Tag: Personal taxes
13 states may hit borrowers with state tax liability on forgiven student loans
President Joe Biden's student loan forgiveness plan will soon cancel debt for millions of Americans — and the relief is tax-free on federal returns. H [...]
These are the 4 priorities for the $80 billion in IRS funding
Treasury Secretary Janet Yellen speaking at a news conference on July 14.Made Nagi | ReutersYellen outlines 4 priorities for the $80 billion in fundin [...]
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interestThe interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certifi [...]
With 87,000 new agents, here’s who the IRS may target for audits
Jeffrey Coolidge | Photodisc | Getty ImagesAs the Democrats' spending plan moves closer to a House vote, one of the more controversial provisions — ne [...]
House Democrats push for Biden’s billionaire minimum income tax
Erik McGregor | LightRocket | Getty ImagesAs Democrats plow forward with a slimmed-down reconciliation package, House lawmakers are separately pushing [...]
These 4 mid-year tax strategies can trim next year’s bill from the IRS
seksan Mongkhonkhamsao | Moment | Getty Images1. Review tax withholdingsWhen starting a new job, you fill out Form W-4, covering how much your employe [...]
Tax bill for Vermont winner of Powerball $366.7 million jackpot
If you're holding the winning ticket for Powerball's $366.7 million jackpot, don't forget about your silent partner: Uncle Sam.After rolling higher fo [...]
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
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
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
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
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
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
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
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 [...]