How to avoid a 6-figure tax penalty on foreign bank accounts
Chuyn | Istock | Getty Images Whether you’re an expat or U.S.-based, you may need to report your foreign accounts to the U.S. Department of...
Personal taxes
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If you’re still missing your tax refund, you’ll soon receive 7% interest from the IRS — but it’s taxable
Bill Oxford | E+ | Getty Images If your tax refund is still in limbo, there’s good news: Your balance may be accruing interest, and...
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Tax professionals ‘horrified’ by IRS decision to destroy data on 30 million filers
courtneyk | E+ | Getty Images An audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of...
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Single vs. head of household: How it affects your tax return
Your filing status is the backbone of your tax return, and checking the wrong box can be costly. Yet many filers still confuse single and...
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With 87,000 new agents, here’s who the IRS may target for audits
Jeffrey Coolidge | Photodisc | Getty Images As the Democrats’ spending plan moves closer to a House vote, one of the more controversial provisions —...
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How to avoid a tax filing rejection if last year’s return is still pending
Drakula & Co. | Moment | Getty Images The IRS is backlogged and still sifting through tens of millions of pending returns, including many of...
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‘A lot of people are going to see less money in their pocket.’ Here are must-know tax changes for 2022
Tom Werner | DigitalVision | Getty Images Certain tax credits have been reduced One possible reason for a smaller tax refund is the child tax...
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IRS insists destruction of 30 million files of taxpayer data won’t affect payers
alfexe | iStock | Getty Images Filers won’t be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in...
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How to score a tax write-off for 2021 donations to charity if you don’t itemize deductions
If you’re one of the millions of Americans who gave to charity in 2021, you can still claim a write-off on this year’s tax return. ...
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IRS interest rates jump to 6% on Oct. 1. Here’s how much money you’ll get for a missing refund
How to calculate your interest The interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a...
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Biden’s budget proposes tax hike on married filers making more than $450,000
President Joe Biden introduces his budget request for fiscal year 2023 on March 28, 2022 in Washington. Anna Moneymaker | Getty Images President Joe Biden...
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‘You can control your tax-reporting destiny’. 4 key year-end tax moves
seksan Mongkhonkhamsao | Moment | Getty Images 1. Boost your 401(k) contributions If you haven’t maxed out your workplace 401(k), there may still be time...