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Tax Resource Center

Beginner

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Here’s How Long You Should Hold Onto Tax Filing Paperwork, According to an Expert

Do you ever wonder how long you should hang onto tax filing paperwork? This form of record keeping may lead taxpayers to ask how long they need to keep and store documentation or if they are meant to just keep it forever. Read: 6 Types of Retirement Income That Aren’t TaxableMore: 3 Signs You’re Serious About Raising Your Credit Score Lauren Wybar, CFP and senior financial advisor at Vanguard Personal Advisor Services, joins GOBankingRates to share the general guidelines for maintaining tax records. Here’s how long you should hold onto tax filing paperwork. The ‘Three-Year Law’ of Storing Tax Records…

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Risks and Benefits of Waiting To File Taxes at the Deadline

With tax season entering its third month, the earliest birds have already filed and are spending their refunds. If you’re not among them, don’t worry. There’s still time to submit your returns with plenty of days to spare — and many people plan to do exactly that. Find Out: Surprising Data Reveals The Top 25 Tax-Friendly States To RetireSee: 3 Signs You’re Serious About Raising Your Credit Score According to a new GOBankingRates survey of more than 1,000 people, about two out of three taxpayers expect to file well before the April 18 deadline — but many others will run…

Important
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7 Things You Need To Know When Filing Your Tax Return This Year

The IRS is returning to something resembling normalcy this tax season after three years of delays, postponements and heavy backlogs that began during the COVID-19 pandemic. See: Common Reasons Why You Might Owe Taxes This YearExplore: Dave Ramsey Says 401(k)s Have a Big Tax Downside – Pick This Retirement Plan Instead You’ll get extra time to complete your returns in 2023 thanks to a favorable calendar. That’s one of several things to keep an eye on as you complete your tax returns this year. Here’s a look at the rest: 1. You Have a Few Extra Days To File This…

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6 Reasons You Shouldn’t Procrastinate on Your Taxes

Federal taxes are typically due on April 15 each year, and you might be tempted to wait until the last minute to file. But putting off filing your taxes may not be the best decision. Here are all the reasons why you shouldn’t procrastinate on this yearly chore. Something Might Come Up Closer to Tax Day “If you wait until the last minute, you’re risking that something will come up that will put you in a bind to make the deadline, like an unexpected illness or a project at work that demands your time,” said Stephen Henley, CPA, senior managing…

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Intermediate

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Filing Last Minute: You Can Still Get Your Taxes in Without Running to the Post Office

Taxpayers who would normally be scrambling to get their returns finished by Tax Day have a bit more breathing room again this year. Although the deadline has not been extended, it is three days later than usual — on April 18 instead of April 15. April 15 falls on a Saturday, and the next weekday falls on Emancipation Day, April 17. Check Out: How To Avoid Paying Taxes Legally — and the 11 Craziest Ways People Have Done ItRead: 3 Signs You’re Serious About Raising Your Credit Score If you don’t meet the tax deadline without securing an extension, you should expect…

Advanced

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IRS Red Flags: I’m Being Audited and It’s My Accountant’s Fault

Tax audits are certainly unpleasant occurrences — but let’s face it, they happen. However, just because they’re a fact of life doesn’t mean you shouldn’t avoid an IRS tax audit like the plague. Nobody wants to go through that experience, which is why it’s so important to be extremely thorough when completing your annual tax return. Taxes on Generational Wealth Just Changed: Here’s What You Should KnowLearn: What To Do If You Owe Back Taxes to the IRS But what if you’re like many people who rely on a tax professional instead? Isn’t the purpose of hiring an expert to do…

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How Crypto Losses Affect Your Taxes

It’s been a rough year for crypto and crypto investors. The seemingly endless crypto winter, numerous exchange collapses and the ongoing FTX debacle have pushed prices down and triggered ballooning losses. Yet, investors still need to think about their cryptos when filing their taxes. Also See: Common Reasons You Might Owe Taxes This Year Note: 3 Signs You’re Serious About Raising Your Credit Score The Internal Revenue Service says virtual currency is treated as property for federal tax purposes. “General tax principles applicable to property transactions apply to transactions using virtual currency,” according to the IRS. In turn, this means…

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The 7 Signs You Need To File a Tax Extension

In some ways, a tax extension is a gift from the Internal Revenue Service. Even though the tax filing date is more or less the same every year, it can still be hard to get all your ducks in a row in time to submit a return. Recognizing this, the IRS allows all taxpayers to receive an automatic six-month extension on their tax returns. But, you should still only file for an extension if you really need to. See: 5 Presidents Who Raised Taxes the Most, and 5 Who Lowered ThemMore: 3 Signs You’re Serious About Raising Your Credit ScoreFor…

Extensions
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12 Tax Breaks That Allow The Rich To Avoid Paying Taxes

As you’ve probably heard, the rich keep getting richer, and one way they do it is with a strategy called tax avoidance. See: How To Avoid Paying Taxes on 401(k) WithdrawalsFind: What To Do If You Owe Back Taxes to the IRS In 2021, nonprofit newsroom ProPublica revealed that between 2014 and 2018, the United States’ 25 wealthiest individuals got $401 billion richer — but the income taxes they paid covered only 3.4% of their new net worth. Unlike tax evasion, which can land you in prison, tax avoidance is perfectly legal, and it’s a strategy you can implement to…

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COUNTDOWN TO TAX DAY

2023 Tax Schedule: Every Date You Need To Know

January 23

Official start to tax season; IRS begins accepting and processing individual 2022 tax returns.

January 27

Earned Income Tax Credit Awareness Day to raise awareness of valuable tax credits available to many people.

April 18 – TAX DAY

You must e-file or postmark your returns, or file by midnight. It’s also the last day to request an extension.

June 15

Due date for tax year 2023 second quarter estimated tax payment.

September 15

Due date for tax year 2023 third quarter estimated tax payment.

October 16

Due date to file for those requesting an extension on their 2022 tax returns.

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Do You Have a Tax Question?

Get your tax questions answered by the pros! Whether you’re a first-time filer with questions about the basics or have a unique tax situation, we’ll aim to get you the best advice from the experts. Just fill out the form below and check back on GOBankingRates.com to see if your question gets answered.

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Do you have to pay taxes on Social Security disability payments?


“Social Security benefits may be 0% taxable, up to 50% taxable or up to 85% taxable.”

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Can my wife file separately if we live at the same address?


“Married filing separately is permissible while living at the same address.” 

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I received a Christmas gift of over $15K. Do I need to pay taxes on it?


“Gifts received, regardless of the amount, are exempt from income tax.”

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Can I claim my boyfriend’s kids on my taxes?


“You may be able to, but there are some stipulations.”

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