The federal tax deadline is April 15 for most taxpayers and you can still file for an extension, which pushes the due date to Oct. 15. You can file for an extension for free online and it “takes minutes,” one tax pro said. But you still must pay your estimated tax balance by the original […]

President Joe Biden on Monday unveiled a new student loan forgiveness plan that could provide up to $20,000 in interest relief and debt cancellation for certain groups. While forgiveness before 2026 won’t trigger a federal tax bill, borrowers could owe taxes on future debt cancellation, experts say. US President Joe Biden speaks about student loan relief at Madison

Smart Tax Planning There’s still time to make a 2023 individual retirement account contribution and possibly claim a deduction. But not everyone qualifies for the tax break. It depends on your filing status, income and workplace retirement plan. Even if you’re eligible, you should weigh your goals before contributing, experts say. Damircudic | E+ |

The IRS issued more than 43 million refunds as of March 8, worth about $135.3 billion. The average refund was $3,145, up from $2,972 during the same week last year. You can check the status of your refund via the “Where’s My Refund?” online tool. Urbazon | E+ | Getty Images Why many taxpayers wait

Nearly 1 in 3 American expatriates plan to renounce their citizenship or are “seriously considering it,” according to a survey from Greenback Expat Tax Services. The burden of managing and filing U.S. taxes is the top reason why American expats are considering renouncing their citizenship, the survey found. Martin-dm | E+ | Getty Images Millions

Smart Tax Planning Some tax professionals are bracing for more crypto scrutiny as the IRS beefs up digital asset service, reporting, compliance and enforcement programs. Experts cover how to answer the “digital assets” question on your return, calculate crypto taxes and handle reporting. When you trade digital currency or sell it at a profit, it

April 15 is the federal income tax deadline for most taxpayers, but certain filers in eight states affected by natural disasters have until June 17. There are several free tax-filing options this season, including Direct File and IRS Free File, among others. It’s possible you can still reduce your bill with credits and deductions. The

Direct File, a free tax filing program from the IRS, fully opened in 12 pilot states on Tuesday. The U.S. Department of the Treasury estimates that one-third of federal income tax returns could use Direct File this season and 19 million taxpayers may currently be eligible. Artistgndphotography | E+ | Getty Images Estimated state-by-state eligibility

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

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