decelerating but still elevated, and potential changes to your personal situation, your 2024 return could look different from last year's. Consult a tax advisor to get personalized help, but here are a few reasons you may owe taxes this year when you normally don't—or have a smaller or ...
The reasons for this situation, however, can vary—but you can easily prevent this from happening next year if you get to the root of the problem. If you are employed by a company, the IRS requires your employer to withhold a portion of your salary to pay your federal taxes. The ...
stock and 2,250 cryptocurrency transactions at once directly from financial institutions, saving you time and ensuring accuracy. TurboTax Premier has partnered with over 300 financial institutions and investment platforms to allow you to auto-import your investment info seamlessly when doing your taxes....
Wel,,,the state and federal (IRS) are different agencies. But if your state refund was pulled for an audit and there were issues likely will get examined again this year. If you do owe state taxes, the IRS may work with your local tax agency to garnish any amou...
The downside with a qualified account is that when you finally take withdrawals or receive distributions, you‘ll owe taxes on the full amount withdrawn that year (this is not the case with income received from a non-qualified annuity as I'll explain below). So if you are in a ...
Self-employed taxpayers likely need to pay quarterly tax payments and meet key IRS deadlines. Here’s a closer look at how quarterly taxes work and what you need to know when filing your tax returns.
State and federal taxes are separate filing processes. When expecting a refund from your state government, the exact timeline varies based on several factors, including your specific state. Just like with your federal tax return, the processing time is usually much less if you file electron...
If the donor does not pay the gift tax, the IRS may try to collect it from you. But don’t let this worry you — most donors who can afford to make gifts large enough to besubject to gift taxescan also afford to pay the gift taxes!
While you’ll miss out on money that belongs to you, there are few consequences for not filing your taxes, as long as you don’t owe any. Certain licenses or certifications require a tax return to be filed, Steber said, but there is no penalty under the federal rules. This does vary...
and because I lacked a credit history, I had to put down more than $400 in security deposits. Granted, I'll get this money back in less than a year (as long as I make all payments on time), but those hundreds would still be in my wallet if I had a more robust credit history....