Your Tax Resource Center
ESTIMATE YOUR RETURN
DID YOU KNOW?
Save For Your Future
Save For Your Future
More About Taxes
Green Tax Credits That’ll Save You Hundreds When You File
Going green can pay off. Of course, it can help the environment, but it also can help you save money at tax time. Find Out: Here's the No. 1 Thing Americans Do With Their Tax Refund The $500 tax…
READ MORE
The Tax-Filing Mistakes Almost All Retirees Make
Retirement is the goal that many Americans look forward to for their entire lives. Visions of traveling around the world, having time for personal projects and not having to answer to a boss are some…
READ MORE
How To Minimize Tax Debt
If you do find yourself in debt with Uncle Sam, explore tax relief solutions and ways you can settle it — maybe even for less than you owe.
READ MORE
Here’s the First Thing You Should Do With Your Tax Refund
Few people look forward to tax season, but for many, there is one upside: getting a refund. The average refund hit $2,741 in 2020, according to the IRS. See: Don't Miss Out on Nominating Your Favorite…
READ MORE
8 Stress-Free Ways To Meet the Tax Deadline
With the tax deadline extended to July last year, some Americans may be concerned about meeting the new May 17 deadline in 2021. Show Support: Don't Miss Out on Nominating Your Favorite Small Business…
READ MORE
How To Get a Last-Minute Tax Extension
Don't panic if you can't file your taxes by May 17. The Internal Revenue Service regularly grants extensions to people who need more time. Even though taxpayers commonly need a deadline extension, the…
READ MORE
What Are the World’s Best Tax Havens?
Due to the level of taxation in much of the industrialized world, many turn to tax havens. Tax havens are places where individuals and companies go to avoid paying higher taxes. Find Out: The Cost To…
READ MORE
Doing Your Own Taxes? Make Sure You Follow These 15 Tips
Tax season is underway, and millions are hoping for a refund or, at the very least, to minimize what they owe. Whether you file your taxes early or procrastinate until the last minute, knowing a few…
READ MORE
What Can I Write Off on My Taxes?
Some deductions remain every year, but others change or disappear, and new ones crop up. Learn the most common tax deductions available for tax year 2019.
READ MORE
3 Tax Credits Every Parent Should Know
When you're a parent, every little bit of credit helps at tax time. If you have dependents and meet certain conditions set forth by the Internal Revenue Service (IRS), you might be eligible for three…
READ MORE
Why Losing Money in the Stock Market Could Be the Best Thing That Happens to Your Finances
It's not fun to lose money in the stock market, but there can be benefits. Keep reading to find out how you can use these losses to your advantage.
READ MORE
15 Tax Tips and Tax Deadlines To Know for Last-Minute Filing
You're not alone if you wait until the last minute to file your federal tax return. The last two filing seasons more than ever, as the government has given people extra time to do it. Some people…
READ MORE
Is Taking Out Loans To Pay Off the IRS a Good Idea?
If you're facing a big tax bill that you can't pay, you could be heading for IRS tax debt. And although the IRS does offer installment plans, there are other options to help with tax debt problems….
READ MORE
This Is Where Your Tax Dollars Actually Go
The U.S. is expected to bring in close to $3.26 trillion in tax revenue in 2021, according to Congressional Budget Office (CBO) projections. About half of that comes from individual income taxes and…
READ MORE
Outrageous Ways Real People Spent Their Tax Refund
A tax refund can feel like a financial windfall — after all, your refund can add up to the thousands. That's a big chunk of change that could be put to use in many different ways. See: Don't Miss Out…
READ MORE
Here’s the No. 1 Thing Americans Do With Their Tax Refund
If you need inspiration, here's how the majority of Americans plan to use their tax refund.
READ MORE
What Happens If You Don’t File Taxes
Few people get excited about filing their income tax return with the Internal Revenue Service each year, but on-time filing is necessary to avoid penalties, interest, liens and levies. Also, falling…
READ MORE
What To Do When You Can’t Pay Your Tax Bill
Since 2017, tax season has looked different for many Americans. The Tax Cuts and Jobs Act changed the withholding tables, meaning Americans had more money in their paycheck but potentially smaller…
READ MOREHere’s the Average IRS Tax Refund Amount by State
Generally, the sooner you file your taxes, the sooner you'll see your refund in the bank (and it reduces the chances of tax fraud). The amount that you receive — if any — depends on a number of…
READ MORE
10 Last-Minute Deductions You Don’t Want To Miss
"What can I claim on my taxes?" is a question that tax preparers are used to hearing every tax season, because more tax deductions mean a lower tax bill. When tax time rolls around, you don't want to…
READ MOREHow To Protect Your Tax Refund From Being Stolen
Identity theft isn't limited to criminals opening credit cards and running up debt in your name — your tax return is also at risk. Although the IRS works diligently to counteract fraudulent returns,…
READ MORE
7 Things You Need To Know When Filing Your Tax Return This Year
There are were already some important changes coming to how you pay your taxes, and then with less than a month before the traditional Tax Day, the IRS switched things up again. Most notably, the…
READ MORE
Tax Fraud and Tax Evasion Penalties Explained
If you're thinking of pulling a fast one on the IRS when you file your taxes, think again. Tax fraud, along with its sibling tax evasion, is a criminal offense that can result in harsh consequences….
