Tax Resource Center | GOBankingRates

Beginner

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…

By Heather Taylor

on April 12, 2023

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

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…

By Andrew Lisa

on April 13, 2023

Concept image for filing federal income taxes online and being audited.

Secrets About Tax Audits the IRS Won’t Tell You

One of the reasons that the thought of a tax audit strikes fear into the hearts of many Americans is that the process seems so mysterious. The IRS Might Owe You $900: But Time Is Running Out To Claim Your MoneyLearn: What To Do If You Owe Back Taxes to the IRS When you send off your tax return every year, there’s no real way of knowing whether you’re going to wake up one day with a nasty notice in the mail from the IRS. The thought of going face to face with a government official who has the authority…

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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 these money-saving tips when filing your return.

Your Money

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6 Tax Deductions Seniors Might Not Know About

The official tax filing day in the U.S. is Tuesday, April 18 this year. And if you’re trying to qualify for every deduction you can, you need to know what’s available to you before you drop your tax return in the mail or hit the “submit” button when you e-file. See: All the States That Don’t Tax Social SecurityFind Out: 3 Signs You’re Serious About Raising Your Credit Score The good news is that with age, you not only reach the glory days of retirement, but you can also qualify for additional tax deductions that can help you keep more…

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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…

By Casey Bond

on April 12, 2023

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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.

Retirees

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10 Retirement Tax Surprises To Prepare For

By John Csiszar

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9 Things Tax Filers Over 65 Need To Know in 2023

By Jacob Wade

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Reduce Your Social Security Tax Bill Using These Tips

By Vance Cariaga

Two women, sitting on the sofa with a paper receipt, are calculating expenses, managing the family budget.

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

By David Nadelle

Refunds

Expert: What To Do With a Tax Refund of $3,000 or More

By Andrew Lisa

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TaxAct Review: Affordable Tax Filing With Free Live Help

By Michael Keenan

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4 Best Places To Put Your Tax Refund in 2023

By Heather Taylor

What an Average Tax Refund Looked Like Over the Past 10 Years

By John Csiszar

The IRS

Investors are calculating profits and costs with calculators, growth and investment chart analysis, business planning and strategies to maximize sales profits.

Inflation Relief: IRS Clarifies Where Taxpayers Must Report State Bonus Checks

By Vance Cariaga

Couple on meeting with financial advisor.

5 IRS Secrets That Your Accountant Wants You To Know

By John Csiszar

IRS Internal Revenue Service documents and folder.

Does the Size of the IRS Matter for Your Taxes?

By John Csiszar

6 IRS Changes Coming in the Next 5 Years That Could Impact Your Finances

By Nicole Spector

Venmo, Zelle and Other Third-Party Payments

Portland, OR, USA - Jan 5, 2022: Payment apps like PayPal and Venmo are seen on an iPhone on top of Form 1099-k.

Tax Update: IRS Delays $600 Reporting Threshold for Venmo, PayPal and Third-Party Payment Apps

By Yaёl Bizouati-Kennedy

Venmo vs Paypal smartphone apps on display screens

How Your Venmo or Etsy Payments Could Impact Your Taxes

By Jami Farkas

How To Handle Your Taxes When You’re Paid Through Venmo, PayPal and Others

By John Csiszar

Zelle Tax ‘Loophole’ Utilized by Small Businesses Costs IRS Billions Annually

By Vance Cariaga

FAMILIES

A husband and wife are sitting together at the table planning out their financial budget.

Here Are All the Tax Changes That Impact Parents

By Jaime Catmull

Businessman gives money to his employee or his partner.

The $10,000 Tax Rule For Loaning Money to Family and Friends

By Selena Fragassi

UNEMPLOYMENT

Taxes 2023: Tips for Handling Unemployment Benefits

By John Csiszar

Young japanese woman doing her finances at home.

Owed Refund From 2020 Unemployment Compensation? How To Check and Amend (If Necessary)

By Vance Cariaga

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