(Photo by Kay Bell) Few people like doing taxes, even when doing so will get them a refund. That’s every year, some people who are due money back from Uncle Sam still put off finishing their taxes. But there are other reasons in addition to plain procrastination to wait to file your...
The IRS typically has a three-year time limit to audit your returns. In cases where you've substantially underpaid your taxes, the limit goes up to six years. Tax pros usually recommend you keep tax records for four years, to stay clear of the three-year limit. — With reporting by Iri...
Some 1,600 individuals who make $1 million or more per year were the most recent focus of the IRS. Each owed more than $250,000 in back taxes. “With this collection activity, the IRS passed an important milestone in our effort to improve compliance and ensure fairness in the tax system...
The IRS just announced the official First Day to File your Taxes in 2018Find out when the IRS will begin accepting 2017 tax returns. Official First day to File … Read More... No Identity Pins have been mailed out yet by the IRS. January 1, 2018 Are you waiting on your identity...
If you live in the 55 counties impacted (all counties in the state except Lassen, Modo, and Shasta), you don’t have to file your 2022 tax returns or pay any taxes due until the new November 16 deadline. You qualify for this extension if your address of record with the IRS is in ...
Most taxpayers get their refunds within 21 days. People who file their taxes as soon as possible on January 29 should get their payments by February 19. However, the IRS cautions that isn't guaranteed, noting that some returns may take more time to review. The IRS said the best way to ...
There are some caveats about potential refunds. Money could be withheld if you also have not filed your 2021 or 2022 taxes. If you owe money for child support, student loans, or back taxes, the funds will first be applied there as well. High-income earners who have not yet filed will ...
Declines in the S&P 500 and Dow Jones Industrial Average forced many portfolio managers to sell off stocks, incurring capital gains taxes at the time of sale even if those positions lost money over the course of 2022. “If a stock was down $50 from its high but up $100 from when somebo...
Interest on unpaid taxes generally can’t be waived, but it can be reduced if it’s applied because of an unreasonable error or delay by an IRS officer or employee. When it comes to interest on a penalty, the IRS will reduce or completely eliminate the interest if the penalty itself...
theirtaxable weight and logging status. However, the tax will differ according to other instances, such as tax suspension and exemption status. Further, agricultural vehicles and credit vehicles are subject to lower tax rates. These factors have to be considered when approaching your truck taxes. ...