No one likes a surprise tax bill, and there is still time to take action if you have not paid enough taxes for 2024, experts say.  Employees can use “back of the napkin math” to double-check 2024 withholdings, assuming your situation is similar to last year, said certified financial planner Tommy Lucas at Moisand Fitzgerald […]

The third-quarter estimated tax deadline for 2024 is Monday, Sept. 16, and you could incur a penalty if you don’t send a payment. Estimated payments apply to earnings from self-employment, gig economy work, investment income and more. You can avoid IRS penalties by sending 90% of 2024 taxes or 100% of your 2023 levies if

With trillions in tax breaks scheduled to expire after 2025, lawmakers are debating policy priorities that could impact millions of families and small businesses. “This will be a make-or-break moment for the federal budget and for America’s middle class,” Senate Finance Committee Chairman Ron Wyden, D-Ore., said on Thursday. However, negotiations could be difficult amid growing

Democratic presidential nominee Vice President Kamala Harris last week proposed a 28% tax on long-term capital gains, or assets owned for more than one year, for those making more than $1 million annually. If she raised the net investment income tax to 5%, top earners would pay a combined rate of 33%. Harris’ combined 33% capital

The IRS is working on plans to avoid increased audits on taxpayers making less than $400,000 — but certain areas can invite scrutiny, regardless of income. Some red flags could include unreported income, including cryptocurrency earnings and unreasonable tax breaks. For all returns filed between 2013 and 2021, the IRS examined 0.44% of individual returns

The National Public Data breach has capped off a series of large leaks of consumer data this year. The first and best defense for consumers is to freeze their credit, experts say. Here’s what you need to know about that process. PN_Photo | Getty Images So far, 2024 has been a huge year for data

If you’re retired with multiple sources of income, you’re expected to withhold taxes or make quarterly payments to avoid IRS penalties. But some retirees can correct missed tax payments via withholdings from required minimum distributions, or RMDs. Tax withholdings from your RMD are considered on-time payments, even when used to cover taxes from previous quarters,

As a U.S. citizen or permanent resident, you incur U.S. income taxes on “worldwide income,” whether you’re making money while working from a ship or in another country.  Taxes get more complicated if you disembark and work in a different country. Casino prizes won on board are also subject to federal income tax. Jenny Hunnicutt

Enacted via the Tax Cuts and Jobs Act of 2017, the qualified business income deduction, or QBI, is worth up to 20% of eligible revenue, subject to limitations. That tax break is scheduled to expire after 2025 without changes from Congress, which could affect millions of filers. “It’s something that is very important to a

Project 2025, a collection of policy recommendations “for an effective conservative administration,” proposes an overhaul of the federal government. The proposals include cuts to food stamps and federal student loan forgiveness programs, tax bracket changes and a rate cut for high-income investors. While some of the changes pitched in Project 2025 could happen via executive