Tax Resource Center

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COUNTDOWN TO TAX DAY

Beginner

Businessman hand using a laptop with bar TAX REFUND and refund tax of duty taxation business, tax form, and wallet money being demonstrated on the screen media, online for tax payment.

I’m a Financial Expert — Your Tax Refund Should Be Used in These Two Ways First

CNBC recently reported that the IRS has received about 54 million tax returns so far and is issuing an average refund of $3,182 for the tax year 2023. Check Out: A Look at Tax Filing Options and CostsRead Next: 5 Genius Things All Wealthy People Do With Their Money While it may feel like you’re receiving a windfall of cash with an average tax refund this large, the reality is that it was your money all along. It could be that your withholdings are too high throughout the year and you’re essentially giving the government an interest-free loan on your…

By Adam Palasciano

on March 27, 2024

7 Things Frugal People Never Do When Filing Taxes

Many people — especially those who expect to owe money when the time comes — dread filing their taxes. Not only is there the tax burden itself to deal with, but filing taxes often comes with additional fees from the software or service you go through. When all’s said and done, some taxpayers can spend hundreds or even thousands of dollars. For You: A Look at Tax Filing Options and CostsTry This: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing Frugal people have to do their taxes, too, but the way they go…

Tax Deadline and Tax Due Dates for Your 2023 Taxes

Tax season is unavoidable, so there is little excuse not to plan ahead. The biggest hurdle in not paying your taxes on time is simply not knowing when they are due. That being said, when are your 2023 taxes due? See: What To Do if You Owe Back Taxes to the IRS Quick Take: When Are Taxes Due for 2023? Be sure to mark Apr. 15, 2024, as the tax payment deadline for your 2023 taxes and plan accordingly for both your federal income taxes and state taxes. Whether you file electronically online, on paper, or seek professional assistance especially…

4 Reasons Taxes Are So Complicated and Why They Won’t Be Made Simpler

If you’re looking for a simple tax return, move to Estonia. Residents there can file taxes in less than five minutes and not pay a dime, according to a Tax Foundation report cited by Yahoo Finance. In contrast, taxpayers in the U.S. spend an average of 13 hours preparing their tax returns and pay an average of $240 for tax prep services. Check Out: A Look at Tax Filing Options and CostsRead Next: 5 Genius Things All Wealthy People Do With Their Money The U.S. doesn’t have the most complicated tax system, ranking 21st out of 38 countries surveyed by…

Intermediate

Fear Compels Gen Z To File Taxes on Time — Are Other Generations as Concerned?

The 2024 tax deadline is quickly approaching. For most Americans, the deadline is April 15. Failing to file on time results in a penalty, and it’s causing stress for the majority of Americans. Check Out: A Look at Tax Filing Options and CostsRead Next: 5 Genius Things All Wealthy People Do With Their Money According to a recent survey by Greenback Expat Tax Services, 57% of U.S. residents and 50% of expats are afraid of filing their taxes late. You’re generally required to file if your gross income is over the filing requirement, which is $13,860 as a single filer…

By Josephine Nesbit

on March 27, 2024

I’m a Tax Expert: 8 Mistakes Filers Often Make When Using Tax Software

A recent survey found that around 44% of people plan to use some type of tax software, like TurboTax or H&R Block, to file taxes this year. But while tax software can help streamline the tax filing process, it’s still possible to make mistakes as you go. Read: The Biggest Mistake People Make on Their Tax Refund — And How To Avoid ItFind Out: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing Some of these mistakes can cost you thousands of dollars in missed deductions or tax penalties. Others could lead to delays…

A husband and wife are sitting together at their dinner table and are balancing their budget.

The 6 Smartest Things to Do With Your Tax Refund

The 6 Smartest Things to Do With Your Tax Refund By Vance Cariaga Getting a tax refund can be exciting. It feels a little like getting a year-end work bonus in the middle of spring. Fun as it can be, it’s important to keep in mind that there are smart things you can do with that refund — and not so smart things. Rather than blow the refund on something you don’t really need, you should put it to use in a way that can bolster your financial situation. With the 2024 tax season underway, you might be looking forward…

What the Middle Class Needs To Know About Taxes for 2024

While everyone who makes an income has to pay taxes, different socioeconomic classes face different tax considerations. The middle class may benefit most from tax considerations in 2024. Read: IRS Increases Gift and Estate Tax Exempt Limits — Here’s How Much You Can Give WithoutSee: Owe Money To the IRS? Most People Don’t Realize You Can Do This – Today The middle class, which ranges from a low end of $55,000 to a high end of $150,000, tends to have slightly more discretionary income, and a greater ability to save for retirement and college for their kids. This makes it…

Advanced

A rich couple makes a toast while sitting in their private jet.