READ MORE
When Will You Get Your Tax Refund? Here’s When To Expect That Check
You might be looking forward to your tax refund, but you don’t have to wait in the dark. Learn how to track the status of your refund and expedite the process.
READ MORE
Tax Experts Share the 6 Biggest Mistakes People Make When Filing
The process of filing taxes can be daunting and complex, so it's easy to make a mistake if you're not careful — and these tax mistakes can end up costing you. So I spoke to top tax experts to find…
READ MORE
How Much Money You Would Have If You Never Paid Taxes
You're likely familiar with that disappointing moment that comes when you open your paycheck only to be reminded, once again, that however much you might be earning, Uncle Sam is taking a large slice…
READ MORE
7 Ways You’re Accidentally Committing Tax Fraud
Not every fraud artist is a sketchy identity thief or faux Nigerian prince from the dark corners of the internet. In fact, you might end up committing accidental tax fraud or accidental tax evasion…
READ MORE
Don’t Fall For One of the ‘Dirty Dozen’ Tax Scams
Nobody likes paying taxes. But given the choice between paying taxes and getting cheated out of your money by fraudsters, well, most people would pick the taxman over the criminal. Yet that doesn't…
READ MORESecrets on Your Tax Forms That Could Ruin You
If you're like most people, you're required to file a federal tax return each year. For many, this annual process is a standard — albeit tedious — chore. But if you've been hiding a big…
READ MORE
A Tax Expert Shares Her Best Advice for Lowering Your Tax Bill Before You File
GOBankingRates' Live Richer Speaker Series is an exciting opportunity for me to introduce the financial experts and influencers in my network to a wider audience, and get invaluable tips and advice…
READ MORE
Know Before You File: Tax Breaks for Tax Year 2020
Tax returns for the 2020 tax year are due by May 17, 2021. The IRS offers numerous tax deductions, exemptions and credits to lower your tax bill. Many of these tax breaks are indexed for inflation,…
READ MORE
15 Secrets You Should Never Keep From Your Tax Accountant
If you're using a tax accountant to prepare your tax return, you expect to get the maximum refund to which you are entitled. However, your accountant can't do the job unless you share all the…
READ MORE
10 Top Tips for Dealing With a Tax Audit
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…
READ MORE
How To Itemize Deductions Like a Tax Pro
One of the biggest choices you face when you file your income tax return is whether to claim the standard deduction or to itemize in order to minimize your IRS payment. Some examples of itemized…
READ MORE
Can I Claim My Boyfriend or Girlfriend as a Dependent?
The Internal Revenue Service requires you to pay taxes as you earn income. If you're self-employed and you overpaid your quarterly taxes, or if you're an employee and withheld too much from your…
READ MORE
8 Best Tax Tips for Single Parents
Filing taxes can be a nuisance for anyone, especially busy single parents. The good news is that that there are tax breaks that benefit single parents, but taking advantage of the savings requires…
READ MORE
7 Simple Tax Mistakes To Avoid Making After Divorce
Taxes are complicated. Divorces are complicated. Put the two together and the result is an impossibly complex web of personal, financial and legal mistakes just waiting to be made. The first mistake…
READ MORE
Here’s How To Cheat Your Tax Bracket — Legally
IRS tax brackets determine your tax rates and how much money you'll owe Uncle Sam come tax day. People with large incomes fall into higher federal income tax brackets, so if you earn a lot of money…
READ MORE
Now That You’re Divorced, Who Claims Your Child on Taxes?
Here's what you should know about filing taxes this year and beyond as a single or divorced parent.
