, has launched a sweeping crackdown on wealthy individuals, partnerships and large companies, Commissioner Danny Werfel told CNBC. “We have to

Tax evasion by millionaires and billionaires tops $150 billion a year, says IRS chief Read More »

IRS to begin ‘dozens of new audits’ of corporate jets in crackdown of corporations, higher earners

Smart Tax Planning The IRS plans “dozens of new audits” of corporate jet usage as part of its increased scrutiny of large corporations, complex partnerships and top earners. The agency believes some companies overstate business deductions when using corporate aircraft for mixed business and personal travel. Plus, some individuals may be using corporate jets for personal trips without

IRS to begin ‘dozens of new audits’ of corporate jets in crackdown of corporations, higher earners Read More »