There’s less than a week until the Oct. 16 tax-extension deadline for 2022 returns. If you miss the due date, the failure-to-file penalty is 5% of unpaid taxes for each month or part of month until filing, capped at 25%. “The best thing you can do to meet the extension deadline is to get organized,” […]
The third-quarter estimated tax deadline for 2023 is Sept. 15, and applies to income from self-employment, small businesses, investments, gig economy work and more. Typically, you need to make estimated payments if you’re expecting an annual tax liability of $1,000 or more. But you can avert an IRS penalty by paying the lesser of 90%
IRS: Meet this Sept. 15 deadline to ‘avoid a surprise at tax time’ Read More »
If you’re planning to donate money, certain charitable giving moves provide a bigger tax benefit, experts say. The Tax Cuts and Jobs Act of 2017 increased the standard deduction, making it harder to claim charitable tax breaks. But donor-advised funds and qualified charitable distributions from pre-tax individual retirement accounts may be worth exploring. Donald Gruener
Here are tax-savvy ways to donate money, according to a charitable giving expert Read More »
Visitors at the U.S. Capitol in Washington, D.C., on May 24, 2023. Jonathan Ernst | Reuters A tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, slashing part of the nearly $80 billion in agency funding enacted last August to boost taxpayer service, technology and enforcement. The
Proposed debt ceiling deal would cut part of $80 billion IRS funding Read More »
A tentative deal to raise the debt ceiling limit includes up to $21.4 billion of IRS budget cuts, slashing part of the nearly $80 billion in agency funding. The bipartisan bill rescinds nearly $1.4 billion of the money allocated to the IRS and a separate deal would repurpose $20 billion for fiscal years 2024 and
Proposed debt ceiling deal would cut part of $80 billion IRS funding Read More »
There’s been lingering confusion about tax reporting for peer-to-peer payment, or P2P, apps like Venmo and PayPal. Next tax season, more filers are expected to receive Form 1099-K, which reports third-party business payments to the IRS, because the income threshold drops down to $600. Taxpayers can be proactive by tracking transactions and planning for their
If you’re ready to move abroad to work or retire, there are a few things to know, according to certified financial planner Jude Boudreaux, a member of CNBC’s Financial Advisor Council. Roughly 9 million U.S. citizens were living abroad in 2020, according to estimates from the U.S. Department of State. Chuyn | Istock | Getty
Tips for American expats from a financial advisor who helps clients move abroad Read More »
The IRS shared tax-filing tips for how to handle issues with Form 1099-K for third-party payments. If you can’t correct 1099-K errors, you must address the form on your return to avoid “matching errors” from the IRS, said Jim Guarino, managing director at Baker Newman Noyes. Visualspace | E+ | Getty Images Over the past year,
Here’s how the IRS says you should handle 1099-K tax reporting mistakes on your return Read More »
The tax deadline is approaching, and there are still a few ways to reduce your 2022 bill or boost your refund, experts say. Once the calendar year ends, “the toolbox of options is much smaller,” said certified financial planner and enrolled agent John Loyd, owner at The Wealth Planner in Fort Worth, Texas. However, there
3 last-minute moves to lower your 2022 tax bill or boost your refund Read More »
The federal tax deadline is only six weeks away, and if you haven’t filed yet, you may qualify for free preparation. There are several free filing options to consider, depending on your income, age, location and occupation. D3sign | Moment | Getty Images The April 18 federal tax deadline is only six weeks away, and if
5 ways to file your taxes for free this season Read More »