READ MORE
Tax Checklist: See the 5 IRS Tax Forms You’ll Need to Get Your Refund
Tax season is here, and if you're looking forward to a big refund, you probably want to get your return filed as early as possible. Thanks to the 2017 Tax Cuts and Jobs Act, there have been changes…
READ MORE
11 Weirdest Taxes Other Countries Have To Pay
Taxes are no fun – or are they? Some are certainly entertaining when you consider how offbeat they are. For example, there are plenty of strange U.S. taxes — ranging from a tattoo tax in Arkansas to…
READ MORE
10 Bizarre Items Seized by the IRS
Your savings, wages, assets and property are all subject to seizure by the government — and if that happens, your belongings will be sold to the highest bidder. Be Prepared: All the New Numbers You…
READ MORE
What You Actually Take Home From a $200,000 Salary in Every State
If you earn a $200,000 salary, you're in the top 10% of earners in the United States. Of course, all of that won't show up in your bank account. Taxes will take a big bite out of your take-home pay….
READ MORE
9 States With No Income Tax
States collect income tax to pay for services such as education, medical care and public infrastructure. A large part of each state's revenue comes from personal income tax as well as sales tax and…
READ MORE
Tax Mistakes Everyone Makes — and How To Avoid Them
Tax season is upon us and with it comes the joy of a tax refund, if you're lucky. If you're less fortunate, you might find yourself facing a high tax bill — or worse, a tax audit. When you file your…
READ MORE
6 Things Every Homeowner Should Know About Property Taxes
What is property tax? Property tax is one of the many responsibilities — and expenses — that come with owning a home. Counties, municipalities and school districts are just a few of the taxing…
READ MORE
What Is Unrealized Gain or Loss and Is It Taxed?
When you invest — whether in stocks, real estate or cryptocurrencies — the fair market value of your investment could change hundreds or thousands of times before you sell it. Until you sell, your…
READ MORE
Got a Side Hustle? This Is What You Need To Know Before Filing Taxes
Getting a successful side hustle up and running takes a ton of effort. So, it can feel like salt in the wounds when tax time rolls around and you're still working harder than everyone else….
READ MORE
Major Tax Changes for 2021 You Need To Know
The old saying that nothing is certain except death and taxes is only partly true. Yes, you can certainly expect to pay taxes in 2021, but you almost certainly won't see the same kind of tax return…
READ MORE
Why You Shouldn’t Assume You’re Getting a Tax Refund
Most taxpayers likely will get a refund this year. That's because the majority of people do every year — but that doesn't mean you automatically should count on getting a refund in 2021. For several…
READ MORE16 Tax Tips for Single-Income Families
In a number of situations, a family might have only one income. One parent might stay home to raise the children, or a single parent might be raising children alone due to divorce or widowhood. No…
READ MORE
Get Ahead on Your Tax Return by Answering These 15 IRS Questions
Established in 1862 when an income tax was enacted to pay for the Civil War, the Internal Revenue Service is responsible for enforcing the nation's tax laws and collecting tax revenue. Knowing how the…
READ MORE
An Expert Shares the Insider Tax Tips We All Need Right Now
Kathy Pickering is the executive director of The Tax Institute at H&R Block. Below, Pickering shares her insider tips for getting the biggest tax refund possible, the common mistakes people make…
READ MORE
What Kind of Taxes Do Top Company Execs Pay? From Tesla, Amazon, Walmart — and Beyond
Though 2020 was a difficult time for many, the country's 614 billionaires added nearly $1 trillion in new wealth–$931 billion, to be exact–to their personal fortunes in just seven months starting in…
READ MOREHow To File Your Taxes Early — and Get Your Refund Faster
The deadline for filing your federal income tax return is May 17th this year. But, if you're among the more than 70% of taxpayers expected to receive refunds from the IRS, you might want to file your…
READ MORE
How To File Taxes for a Deceased Relative
Upon a death in the family, there will likely be a number of unpleasant tasks to perform, including filing taxes for deceased loved ones. Because death and taxes are inevitable, there's a good chance…
READ MORE
Here’s Who Can Claim the American Opportunity Credit
One way to defray expenses, in general, is to claim tax credits such as the child tax credit, earned income tax credit and the disability tax credit if you qualify. Tuition tax credits, college tax…
READ MORE
How To Report Child Support Income on Your Taxes
The Internal Revenue Service's deadline for filing and paying your 2020 taxes is May 17, 2021. It's never too early to start planning for Tax Day — and it's better to answer any questions you might…
READ MORE
28 Tax Shelters, Tax Breaks and Other Tax Tips You Should Take From the Rich
Many high-earning taxpayers know how to save money on taxes by benefiting from the tax deductions and credits that are available to them. Wealthy taxpayers also tend to hire professionals who know the…
READ MORE
A Step-by-Step Taxes Guide for Those Filing for the First Time
If this is your first time doing taxes, the process can seem a bit daunting. Whether you're a recent college graduate or you just took your first job, it's natural to be concerned about how to do it…
READ MORE
Free State Tax Filing Options
Along with tax season comes tax preparation, which few people enjoy even if you're owed a tax refund instead of a tax bill. Not only do you have to file a federal tax return, but in most states, you…
READ MORE
8 New or Improved Tax Credits and Breaks for Your 2020 Return
As tax season goes on, one of the things to do is pay attention to changes in tax deductions and tax credits you can claim when filing your 2020 income tax return with the Internal Revenue Service,…
READ MORE
How Much You Take Home from the Average Salary in Each State
It's no secret that taxes can take a big bite out of your paycheck. Since income tax rates vary from state to state, however, the size of that bite will fluctuate depending on where you live. In…
READ MORE
How Much the Rich Would Actually Pay If They Had Higher Tax Rates
It's been proposed that tax rates should increase so the wealthy pay more. Take a look at how much more the top 1 percent could end up paying in every state.