Tax Breaks the Rich Won’t Be Able To Get Starting in 2025

The passage of the Tax Cuts and Jobs Act in 2017 marked the largest overhaul of the tax code in three decades. However, many of the tax benefits created by the act are set to expire in 2025, including many that have benefited high-net-worth individuals and families. Here’s a look at the tax breaks wealthy Americans may no longer be able to take advantage of starting in 2025, plus, how they can start preparing for possible tax changes. Find Out: 5 Presidents Who Raised Taxes the Most, and 5 Who Lowered ThemRead Next:Owe Money to the IRS? Most People Don’t…

By Gabrielle Olya

on March 27, 2024

10 Tax Tips Upper Class Earners Need To Know

If you earn around $250,000 or more a year, you’re in a relatively high tax bracket. And while earning more money is generally considered a good thing, it does come with its complications — and increased costs — especially when it comes to filing taxes. Read: The Biggest Mistake People Make on Their Tax Refund — And How to Avoid ItFind Out: Owe Money to the IRS? Most People Don’t Realize They Should Do This One Thing From reducing your risk of being audited to decreasing your tax liability, here are some tips for you before you file this year’s…

Woman shocked by the amount of the invoice.

Owe Money to the IRS? Most People Don’t Realize You Can Do This — Today

Owe Money to the IRS? Most People Don’t Realize You Can Do This — Today By Abigael Good If You Owe $10K or More, This Proven Strategy Could Be Right For You Tax law is confusing, to say the least. It’s all the more complicated if you’re a business owner, 1099 worker, or have multiple jobs. All too often, hard-working people are surprised to find out they owe the IRS a big sum of money. It happens to millions of Americans every year. Talk about intimidating. The IRS has tons of power — it can seize your home, empty your…

A young woman smiles while sitting at a desk and holding an envelope.

See What a $100K Salary Looks Like After Taxes in Your State

A six-figure salary is a goal for many people. However, even if you gotten to place in you’re life where you’re making a six-figure salary you may also be ending up taking home a lot less home after taxes, depending upon the state you live in. Check Out: This Is the One Type of Debt That ‘Terrifies’ Dave Ramsey Try This: 6 Unusual Ways To Make Extra Money (That Actually Work) If federal taxes seem to take a big enough chunk, there are also FICA deductions, social security taxes, and you might have to pay state and local taxes, depending…

2024 Tax Schedule: Every Date You Need To Know

January 26

Earned Income Tax Credit Awareness Day to raise awareness of tax credits.

January 29

Official start to tax season. IRS begins accepting and processing tax returns.

January 31

Employers must send W-2 forms by this date. Certain 1099 forms are also sent.

April 1

If you turned 73 in 2023, you must take your required minimum distribution.

April 15: Tax Day

Deadline to file your personal federal tax return or request an extension.

October 15

If you requested an extension, you must file your return by this date.

Resources To Help You With Tax Season

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Tax Refund Tips

Social Security Recipients: Don’t Lose a 2024 Tax Refund by Making a Simple Mistake

By Vance Cariaga

WASHINGTON, DC - JANUARY 12: Financial adviser, author, and TV personality Suze Orman speaks at a press conference at the National Press Club, January 12, 2012, in Washington, DC.

Suze Orman Reveals What You Should Do Before Getting Your Tax Refund

By John Csiszar

Team of Business people working at workplace with tablet and document, doing planning analyzing Tax financial report, business plan investment, finance analysis Economic business discussions.

Only 4% Plan To Invest Their Tax Refunds: Why It’s the Right Money Move

By John Csiszar

A happy, smiling couple and their financial advisor use a computer during a meeting in the office.

I’m a Financial Advisor: 4 Best Ways To Use Your Tax Refund to Build Wealth

By Andrew Lisa

5 Things To Stop Doing With Your Tax Refund in 2024

By Cynthia Measom

2024 TAX TIME note is on the hundred dollar bill.

Your Tax Refund Should Be 10% Bigger This Year — Here’s Why

By Josephine Nesbit

Shot of a mature man getting advice from a financial consultant at home.

9 Mistakes You’re Making With Your Tax Refund, According to Experts

By Angela Mae

1 in 3 Americans Don’t Expect a 2023 Tax Refund: Why This Could Be a Good Thing

By Angela Mae

Make Your Money Work for You

5 Hidden Tax Benefits of Retiring in Florida

By Yaël Bizouati-Kennedy

Mid adult couple of African descent talking to a man in a suit who is talking about finance plans and insurance.

Financial Experts: 6 Smart Ways To Approach Your Taxes in 2024

By Andrew Lisa

Are HOA Fees Tax Deductible?

By Yaël Bizouati-Kennedy

Mandatory Credit: Photo by Matt Rourke/AP/Shutterstock (12577118a)FILE - Tesla CEO Elon Musk departs from the justice center in Wilmington, Del.

6 Ways the Rich Do Their Taxes Differently Than the Middle Class

By Andrew Lisa

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