Your Complete Tax Resource Center

IRS Tax Tip: How Gig Workers Can Stay on Top of Their Taxes

By Vance Cariaga

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States With the Highest Property Taxes

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Back Taxes: Is an IRS Offer in Compromise a Good Idea Before Interest Rates Hit 6% in October?

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Do You Have To Pay Taxes on Your Retirement Income? It Depends

By Jenny Rose Spaudo

GET THE INFORMATION YOU NEED

ORGANIZE YOUR DOCUMENTS

MARK YOUR CALENDAR

CHECK YOUR WORK

WHAT ABOUT CRYPTO?

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What Do You Need To File Taxes? A List of All the Documents To Have

By Michael Keenan

Tax Schedule 2022: Every Date You Need To Know

By Andrew Lisa

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Tax Mistakes Everyone Makes and How To Avoid Them

By Beverly Bird

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If You Trade Crypto or NFTs, Here’s What You Need To Know About Tax Filing This Year

By Andrew Lisa

ESTIMATE YOUR RETURN

Make Your Money Work For You

DID YOU KNOW?

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Less Than 10% of Women Will Be Investing Their Tax Refunds: Here’s What They Plan To Do Instead

Most women (86%) anticipate that they will get a tax refund this year, with the majority (20%) expecting to get a refund of more than $3,000, according to a new GOBankingRates survey. With that large of a windfall, women should be planning ahead to make the most of that money — but many will be missing out on the opportunity to compound their wealth, as less than 10% plan to invest their refund. In this "Financially Savvy Female" column, we're chatting with Corbin Blackwell, senior financial planner at Betterment, about what women actually plan to do with their tax refunds, and why more…

By Gabrielle Olya

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Withholding Tax: How It Impacts Your Finances

Everyone loves to gripe about how much they hate paying taxes, yet millions of Americans look forward to tax season every year because of that sweet refund, which the government deposits right into their checking accounts as if it were income that they earned. That's because it is. Retirement: 7 Financial Habits That Improve Your Daily LifeFind Out: The Minimum Salary You Need To Be Happy in Every State Now that the country is settling back into life without pandemic stimulus payments, the tax refund will reclaim its title as the biggest financial windfall of the year for the average…

What Is the Earned Income Tax Credit and Why Does It Matter for Your Taxes?

The earliest early birds who filed their tax returns in January might have been frustrated to learn that, by law, the IRS can't issue their refunds until mid-February if they claimed the Earned Income Tax Credit. As vexing as that delay might be at the time, taxpayers who qualify for this lucrative credit will certainly find it to be well worth the wait when their refund arrives with a whole lot of extra padding. Learn: How To Tell If the US Economy Is Actually ImprovingTaxes 2022: Find Out Everything You Need To Know About Filing, Refunds and More What Is the…

How Much You’re Really Paying in Property Taxes

Local governments collect property taxes to pay for community needs like public safety, education, infrastructure, street maintenance and recreation. Typically, property taxes are based on home values — and the tax rate varies among municipalities. There's no such thing as states with no property taxes. So whether you're a new homeowner or have been paying taxes on your home for years, you should know how to properly calculate your property taxes by state and ways you can pay those taxes. In addition, make sure that if you're buying a home, you take every tax deduction you can. How Much Is Property Tax? The…

By Valerie Rind

Social Security: Benefit Recipients Should Know About These Two Credits This Tax Season

This year in particular, it's more important than ever to pay special attention to how you file your taxes; as a result of last year's stimulus bill, you could be entitled to credits and rebates you don't usually qualify for. These special credits are available to you even if you receive Social Security Supplemental Income and/or do not make enough money to file a tax return — or simply do not file one. Taxes in 2022: Find Out Everything You Need To Know About Filing, Refunds and MoreFind: When Social Security Runs Out: What the Program Will Look Like in…

By Georgina Tzanetos

Young Workers Could Get an $800 Tax Boost This Year — No Children Required

Thanks to the American Rescue Plan's expansion of the earned income tax credit (EITC), young workers without children could see an extra tax boost this year. The EITC is the largest refundable tax credit for low- to moderate-income families, according to the Internal Revenue Service. See: Child and Dependent Care Credit Can Add Up to $8,000 — Here's How To Claim the Money on Your Taxes Find: Top Tips for Painless Tax Prep Thirty-seven percent of Americans ages 19 to 24 without dependent children are now eligible to receive the credit, with an average boost of $820, according to a…

By Josephine Nesbit

IN THE NEWS

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These 13 States Could Tax You On Your Student Loan Forgiveness – Is Yours One of Them?

You may have heard the phrase, "There's no such thing as a free lunch." Commonly attributed to Paul Mallon, an American political journalist who first used the words in 1942, the phrase was popularized (and colloquialized) to "There ain't no such thing as a free lunch," or "TANSTAAFL," by science fiction author Robert Heinlein in the 1960s. The Future of Finances: Gen Z & How They Relate to MoneyFind: This Credit Score Mistake Could Be Costing Millions of Americans The expression means that every choice comes with trade-offs. If you receive something free, there may be costs attached later on….

By Dawn Allcot

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Current EV Tax Credits To End as Biden Signs Inflation Reduction Act — What Happens Now?

