At the dreaded tax time, when we brace for the bad news of how many of our hard-earned dollars are going to the government. But going through the process of collecting all this financial information about the past year can be so much more than just tax prep.
If history is any indicator, fewer than 1% of Americans will be audited by the Internal Revenue Service (IRS) in the coming year.1 Of that small amount, some of the audits are totally random. But many are triggered by actions taxpayers themselves have taken.
Spencer Phillips, a 39-year-old orchestral musician who plays the bass violin, loves and trusts his wife of 10 years—but he refuses to file a joint income-tax return with her.
It’s not too early to start thinking about your 2022 income-tax return, if you can bear the thought.
The child tax credit is a per-child tax credit against your personal income tax liability. The child tax credit is $2,000 per child.
It’s time to make year-end tax moves. With inflation way up and markets way down for 2022, there’s plenty to track.
Many Americans will see their tax burden drop next year because of inflation adjustments made by the Internal Revenue Service. Some will benefit more than others.
A portion of your benefits may be subject to income tax if your modified adjusted gross income (MAGI), plus one-half of your Social Security benefits, exceeds specific limits. Your MAGI equals: Adjusted gross income (or the adjusted gross income of you and your spouse...
Your actual student loan payments aren't deductible, but the interest portion might be, thanks to the student loan interest deduction. In 2022, the maximum deduction is $2,500. You don't need to itemize to claim this deduction. To qualify, you must meet a few...
While tax scams are especially prevalent during tax season, they can take place anytime during the year. If you see a scam, be sure to report it to the Internal Revenue Service at irs.gov, the Federal Trade Commission at ftc.gov, the Treasury Inspector General for Tax Administration at tigta.gov,and/or your local police department.