Time To Say Goodbye To Income Taxes? Examining The National Consumption Tax
The FairTax Act of 2023 proposes replacing current taxes with a national consumption tax.
How To Set Up A Payment Plan With The IRS
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.
IRS Pledges More Audits Of The Wealthy And Better Customer Service
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.
IRS Says Average Tax Refund Is 11% Smaller Than Last Year – Here’s Why
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.
Tax Credits vs. Tax Deductions
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.
13 Weird Things The IRS Considers Taxable, From Bribes To March Madness Pools
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.