Tag Archive for: taxable income

When To Worry If Your Tax Refund Is Delayed

The IRS used some of its $80 billion in funding from the Inflation Reduction Act to hire thousands of new employees and improve its automated systems, which reduced the backlog significantly. But some returns can still take a while to process. If you're still waiting for your tax refund, there is some information you need to know.

Can’t Pay Or File Your Taxes By April 15? Here’s What Happens If You Missed Monday’s Deadline

Failing to file on time when you still owe taxes will subject you to a failure-to-file penalty, which is based on how late your return is and the amount of your unpaid tax . You will also be hit with a failure-to-pay penalty. The good news is you still have time to rectify those situations before you’re penalized.

Four Must-Dos Before Tax Season Wraps Up

It’s gratifying to close the books on tax season. But before you do, there are just few things you might want to take care of while you’re still on the tax zone.

Don’t Like Your 2024 Tax Refund? Here’s An Easy Way To Get A Bigger One Next Year

It's fairly simple to make your tax refund bigger or smaller each year: It takes just a few minutes, once you have the paperwork in hand. The IRS even bakes the process into one simple step on its tax forms.

How To Reduce Capital Gains Taxes And Save Money

There are various tactics and techniques investors can employ to reduce their capital gains taxes effectively. From tax-loss harvesting to utilizing retirement accounts and charitable giving strategies, actionable methods can help save money and optimize tax outcomes.

Tax Credit vs. Deduction: What’s The Difference And Which Is Better?

Which is better, a tax credit or a tax deduction? The secret is in leveraging both to ease your tax burden. Before you start stumbling through your tax return, clear up any misconceptions about the differences and how both work to lower your tax liability and your tax rate in different ways.