READ MORETake Advantage of These 15 Commonly Missed Tax Deductions
There’s a chance you’re missing out on some deductions. See the little-known tax deductions and credits you've probably overlooked.
READ MORE
Lost Your W-2? Here’s What To Do
While getting a duplicate of a W-2 does take a little legwork, it's certainly doable. Here's how to get a replacement W-2.
READ MORE
How To Fill Out a W-4: A Complete Guide
When you start a new job — or change your name or marital status — you will probably have to fill out a new W-4 tax form. Your completed form is used to determine how much of your income your…
READ MORE
Tax Truths and Lies: Here’s What You Can and Can’t Get Away With
Most taxpayers will likely agree that the U.S. tax code is complicated and hard to understand. So, naturally, a few common tax myths have popped up over the years. And some of the most common myths…
READ MORE
6 Hidden Tax Breaks for Retirees
Though your income might decline after you've retired, that doesn't mean the Internal Revenue Service stops collecting taxes in retirement, so it's important you take any tax breaks for retirees you…
READ MORE
What Are Tax Liens?
If you neglect to pay a tax debt, the federal government can make a legal claim against your property. This claim is called a tax lien. See: What To Do When You Can't Pay Your Tax Bill To avoid a tax…
READ MORE
16 Things You Need To Know To Minimize Taxes on Mutual Funds
Here's everything you need to know about mutual fund taxability. Are you ready to reduce — or completely erase — your taxes?
READ MORE
H&R Block Tax Software Free and Paid Options Review
Tax season is approaching quickly, triggering the annual stress of managing taxes correctly. As a filer, you can take advantage of H&R Block's downloadable tax filing software options. Before you…
READ MORE
How To Spot IRS Scams
Thousands of people have lost millions of dollars to tax scams in recent years, according to the IRS. The problem is so prevalent that the IRS compiles an annual "Dirty Dozen" list of the worst tax…
READ MORE
How To Maximize Your Charitable Giving
The 2017 Tax Cuts and Jobs Act likely wasn't intended to discourage taxpayers from donating to charity, but the way the law was structured, it did. The TCJA increased the standard deduction to $12,000…
READ MORE
8 Cryptocurrency Tax Nightmares and How To Avoid Them
If you made profits on any cryptocurrency last year, you will owe taxes. Keep reading to learn about these potential tax nightmares and how to avoid them.
READ MORE
Every Document You Need To Defend Yourself During an Audit
Defending yourself during an Internal Revenue Service audit can be a time-consuming, stressful affair — but audits aren't too common. In fact, less than 1% of all returns are typically audited…
READ MORE
TaxAct vs. TurboTax: Which Is the Best Tax Software?
Preparing and filing your taxes isn't usually a pleasant experience — unless you're expecting to receive a large tax refund. On top of paying a large portion of your income to the government, you'll…
READ MORE
How To File Self-Employment Taxes: A Step-By-Step Guide
When you're self-employed, paying taxes is a little more involved than merely doing your income tax filing once a year as you do when you're an employee. You'll need to file the appropriate…
READ MORE
Independent Contractor Taxes: A Complete Guide
An independent contractor is someone who works for a business or company but is not an employee. The IRS uses three categories of evidence to determine if someone is an independent contractor or…
READ MORE
Intel From Tax Insiders You Need To Know
Before you file a tax return, it's important to make sure you're getting all the money you're legally entitled to. But wading through pages of the IRS tax code to find deductions and credits can leave…
READ MORE
Why the Bonus Tax Rate Is Bad News for Your Tax Refund
Knowing the rules around bonus taxation can help you prepare for the hit. Read on to understand and minimize the taxes associated with bonuses.
