What Actually Happens When You Get Audited By The IRS
Keep in mind that the majority of audits are resolved through the mail. In any audit, it's more that the IRS needs information to resolve discrepancies.
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Do Tax Refunds Ever Expire?
Per the IRS, for tax year 2020, there's over $1 billion of refund money yet to be claimed. What's more, taxpayers need to claim it before the window closes.
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Will Biden's Tax Hike Affect Your Retirement?
While President Joe Biden's budget proposal for fiscal year 2025 targets high-income earners, could it still affect taxpayers making far less? We take a look.
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The Dark Sides Of TurboTax You'll Wish You Knew About Sooner
With a nearly 75% market share, TurboTax and tax preparation seem to go hand in hand. Yet, to make informed decisions, consumers should know the bigger picture.
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Can You Deduct Losses From Your Roth IRA?
The Tax Cuts and Jobs Act severely restricted, or eliminated altogether, many previous personal itemized deductions. Here's what it meant for Roth IRA losses.
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Is TurboTax Premium Actually Worth The Price?
TurboTax offers three different products for do-it-yourself filers. Here, we review the Premium tier for investors, the self-employed, and small business owner.
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What Do Most Americans Do With Their Tax Refunds?
The average tax refund in 2023 was $3,167, and IRS data so far indicates a bump in 2024. As for how to spend those refunds, many Americans have the same idea.
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Do Churches Ever Have To Pay Taxes?
When Congress passed the Tariff Act of 1894, churches were given official tax exemption from federal taxes. This said, there are a few exceptions to this rule.
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Is Cryptocurrency Taxed?
Cryptocurrency is a (digital) currency, but it's also an investment, and because of that, it could be subject to tax. Specifically, a capital gains tax.
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Myths About Taxes You Need To Stop Believing
Filing your taxes can be a hectic experience, but ignoring the plethora of pervasive myths about doing so makes the process easier.
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Here's How Long You Should Hold Onto Your Credit Card Statements
If you haven't yet gone paperless, then you likely have credit card statements around the home. Can you toss them? Before you do, be sure you won't need them.
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Are Home Equity Loans Tax-Deductible?
If you take out a home equity loan, can you deduct the interest? There are two factors that will determine whether or not you can, as well as if you'll want to.
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Do You Pay Taxes On Inheritance?
With regard to inheritance, there are four types of tax a person should learn about: estate taxes, inheritance taxes, capital gains taxes, and income taxes.
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How To Appeal Your Property Taxes
Appealing your property taxes isn't as complicated as you might think. What's more, the success rate of those who go into an appeal prepared is encouraging.
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10 Little-Known Ways To Get A Bigger Tax Refund
Tax season can be stressful, but by leveraging these strategies to reduce your tax burden, you may find a chunk of extra money coming your way.
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The Big Difference Between Tax Evasion And Tax Avoidance
While they sound similar and even share the same goal (to pay less taxes), tax avoidance and tax evasion are very different in how they go about filing taxes.
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The Sneaky Risk That Comes With Appealing Your Property Taxes
If you think your property tax assessment is unfairly high, it's within your rights to appeal. This said, while it's rare, an appeal could backfire. Here's how.
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EVs That Are Eligible For A Federal Tax Credit In 2024
Not all electric vehicle models qualify for U.S. tax credits or rebates, but choosing the right one can knock a nice chunk off the sticker price.
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How Many Times Can You Ask For An Extension On Your Taxes?
While taxpayers likely know of the six-month extension offered by the IRS via Form 4868, is it possible to get even more time? Here's what you should know.
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Does The President Have To Pay Taxes While In Office?
The president's salary hasn't changed in over 20 years. That said, given that the president does receive a paycheck, here's the scoop on their tax obligation.
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Why It Pays To File Your Taxes Early
Filing your taxes early rather than at the last minute can prove a winning strategy when it comes to getting your finances in order for tax season and the year.
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What Exactly Is A Tax ID Number?
When it comes to tax ID numbers, this actually refers to a group of identification numbers used by the IRS. From SSNs to ITINs, here's a closer look at each.
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The Most Important Tax Breaks You Need To Know
Tax time can be stressful, but these tips can help you cut down on what you owe based on common factors that apply to many people.
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Which State Has The Highest Tax Burden?
Three tax types comprise a state's tax burden: property taxes, personal income taxes, and sales/excise taxes. Four total states have a double-digit tax burden.
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Which State Has The Lowest Tax Burden?
Nine U.S. states don't levy a tax on earned income. However, tax burden is more than just income; it's all the ways a person is taxed at the state/local level.
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How Getting Divorced Affects Your Tax Returns
While divorce will obviously change a person's tax filing status, there are other tax implications to think about now too, like assets, credits, and deductions.
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The Simple Way To Tell Which Federal Tax Bracket You're In
To figure out your tax bracket, you need to know your taxable income; then check it against the seven income brackets: 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
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