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More home sellers now owe capital gains taxes after selling their primary residence, but it is possible to reduce the bill. There are no taxes on the first $250,000 of profit if you are single, or $500,000 for married couples filing jointly, assuming you meet IRS rules. You can lower profits above those thresholds by […]

There is $1 billion in unclaimed 2020 tax refunds and the deadline to collect the money is approaching. Nearly 940,000 taxpayers have until May 17 to file 2020 returns and claim their refund. Pending 2020 refunds could include pandemic relief, such as the recovery rebate credit for those who didn’t receive a stimulus check. Andresr

The IRS has increased the health savings account, or HSA, contribution limit for 2025 to $4,300 for self-only coverage, and $8,550 for family plans. You must have an eligible high-deductible health insurance plan to qualify for contributions. There are three tax breaks for HSAs: an upfront deduction for contributions, tax-free growth and no levies on

The IRS has released an update on its strategic operating plan, which outlines “major accomplishments” since its infusion of funding less than two years ago. The agency aims to more than double the audit rate for the wealthiest taxpayers with total positive income of more than $10 million by tax year 2026. It also plans to

This season, more than 140,000 taxpayers successfully filed returns using IRS Direct File, a free tax filing pilot from the IRS. The program fully opened for certain taxpayers in 12 states in early March and saved filers an estimated $5.6 million in tax preparation fees for federal returns. However, the IRS has not made a

The federal tax deadline was April 15, and if you missed it, you should file your return and pay your balance as soon as possible. If you still owe taxes for 2023, you’ll continue racking up penalties and interest until you file and pay, according to the IRS. Delmaine Donson | E+ | Getty Images

A New York tax preparer was arrested on charges related to causing “substantially” more than $100 million in tax losses through the filing of false returns — one of the largest tax frauds ever by a preparer, federal prosecutors said. The preparer, Rafael Alvarez, orchestrated a “wide-ranging scheme” at his Bronx firm ATAX New York

April 15 is the federal tax deadline for most filers and could be the last chance to avoid a penalty. There’s still time to file an extension, which pushes the filing deadline to Oct. 15. But you still must pay taxes owed by the due date. Many taxpayers can still file for free with IRS

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,

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