What Is the IRS and What If I Owe Taxes?Heidi Duran
The 2017 tax bill attempted to lower taxes, but the IRS says that won't be the case for everyone. Sure, it lowered tax rates, but it also did away with many itemized deductions that you counted on in previous years. During the first month of filing season, the average refund droppedby...
Most self-employed taxpayers are required to make quarterly estimated tax payments. There are four payment deadlines throughout the year, and you're responsible for figuring out how much you owe in estimated taxes. If you're self-employed, here's everyth
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 ...
Keep records of your transactions so that you can inform the IRS of all your crypto activity during the year. TurboTax Has You Covered Have questions aboutTurboTax and Crypto? OurCryptocurrency Info Centerhas commonly answered questions to help make taxes easier and more insightful....
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!
filer not being required to file a tax return with the IRS. However, just because you may be able to avoid filing taxes, it doesn’t mean you should. I’ll discuss why you might want to file a tax return for your own benefit, even if your income does not require you to do so, ...
If you owe taxes, you might also find your state income tax refund being withheld. For example, before North Carolina can issue any kind of tax refund check, the law requires it to make sure there are no outstanding debts for a state agency or the IRS. Before the refund check is given...
traditional IRAs are the same type of retirement savings account, you can roll the SEP into a traditional IRA without owing taxes. However, being able to convert the SEP IRA into a Roth IRA will depend on your income, ability to pay the tax on the Roth contribution, and other restrictions...
Reinvested dividends are treated as if you actually received the cash and are taxed accordingly. Taxes on Qualified Dividends A cash dividend can fall into two categories, one of which is the qualified dividend. This type of dividend is subject to taxation at a lower rate than ordinary income...