READ MORE
What a Negative Income Tax Could Mean for You
In 1962, economist and author of "Capitalism and Freedom" Milton Friedman proposed the concept of government subsidies for low-income families. Under this type of tax reform and social policy,…
READ MORE
Is Child Support Tax Deductible?
When you're responsible for paying child support, you might wonder if you can claim the payments as a deduction on your tax return. Although child support payments can't be claimed as a tax deduction,…
READ MORE
How to Calculate Your Adjusted Gross Income
Adjusted gross income is one of the most important numbers when it comes to taxes. While your taxable income is used to determine how much tax you owe on your federal income tax return, your AGI plays…
READ MORE
Check Out These Crazy Tax Breaks You’ve Probably Never Heard Of
The U.S. tax code is incredibly complex, with an array of potential deductions that could make or break your return. There's also plenty of misinformation out there about exactly what you can and…
READ MORE
How To File an Amended Tax Return
Taxes can be complicated, and it's not uncommon to make a mistake on a tax return. The Internal Revenue Service recognizes this and allows taxpayers to amend their returns to correct errors they…
READ MORESelf-Employment Tax Deductions
Being self-employed isn't always all it's cracked up to be, especially when it comes to taxes. Not only do you have to use a tax estimator to make estimated tax payments, you also don't have an…
READ MOREEvery Tax-Filing Status Explained
When preparing your annual tax return, one of the most important things to consider is your taxpayer filing status. Your filing status is commonly defined by your marital status. Typically, there are…
READ MORE
Why Suze Orman Thinks You’re Doing Something Wrong If You Get a Tax Refund
Last year, the average tax refund was over $2,500, the IRS reported. And while you may be looking forward to getting another couple thousand dollars as a refund this year, financial expert Suze Orman…
READ MORE
How To Tell If You Can Deduct Your Property Taxes
When it comes to property taxes, most people think of the real estate taxes they pay on their home. But the deductions allowed for property taxes include more than just your real estate taxes. The…
READ MORE
Who Gets a 1099 Form? Find Out if You Need to Pay Self-Employment Tax
At the end of each year, individuals who have an employment contract with a company get a Form W-2 that summarizes their income and tax withholding. For individuals with self-employment and other…
READ MORE
More Than 50% of Americans Passed This Tax Quiz — Can You?
When it comes to finances, there's a lot that Americans don't understand — especially when it comes to taxes. After all, the tax code is long and convoluted, and many aspects of it change every…
READ MORE
1031 Exchange Rules You Need to Know
A 1031 exchange is one of many real estate investing secrets wealthy people use to save money. Learning what a 1031 exchange is can allow you to defer taxes on the gains each time you trade investment…
READ MORE
What Is Tax Repatriation and How Does It Work?
Tax repatriation refers to the tax imposed by the U.S. on the return of money that multinational corporations make overseas. Before the Tax Cuts and Jobs Act, the IRS required corporations to pay…
READ MORE
Is Life Insurance Taxable? Find Out What Your Beneficiaries Will Owe
Owning a life insurance policy can be an effective way to ensure that your loved ones are provided for if you die prematurely. You pay premiums on the policy, and if the policy is still in force at…
READ MORE
9 Legal Tax Shelters To Protect Your Money
When it's time to settle with Uncle Sam at the end of the year, don't overlook some IRS-approved tax shelters that might lower your tax bill. A good tax shelter is a legal way for a taxpayer to…
READ MORE
How President Joe Biden’s Tax Plan Could Affect You
Taxes go to the forefront for Americans at the start of every year as their W-2 and 1099 forms arrive in the mail for the upcoming tax season. And now, as President Joe Biden has taken office, it's…
READ MORE
8 Reasons the IRS Could Audit You
Nobody wants to face an IRS tax audit, but even if you do everything according to the rules, you could be subject to one. The good news is that the chances of being audited are very low. The IRS…
READ MORE
12 Tax-Filing Mistakes First-Timers Always Make
The tax-filing process can be especially nerve-wracking for first-time filers who are afraid of getting it wrong. And there is a good chance they will. A mistake on your return can slow down a refund…
READ MORE
How to Reduce Your Estate Taxes
Two different types of death taxes exist: estate tax and inheritance tax. What is estate tax? Estate taxes are taxes imposed on a decedent's estate before distributions are made to beneficiaries,…
READ MORE
