Experts say the IRS could potentially settle on a quarterly payment system. Democrats want to avoid a bungled rollout along the lines of Obamacare.
IRS Commissioner Chuck Rettig says the agency is aiming to provide refunds so some people don't have to file amended returns for a stimulus tax break.
The IRS requires an amended tax return for the stimulus' exemption on the first $10,200 of unemployment benefits. 21 Senators want that to change.
Congressional Democrats are encouraging people to file taxes early this year. Sen. Ron Wyden tweeted that people who lost jobs or income should report their 2020 income “ASAP.” Biden’s proposal would provide a $US1,400 check to individuals earning $US75,000 and under and couples earning $US100,000 and under. Visit the Business […]
Democrats are drafting legislation to have the IRS send monthly payments of up to $US300 to millions of families, sources told Insider. People could opt to receive a monthly check or a lump sum after filing taxes, according to an early version of the plan. Biden supported an identical measure […]
IRS Commissioner Charles Rettig says the agency will be able to handle tax season coupled with another possible stimulus check. Tax returns will be accepted starting February 12, a few weeks later than past years. Visit Business Insider’s homepage for more stories. With President Joe Biden officially in office, there […]
The IRS announced today that the start of tax season has been pushed back two weeks, to February 12. Tax season typically opens at the end of January. So far, the deadline to file your taxes has not changed: It’s still April 15. The IRS expects tax filers who select […]
David T. DuFault is an estate planning, tax, and business attorney at Sodoma Law in Charlotte, NC. Tax season is upon us, and there may be extra complications for couples that are divorcing or separating. Recent changes to tax law have altered how alimony and dependents are handled for divorced […]
At least 14 million Americans paid for tax prep services in 2019 they could have received at no cost, a government audit found. That led to an additional $US1 billion in revenue for tax software companies like H&R Block and TurboTax maker Intuit, ProPublica reported. The audit suggested juicing Free […]
In Teton County, Wyoming, the county with the highest rate of charitable contributions on this list, 2016 tax deductions for charity averaged over $US45,000 per taxpayer. In counties with the least charitable giving, deductions averaged out to less than $US2000 per taxpayer, or over 22 times less money given than […]
Tax Day 2019 is Monday, April 15. On Tuesday, an AP report said a total of 46,000 IRS employees will return to work without pay to process tax returns and pay out refunds. Since the government shutdown began more than three weeks ago, the IRS has been operating with about […]
Tax Day 2019 is Monday, April 15. The IRS is still accepting tax returns during the government shutdown, so you should still file your taxes as soon as possible, accountants told Business Insider. In the event of a prolonged partial government shutdown, there may be a delay in tax refunds. […]
Tax Day 2019 is Monday, April 15. Tax refunds may be delayed if the partial government shutdown continues, according to The Wall Street Journal. A delay in tax refunds may affect the taxpayers who need it the most: people in lower-income households, who typically file taxes sooner than wealthier filers […]
The Saver’s Credit is a little-known tax credit that can reduce, or even eliminate, your tax bill. Tax credits are subtracted directly from the amount you owe in taxes on a dollar-for-dollar basis, whereas tax deductions are subtracted as a percentage from your gross income. You may qualify for the […]
The next tax day is Monday, April 15, 2019. To prepare for tax season you’ll want to gather some previously filed documents and obtain other documents you may need to file for tax returns. Start tracking your income and deductions as soon as possible. The next tax day is April […]
Every tax season, there are criminals trying to scam innocent people out of some of their money. Bogus, aggressive phone calls demanding payment and “phishy” emails taking you to scam sites are still the most prevalent scams, but there are some new tactics, and some lesser-known scams to be wary […]