The rich have a lot more assets than the rest of us, but they operate under the same rules. If I have an asset that increases in value, that doesn’t count as taxable income. And it isn’t income. It’s merely a change in net wealth. And the same is true if Bill Gates has ...
2. Breaking the rules on foreign accounts Click to expand Key Takeaways The IRS uses a combination of automated and human processes to select which tax returns to audit. Not reporting all of your income is an easy-to-avoid red flag that can lead to an audit. Taking excessive...
The IRS only updates your refund status information once per week on Wednesdays. If you e-file your tax return, wait at least 72 hours from the date the IRS confirms receipt of your return before checking your refund status, and at least three weeks if you mail the ret...
The goal of this is to cut down on fraud and give the IRS time to ensure no duplicate returns are filed. The trouble is, the IRS will hold your entire tax refund, not just the EITC or ACTC part. When you get your refund, don't let it go to waste! Make sure you put it in ...
Treasury Secretary Janet Yellen on Tuesday urged Congress to approve $80 billion in funding for the Internal Revenue Service to help the agency reduce a huge backlog of tax returns and allow it to go after $600 billion in unpaid tax bills. "The IRS is under siege. It ...
LLCs are taxed like one of the 4 existing types of business: Sole Proprietorship, Partnership, C-Corporation, & S-Corporation.
A All right, all right. For the second time in as many months, I’ll tackle this thorny but all-important matter. Advertisement Basically, IRS rules on replacement residences allow homeowners to defer taxation on profit generated by a home sale if they purchase and move into a replacement pr...
The quickest and easiest way to receive your 2025 tax return isfiling online and choosing direct deposit. By filing your tax return electronically with the IRS, you'll get your refund within 21 days on average. If you prefer a more hands-on method, though, you can file via snail ...
Or did you get an error code on WMR? One of the biggest questions we see during tax season are what the various reference codes mean on the IRS Refund Status Tool (previously known as "Where's My Refund") - or on the IRS2Go app. A lot of tax filers are getting IRS Reference ...
The rules may differ if you disposed of the property during a divorce or if you were widowed. When Is Reporting a Home Sale Required? There are two situations in which you must report the sale of your home to the IRS: You receive aForm 1099-Sfrom the title company or any other entity...