Expecting a tax refund? While it can be tempting to rush out and spend that money, there are better uses for this cash that could help you improve your financial status in the long run.If you’re one of those millions of Americans expecting a refund, here are six smart...
The U.S. tax code has many provisions that are adjusted for inflation and some that aren’t. Here’s a selection of key numbers to help with tax planning for 2025 and tax prep for 2024, plus useful references.
Things are actually getting better at the IRS. The head of the National Taxpayer Advocate, a watchdog agency that observes the IRS, said in its 2024 report that “For the first time since I became the National Taxpayer Advocate in 2020, I can begin this report with good news: The taxpayer experience has noticeably improved.”
Even though Congress didn’t make major changes for this year, there are some new wrinkles to be aware of, especially for those who sell things online, bought an electric vehicle, or prefer to get their refund as a savings bond.
Generally, annuity contracts have fees and expenses, limitations, exclusions, holding periods, termination provisions, and terms for keeping the annuity in force. Most annuities have surrender charges that are assessed if the contract owner surrenders the annuity. Withdrawals of annuity earnings are taxed as ordinary income. Withdrawals prior to age 59½ may be subject to a 10% federal income tax penalty. Any guarantees are contingent on the claims-paying ability and financial strength of the issuing insurance company.
Reconstructing lost records and filing tax returns may not be at the top of most people’s to-do lists in the wake of a disaster like a hurricane, a fire, or earthquake.
Tax Day has come and gone, concluding the often stressful tax season during which individuals and businesses finalize their financial accounts and report their incomes. While completing tax returns might seem like the end of financial duties for the year, it opens new...
The House has passed a bill to expand the child tax credit (CTC). The proposal would phase in a refundable portion of the CTC and increase the maximum refundable amount per child to $1,800 in the tax year 2023, $1,900 in the tax year 2024, and $2,000 in the tax year...
What are estate taxes? There are many factors that you should consider when designing an estate plan. One of the most significant is taxes. The act of giving away your property may be subject to taxes on the federal level, state level, or both. These tax liabilities...
It takes about nine hours for most people to do their taxes—more than enough time to mess something up.Filing errors come in many forms. Taxpayers can forget to report interest, or make a math mistake. Fixing the problem before the Internal Revenue Service finds it...