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IRS: You have ‘options’ if you can’t pay your taxes by the April 15 deadline

If you can’t cover your taxes in full, you should still file your return by April 15 and pay what you can, according to the IRS. You can apply for an IRS payment plan, or installment agreement,” to pay your balance over time. While you will still accrue interest and late-payment penalties after April 15, […]

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There’s another ‘tricky’ tax deadline on April 15. Here’s how to avoid a penalty, experts say

The first-quarter estimated tax deadline for 2024 is April 15, which coincides with most taxpayers’ federal tax due date. You may need to make estimated tax payments for income from self-employment, gig economy work, investment earnings and more. Tax filers may avoid late payment penalties by sending 90% of 2024 taxes or 100% of 2023 levies if

There’s another ‘tricky’ tax deadline on April 15. Here’s how to avoid a penalty, experts say Read More »

This simple move ‘takes minutes’ to file a free federal tax extension, tax pro says — what to know

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

This simple move ‘takes minutes’ to file a free federal tax extension, tax pro says — what to know Read More »

What Biden’s new student loan forgiveness plan means for your taxes

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

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You can still make an IRA contribution and claim a deduction. Here’s who qualifies for the tax break

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+ |

You can still make an IRA contribution and claim a deduction. Here’s who qualifies for the tax break Read More »

The IRS has so far issued 43 million tax refunds, worth $135 billion

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

The IRS has so far issued 43 million tax refunds, worth $135 billion Read More »

This key issue has 1 in 3 expats ‘seriously considering’ or planning to renounce U.S. citizenship

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

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What investors need to know about crypto taxes amid the latest bitcoin rally

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

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Here are 3 key things to know with one month until the tax deadline

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

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19 million people may qualify for free tax prep through the IRS this season. Here’s where they live

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

19 million people may qualify for free tax prep through the IRS this season. Here’s where they live Read More »