The New Road to Retirement If you turned 72 in 2022, the last chance for your first mandatory retirement plan withdrawal is April 1 or you may face a 25% tax penalty. While the yearly deadline for required minimum distributions is Dec. 31, there’s a special exception for the first year, which pushes the due […]
The last chance for some retirees to avoid a 25% tax penalty is April 1 Read More »
Smart Tax Planning The Senate Finance Committee this week voted to advance Daniel Werfel’s nomination to become IRS commissioner. The nomination process comes amid fierce debate over the agency’s $80 billion in new funding. The bipartisan committee vote was the final step before a full Senate vote on confirmation. Sen. Ron Wyden, D-Ore., speaks during a Senate
IRS commissioner nomination advances amid debate over $80 billion agency funding Read More »
Smart Tax Planning If you’re banking on a refund this tax season, the IRS said you should file a complete and accurate return to avoid delays. Before rushing to file, it’s important to gather tax documents for activity like your income, deductions and credits. You can review last year’s tax return to make a checklist of
Smart Tax Planning Whether you’re filing a simple or complicated tax return, it’s critical to make sure it’s accurate and complete, experts say. You can use IRS transcripts to double-check your tax forms, review past returns and more. However, it’s always best to have copies of your tax forms for a thorough filing. Marko Geber
How to access your IRS transcripts for an accurate tax return — and faster refund Read More »
Smart Tax Planning Married couples have the choice to file income taxes jointly or separately every year. While filing jointly is more common, there are certain scenarios where filing apart may offer a bigger tax break. However, there are trade-offs to consider when filing taxes separately, experts warn. Sdi Productions | E+ | Getty Images
Married filing jointly vs. separately: How to know when filing apart makes sense Read More »
Smart Tax Planning The IRS this week unveiled a new option to respond to nine agency notices online. The new feature allows taxpayers and professionals to digitally upload requested documents, rather than responding by mail. “It’s definitely a step in the right direction,” said John Chichester Jr., founder and CEO of Chichester Financial Group. Hoxton/Sam
Smart Tax Planning Daniel Werfel, President Joe Biden’s nominee to lead the IRS, answered questions before the Senate Finance Committee this week. Werfel fielded questions from both sides of the aisle about the agency’s funding, enforcement, transparency and other priorities. Senate Finance Committee Chairman Ron Wyden, D-Ore., questions IRS Commissioner Charles Rettig at a Senate
A group of House Republicans have revisited the Fair Tax Act, which would replace certain federal taxes with a national sales tax and decentralize the IRS.
The Fair Tax Act, explained: what to know about the Republican plan Read More »
If you’re expecting a tax refund, it may be smaller than last year’s payment, according to the IRS. Here’s why.
The Oscar-nominated film “Everything Everywhere All at Once” includes a tax audit at an IRS office. But experts say actual IRS exams may be different.
