Tax Resource Center | GOBankingRates

Beginner

Old people, tax return and home banking.

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…

By Andrew Lisa

on February 28, 2023

woman reviewing billing statements and looking at laptop

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…

Help Is Here

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…

Avoid

Young indian couple reading paper bills paying loan bank debt online together on computer, calculating taxes, income, making payments, planning family budget money finances using laptop at home.

Brought to you by

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…

Get Started

Intermediate

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…

By Andrew Lisa

on March 1, 2023

Front view shocked millennial african american man in glasses looking at laptop screen, received email with unbelievable news.

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…

Get Ready

We're on our way to a loan free life stock photo

Brought to you by

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.

Your Money

Father paying bills with family behind him.

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,…

Smart Moves

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…

By John Csiszar

on March 1, 2023

Golden bitcoin coin with bull trading stock chart.

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…

Important

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…

Extensions

Young couple using computer with their insurance agent on a meeting in the office.

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…

Find Out

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

Japanese man with eyeglasses siting on floor in the living room and using smart phone and laptop for managing home finances.

10 Retirement Tax Surprises To Prepare For

By John Csiszar

Serious worried senior couple calculating bills to pay or checking domestic finances stressed of debt, retired elderly old family reading documents concerned about loan bankruptcy money problems.

9 Things Tax Filers Over 65 Need To Know in 2023

By Jacob Wade

Shot of a senior couple going through their paperwork together at home.

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

Shot of a young businessman looking bored while working at his desk during late night at work.

3 Big Reasons You Could See a Smaller Tax Refund This Year

By John Csiszar

Cropped shot of a couple using their laptop and going through paperwork at home.

Brought to you by

TaxAct Review: Affordable Tax Filing With Free Live Help

By Michael Keenan

Federal Tax Return Check with Hundred Dollar Bill.

Here’s the No. 1 Thing Americans Do With Their Tax Refund

By Jake Arky

Young handsome serious man calculating his bills stock photo

Tax Refunds in 2023: What To Do If Yours Seems Late

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

Portrait of happy young family counting home finances with cute little girl wearing glasses in sunlit apartment.

Get a Jump on Your Taxes With These Tips From the IRS for 2023

By Heather Taylor

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

IRS 1099-K TAX FORM (Payment Card and Third Party Network Transactions).

Taxes 2023: IRS Updates Guidance on 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

Frustrated African American family doing home finances. stock photo

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

Test Your Tax Knowledge

Take Our Quiz

Tax Calculator

Save For Your Future

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.