Under the IRS's expanded enforcement program, it is much more likely today that a city, county, or special purpose district's bond issues will receive a notice or audit than in the past. As a result, issuers must be prepared to respond to an audit by having a basic understanding of ...
If your business claims a net loss for too many years, or fails to meet other requirements, the IRS may classify it as a hobby, which would prevent you from claiming a loss related to the business. If the IRS classifies your business as a hobby, you'll h
READ: What Is a 1099 Form and What Should You Do With It? If You're Self-Employed, Are You Required to Pay Quarterly Estimated Taxes? Self-employed individuals may need to pay quarterly estimated taxes. The IRS website states, “As a self-employed individual, generally you ...
If you absolutely need to withdraw cash from your retirement, there are a few ways you can do so without paying any IRS penalties – but there are caveats. The IRS recently greenlit an annual penalty-free $1,000 emergency withdrawal from retirement accounts, meaning you can take the loan ...
When do you tell the Internal Revenue Service (IRS)? While tax law can seem overwhelming for many Americans, we’re here to help you make sense of it. Below, you’ll learn how capital gains taxes work, when to make estimated tax payments, and how to minimize your tax liability. At a...
1. Those who file their 2025 annual tax returns by January 31, 2026, do not have to pay estimated taxes by January 15, 2026. What happens if you file taxes late? What happens if you file federal taxes late depends on whether you owe the IRS money. If you don't have a tax bill,...
However, these software programs don't actually submit your return until the IRS opens the system (with a few minor exceptions for testing). Also, you are legally allowed to mail in your tax return starting on January 1, 2025. However, if you mail in your return, you can expect to ...
IRS standard deduction Earned Income Tax Credit (EITC) Child Tax Credit (CTC) Student loan interest deduction Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical...
"In future years, we will see the FAFSA even further simplified and hopefully tied more closely to the IRS so that when people are completing their taxes, they'll have a good idea breakdown of how much federal grant aid they will qualify for," Draeger says. The FAFSA Simplification Act ...
How Do I Check on the Status of My Tax Refund? You can use the IRS’sWhere’s My Refund?tool to check the status of your most recently filed tax return within the past two tax years. You can start checking Where’s My Refund? 24 hours after the IRS receives your electronically filed...