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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: What Is the Standard Deduction for People Over 65 in 2023?See: 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…

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31% Plan To File Their Own Taxes in 2023: Here Are 5 Tips for Getting It Right

After more than a year of grueling inflation, people are looking to save money any way they can — even if it means doing their own taxes. According to a new GOBankingRates study of more than 1,000 adults, nearly one in three people plan to file their returns themselves in 2023. Find Out: What Is the Standard Deduction for People Over 65 in 2023?See: 3 Signs You're Serious About Raising Your Credit Score Considering the circumstances, they've picked quite a year to take the plunge. "Before people get ready to file their taxes this year, it's more important than ever to be…

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5 Common Tax Mistakes That Could Cost Gen Z Money

A recent survey by GOBankingRates found that the top tax day concern among taxpayers aged 18-24 was making a mistake (27%). It's no wonder, considering that Gen Z is fairly inexperienced with the world of taxes and finances in general. Plus, making mistakes on your tax return could not only mean missing out on certain write-offs, but potentially, facing penalties. Learn: The IRS Has Refunded $15.7B as of Feb. 3 — Here's How Much the Average Taxpayer Is Getting BackMore: 3 Signs You're Serious About Raising Your Credit Score Read on to learn which common mistakes to avoid when filing…

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6 Reasons You Shouldn’t Procrastinate on Your Taxes

Federal taxes aren't due until April 18 in 2023, 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. You'll Have Time to Choose the Right Tax Prep Software If you wait until the deadline to file your taxes, chances are you'll settle on the same tax software you used last year. There's no time to comparison shop when you're up against the clock. So, you'll likely end up paying more to…

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Intermediate

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If You’re Expecting a Tax Refund of $2,000 or More, Here’s What You’re Doing Wrong

For millions of taxpayers, April showers down cash as much as it does rain thanks to the big, fat refund checks that people across the country look forward to receiving each year. And in 2023, there's a whole lot to look forward to. See: What Is The Standard Deduction for People Over 65 in 2023?More: 3 Signs You're Serious About Raising Your Credit Score A study from GOBankingRates revealed that more than one in four people — 28%, to be exact — expect to receive a refund of $2,000 or more. With gas prices at record highs and inflation forcing…

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3 Reasons You Might Be in for a Tax Surprise This Year If You’re Self-Employed

The IRS made numerous changes for tax year 2022 that will affect many filers, including the self-employed. If you're not prepared for these changes, you could end up owing more (or less) than you anticipate when Tax Day rolls around. Cut Your Bill: Medical Expenses You Can Deduct From Your Taxes Taxes 101: Common Reasons You Might Owe Taxes This Year Here's a look at why self-employed Americans could be in for a tax surprise this year. Also see what to do when you can't pay your tax bill. Some Tax Benefits Have Decreased or Disappeared Entirely "The biggest change…

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How To Save Money When Filing Taxes

Filing and paying taxes can be a hassle each year, but it doesn't have to be expensive. In addition to understanding which tax breaks to claim, make sure to pay attention to money-saving tips when filing your return. Here are 10 ways to save money when filing taxes.

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More People Are Taking the Standard Deduction in 2023: Here’s Why

When it comes time to file your returns, reducing your taxable income is the name of the game. You should never try to conceal income or misrepresent your earnings to the IRS, but you should use every legal means at your disposal to keep as much of your cash out of the agency's reach as possible. You do that by claiming deductions. Find Out: What Is the Standard Deduction for People Over 65 in 2023?See: 3 Signs You're Serious About Raising Your Credit Score Deductions aren't the same as tax credits, which lower your bill on a dollar-for-dollar basis. Instead,…

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Advanced

How To Handle a Tax Audit — And When To Hire Help

There are few things that strike more fear into the heart of the average taxpayer than the words "IRS audit." The thought of facing down an IRS auditor and having to explain your entire financial life can be intimidating for anyone, and having to pay additional taxes, fines and penalties is also an unnerving thought. Read: The IRS Has Refunded $15.7B as of Feb. 3 — Here's How Much the Average Taxpayer Is Getting Back Find Out: Common Reasons You Might Owe Taxes This Year The good news is that taxpayers can often manage an audit on their own. Keep…

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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: The IRS Has Refunded $15.7B as of Feb. 3 — Here's How Much the Average Taxpayer Is Getting BackMore: Medical Expenses…

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Tax Tricks and Loopholes Only the Rich Know

As you've probably heard, the rich keep getting richer, and one way they do it is with a strategy called tax avoidance. Learn More: Medical Expenses You Can Deduct From Your TaxesFind: 3 Signs You're Serious About Raising Your Credit Score 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 reduce…

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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.

Looking for your answer?

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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