It can be tempting to put those tax documents away and not think about them again until next year. Before doing that, however, consider checking your returns one more time to see if there’s anything that might save you money and make tax filing season easier next year. Here are five questions to ask yourself before you close the books on last year’s taxes.
HSAs can help people cover healthcare costs and avoid other harmful financial decisions while enjoying tax breaks. While some employers offer HSAs as part of their benefits options, consumers can also open these through most banks or investment management firms.
Silver IRAs are approved by the Internal Revenue Service and are a great way to diversify your retirement savings. With a silver IRA, you can purchase physical silver coins and bars, or you can purchase silver ETFs or mutual funds. CLICK ON THE HEADLINE FOR MORE
Taxpayers may need to file an amended return if they discover that they made mistakes, such as failing to report income, claiming deductions or credits incorrectly, or making other errors that affect the amount of tax owed or the amount of refund due.
The FairTax Act of 2023 proposes replacing current taxes with a national consumption tax. To learn how it would work, CLICK ON THE HEADLINE
Wondering if it’s still possible to arrange a payment agreement with the IRS before the 2023 tax deadline? The answer is yes. giving a taxpayer the opportunity to pay their taxes on a timeframe set by the government, saving them from penalties and other fees. CLICK ON THE HEADLINE FOR MORE
The agency’s newly released strategic operating plan lays out the specifics of how the IRS will allocate the $80 billion or improved operations, through fiscal year 2031, that was approved in that legislation.
The Internal Revenue Service is reminding taxpayers to brace for a smaller refund this year. The average refund check so far this year is worth $2,933 – about 11% lower compared to the $3,305 average recorded last year.
The IRS calculates tax deductions and credits differently, and the impact on your return can vary. A tax credit reduces your tax liability dollar for dollar. A tax deduction reduces your taxable income.
It may be obvious to everyday taxpayers that they must report their wages, but few likely realize the feds also expect a cut of their profits from more under-the-radar ways of accruing income.