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How To Do Taxes for the First Time

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How Long To Keep Tax Records: Can You Ever Throw Them Away?

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6 Things Every Homeowner Should Know About Property Taxes

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Here’s What Happens to Your Sales Tax

What Is Unrealized Gain or Loss and Is It Taxed?

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What You Actually Take Home From a $200,000 Salary in Every State

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What You Should Do Now in Preparation for Tax Law Changes

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20 Smart Things To Do With Your Tax Refund

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More About Taxes

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Take the Quiz: Are You Filing Your Taxes Correctly?

Tax season can be daunting, even if you've filed on your own in the past. Not only can tax laws change from year to year, but there's also plenty of false information out there about what income you…

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Most Popular Things To Do With Your Tax Refund — and How To Do It Smarter

With tax season here, many people are looking forward to spending their big tax refund. A GOBankingRates survey revealed some interesting differences in how people plan to use their tax refund check…

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The Wildest Things Your Taxes Are Paying For

Ever wonder where all that money taken out of your paycheck goes? You might be surprised to find out where some of your tax dollars are going.

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Medical Expenses You Can Deduct From Your Taxes

To lower your overall tax burden, learn exactly what qualifies as a deductible medical expense and how to calculate your tax deduction for medical care.

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Top 10 Most Expensive States to File Taxes

When it comes to taxes, federal rates and the IRS tend to grab all the headlines. For starters, national news covers federal taxes far more often than state taxes, particularly in the wake of 2020 and…

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How To Use Your IRA as a Last-Minute Tax Deduction

Making an IRA contribution, if you haven't done so already, could provide some last-minute tax relief.

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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…

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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…

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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.

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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…

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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…

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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…

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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…

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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…

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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.

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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…

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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.

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Tired redhead guy lying on carpet and reading tax documents while his girlfriend listening to him and using laptop.

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…

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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….

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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…

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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…

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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.

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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…

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1040 income tax form and w-2 wage statement with a federal Treasury refund check.

Here’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…

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Couple at home sorting through bills and taxes.

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…

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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…

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How 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,…

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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…

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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.

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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…

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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…

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Man working at home with laptop computer.

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…

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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…

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1040 income tax form and w-2 wage statement with a federal Treasury refund check.

Secrets 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…

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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…

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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,…

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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…

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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…

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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…

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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…

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Single parent struggling with debt.

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…

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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…

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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…

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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.

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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…

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MIAMI, FL - SEPTEMBER 23:  General Mills cereal products are displayed on a store shelf on September 23, 2014 in Miami, Florida.

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…

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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…

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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…

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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…

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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….

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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…

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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…

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16 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…

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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…

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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…

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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…

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How 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…

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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…

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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…

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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…

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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…

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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…

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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,…

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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…

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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.

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Take 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.

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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.

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W4-Form

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…

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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…

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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…

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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…

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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?

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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…

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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…

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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…

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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.

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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…

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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…

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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…

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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…

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Senior Taiwanese man with eyeglasses sitting in dining room at home and calculating bills for paying.

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…

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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.

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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,…

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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,…

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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…

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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…

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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…

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Self-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…

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Every 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…

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Suze Orman financial expert

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…

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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…

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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…

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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…

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Young couple buying a new house.

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…

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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…

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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…

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Real estate agent showing a young couple a new house.

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…

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Peoria,AZ - May 25 2020: Former Vice President of the United States Joe Biden walking with supporters at a pre-Wing Ding march from Molly McGowan Park in Clear Lake, Iowa.

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…

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Contemplating businessman in the restaurant feeling sad.

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…

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Young man working at home office.

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…

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