The IRS is turning up the heat on taxpayers. Some of them, anyway. The number of audits conducted by the Internal Revenue Service has dropped as it continues to reel from years of budget cuts. But even as its workforce shrinks, the agency must keep the money flowing into the U.S. Treasury. The solution in 2017? Focus on [...]
If you got married, had a baby, went through a divorce, picked up a side gig or were widowed in 2016, there was a lot to keep track of. One of the biggest items is to tell the IRS. In all of those situations, there are important tax consequences to your return. Here's a look [...]
What’s your tax bracket? It’s actually a bit more complicated than it sounds. Sure enough, 39 percent of people in a recent survey answered that question with one of their own: Huh? Seven percent of respondents didn’t know what a tax bracket was. That’s according to a NerdWallet survey of 1,800 U.S. taxpayers conducted by Harris Poll. Confusion [...]
If you want to save on your taxes, you should take the biggest deductions you can. Most people take the standard deduction, unless itemizing deductions will give them a larger tax break. Before you just follow the math, however, you should be aware that there are a few situations in which it might be worth [...]
On the back of the gig economy, making ends meet has taken on many forms. From Uber drivers to freelance web developers, there's a growing group of 1099 workers in the labor force – some have a side job in addition to a permanent position, others have become full-time contractors. In either case, the percentage [...]
IRS has begun accepting tax returns: 6 things early filers need to know That's when the Internal Revenue Service will start accepting electronically filed tax returns. We have until April 18 to file returns but many file earlier in the season, if they're expecting large refunds. The tax filing deadline this year is Tuesday, April 18, instead [...]
Revealed: The average American's taxable income, and why it could fall in 2017 Are you living up to the average American's standard of living? Already, millions of Americans are starting to file their tax returns, hoping to get refunds back from the IRS as early as possible. One of the last steps in your tax [...]
Five ways crooks try to rip us off in tax season Oh, for the days when tax tips were as simple as double-check your math and sign your return. Now, we must keep an eye out for tax-related scams, too .Fraudsters aren't just hitting us with robocalls claiming to be from the Internal Revenue Service. They're [...]
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3 smart things to do with your 2017 tax refund If you're expecting a tax refund this year, consider using it to improve your financial health. While it's too early to know what the average tax refund will be in 2017, if the trends of the past few years continue, Americans will be getting back [...]
