Tag: Personal taxes

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IRS boosts mileage rate deductions as gas prices soar to $5 a gallon

IRS boosts mileage rate deductions as gas prices soar to $5 a gallon

Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston.Brandon Bell | Getty [...]
House Democrats push for repeal of rule blocking SALT cap workaround

House Democrats push for repeal of rule blocking SALT cap workaround

Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021 [...]
IRS working to boost audit rates for higher earners

IRS working to boost audit rates for higher earners

Jeffrey Coolidge | Photodisc | Getty ImagesThe IRS is working to boost its audit rates for the wealthiest Americans, according to a statement recently [...]
Capital gains may have triggered more individual taxes for 2021

Capital gains may have triggered more individual taxes for 2021

The U.S. Department of the Treasury buildingJulia Schmalz | Bloomberg | Getty ImagesSome investors may be grappling with the sting of higher-than-expe [...]
As number of billionaires climbs, new calls for wealth taxes emerge

As number of billionaires climbs, new calls for wealth taxes emerge

A mobile billboard calling for higher taxes on the ultra-wealthy depicts an image of billionaire businessman Jeff Bezos, near the U.S. Capitol on May [...]
Tax pros ‘horrified’ by IRS decision to destroy data on 30 million filers

Tax pros ‘horrified’ by IRS decision to destroy data on 30 million filers

courtneyk | E+ | Getty ImagesAn audit by the Treasury Inspector General for Tax Administration revealed the IRS has tossed data for millions of payers [...]
IRS insists destruction of taxpayer data won’t affect payers

IRS insists destruction of taxpayer data won’t affect payers

alfexe | iStock | Getty ImagesFilers won't be affected by the IRS decision to destroy data for millions of taxpayers, the agency said in a statement T [...]
Over 60 million tax returns could be completed automatically, study says

Over 60 million tax returns could be completed automatically, study says

Tom Werner | DigitalVision | Getty ImagesThe IRS may have the ability to automate nearly half of tax returns, according to a working paper from the Na [...]
Here’s what to do if you missed the April 18 tax filing deadline

Here’s what to do if you missed the April 18 tax filing deadline

Sergey Mironov | Moment | Getty ImagesIf you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly, according [...]
Supreme Court rejects SALT limit challenge from New York, New Jersey

Supreme Court rejects SALT limit challenge from New York, New Jersey

Rep. Judy Chu, D-Calif., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol.Sarah Silbiger | [...]
There’s a growing interest in wealth taxes on the super-rich

There’s a growing interest in wealth taxes on the super-rich

Sen. Ron Wyden, D-Ore., speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021.Greg Nash | Pool | ReutersAmericans increasingly [...]
Why Biden’s billionaire minimum income tax may be a tough sell

Why Biden’s billionaire minimum income tax may be a tough sell

Josh Gottheimer, D-N.J., talks to reporters in Washington, Nov. 4, 2021.Elizabeth Frantz | ReutersPresident Joe Biden has proposed a new tax on the ul [...]
How to avoid a tax filing rejection if last year’s return is pending

How to avoid a tax filing rejection if last year’s return is pending

Drakula & Co. | Moment | Getty ImagesThe IRS is backlogged and still sifting through tens of millions of pending returns, including many of last y [...]
Meet Erin Collins, National Taxpayer Advocate for the IRS

Meet Erin Collins, National Taxpayer Advocate for the IRS

Erin M. CollinsSource: Erin M. CollinsIf you're one of the millions of Americans grappling with IRS issues, you may not realize there's another option [...]
The IRS sent more than 45 million refunds. This is the average payment

The IRS sent more than 45 million refunds. This is the average payment

Bill Oxford | E+ | Getty ImagesThe IRS has issued more than 45 million tax refunds worth almost $152 billion in total, as of March 11, the agency repo [...]
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