Marriage proposals and weddings are joyous events, but for many couples the thrill of putting a ring on it also means saying “I do” to a higher tax bill. The reason is what the tax industry refers to as “the marriage penalty” — a discrepancy that causes some married couples to pay more combined income [...]
Spring cleaning is a perfect time to get your financial house in order Monday is the first day of spring and thoughts of spring cleaning may be on your mind. In addition to sprucing up your home for the upcoming warm weather, it might be even more important to take some to time to spruce up your [...]
A recovering addict and single mom took her $5,600 tax refund and used it not to splurge on the latest gadget, but to pay her rent—for the entire year. Christina Knaack put a photo of the rent check on Facebook Wednesday and explained her reasoning behind the move in a post that's since gone viral, [...]
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 [...]
