If the IRS accidentally sends you a refund, any interest charged on the repayment of the refund will be wiped out if the mistaken refund is $50,000 or less and you didn’t cause the refund in any way. For mistaken refunds greater than $50,000, whether or not interes...
Since we’re still focused on 2024 for tax filing purposes and will be until the 2024 tax year deadline, the 2024 tax brackets are also going to be of interest to readers when working on your upcoming tax return, so I have included those in this article as well. And, armed with the ...
If you lent someone money at zero interest, you might assume that the loan has no tax implications. But you may owe imputed interest. When you don't charge interest on a loan, or make a “below-market-rate loan”, the IRS may still tax you. Imputed inter
Starting about 30 years ago, there was serious interest in replacing the internal revenue code witha simple and fair flat tax. What motivated the desire to adopt a system based on one low rate, no double taxation of saving and investment, and no special loopholes? In part, it may have be...
We’ll start with something that has always bothered me, which is the fact that many people look forward to filing their taxes because they get a refund. Yet that simply means that they gave the government free use of their money because of excessive withholding! It also galls me when IRS...
If you’re looking for help filing your Internal Revenue Service 1099 forms, H&R Block is here for you. Whether youfile with a tax proor file withH&R Block Online, you can rest assured that we’ll get you the biggest refund possible. ...
Fastest Way to Get Your Tax Refund Filing your tax return electronically and opting for direct deposit is the fastest way to get your refund. Kimberly LankfordFeb. 28, 2025 Several tax breaks can help you cover the high costs of education, future college expenses and interest you...
What if you are owed a refund? If someone is owed a refund, there's generally no penalty for claiming it late — but you only have athree-year time limitto collect it. "If you wait too long to file a refund return, you lose the refund," noted Nina Olson, founder of the Center ...
in 2024 and 2025. The payment will be sent directly to you if you filed your 2021 tax return but didn't claim the credit. You can claim it when you file your 2024 tax return in April 2025 and you'll receive the credit as part of your tax refund if you didn't file taxes in ...
Anonrefundable tax creditdoes not result in a refund because it only reduces the tax owed to zero. Using the example above, if the $3,400 tax credit were nonrefundable, you would owe nothing to the government but would forfeit the $400 that remains after the credit is applied. ...