President Joe Biden's Inflation Reduction Act, due to be signed into law on August 16, will have a major impact on electric vehicle tax credits — including a restructuring of credits worth up to $7,500. See Our List: 100 Most Influential Money ExpertsFind: 22 Side Gigs That Can Make You Richer Than a Full-Time Job The bill will eliminate EV tax credits for most models currently getting up to $7,500, Reuters reported. However, those credits will be replaced by new tax incentives as well as a new $4,000 credit for used EVs. The credit worth up to $7,500 has been updated to…

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Why a Tiny Tax Refund Is Good for Your Finances — and How To Make It Happen

In the first tax season since the pandemic payments stopped coming, the theme for 2022 must be that bigger tax refunds are always better, right? Not necessarily. Advice: 3 Tricky Tax Filing Issues — And How To Handle ThemTax Day 2022: When Are the First and Last Days To File? According to a new study from GOBankingRates, nearly 28% of the taxpaying public expects to get no refund at all this year or a small refund worth $500 or less. Believe it or not, they're probably in much better shape than the nearly 16% who expect a windfall of more than $3,000….

By Karen Doyle

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IRS Urges Taxpayers to Have Refunds Direct Deposited: Here's Why

The Internal Revenue Service recently issued a news release urging taxpayers to file their taxes electronically and have their tax refund direct deposited into their bank account. See: IRS: Free File Now Open, Do Your Taxes For Free Find: Teens & Taxes: How Much Can Your Teen Make Before Needing to File Taxes? The IRS outlined the benefits of direct deposit: Speed: Tax returns filed electronically get processed faster. Plus, you don't have to wait for a check to be mailed.Security: There's no risk of your paper check being lost or stolen in the mail.Ease of filing: Simply select "Direct…

By Dawn Allcot

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Lawmakers Introduce Bill To Improve Crypto Tax Laws — Here’s How It Would Make Life Easier for Consumers

Legislation reintroduced to Congress last week by a bipartisan group of lawmakers aims to change the way cryptocurrency purchases are taxed and help clear up some of the confusion over how to account for certain crypto transactions on your tax returns. See: Taxes 2022 — Questions About Your Crypto Purchase To Ask an Accountant Before You FileFind: There's a New Free Service for Compiling Tax Data To Report Crypto and NFTs The Virtual Currency Tax Fairness Act was introduced on Feb. 3 by Rep. Suzan DelBene (D-Wash.) and Rep. David Schweikert (R-Ariz.) and is co-sponsored by Rep. Darren Soto (D-Fla.)…

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Child and Dependent Care Credit Can Add Up to $8,000 — Here’s How To Claim the Money on Your Taxes

Enhanced Child Tax Credit payments were big news in 2021, as eligible families in the United States received more than 200 million advance payments that went to roughly 61 million children. Less attention has been paid to a similar federal program that can provide tax credits of up to $8,000 to families. Stimulus Update: Does Build Back Better Defeat Spell the End of Child Tax Credit Payments?Explore: Didn't Get Your Child Tax Credit? Here's How to Track It Down That program, the Child and Dependent Care Credit, has been around since the 1970s, so it's not exactly new. It was launched to…

The Wildest Things Your Taxes Are Paying For

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6 Ways To Get a Jump-Start on Your Taxes

Tax Mistakes Everyone Makes and How To Avoid Them

By Beverly Bird

How To Boost Your Odds of Getting a Tax Refund Going Forward

Make Your Money Work For You

MORE ABOUT TAXES

Bitcoin and Crypto Taxes in 2022: What You Need To Know

Cryptocurrency is the Wild West of the investment world. Not only are these digital currencies completely nontangible, but they fluctuate with such volatility that trading and investing in them can feel more like playing a video game than investing in a real asset class. See: Best Undervalued Cryptocurrencies To Buy for 2022Check Out: 8 Best Cryptocurrencies To Invest In for 2022 But from a tax perspective, the IRS views cryptocurrency transactions the same as if you were buying or selling stocks, bonds or other financial assets. Here are the important tax-related things you need to know about cryptocurrency, whether you trade it…

An Adoptive Parents’ Guide to Taxes

The process of adopting a child can be both incredibly exciting and financially stressful. While the financial side of things may not be your primary concern, the truth is that adopting a child can be an expensive proposition. Fortunately, the tax code is designed to promote certain behaviors that are deemed to be socially beneficial, and adopting a child falls into this category. In other words, you might find some relief in the form of tax credits if you go through the rewarding but financially challenging process of adopting a child. Here are some of the main things adoptive parents…

10 Signs You Really Do Need Professional Help Filing Your Taxes

Paying taxes is painful enough. Why fork over even more of your hard-earned money to pay someone to prepare your tax return? Learn: Taxes 2022: Are Face Masks and Hand Sanitizer Deductible?Explore: Tax Filing 2022: How To Set up ID.me for the IRS You probably don't need to if your tax situation is straightforward. You can prepare your return on your own or with the help of tax software. But for some taxpayers, it's worth spending the money to get professional help. "For people who have complex taxes and don't want to do them, there's a tax pro out there waiting for…

By Cameron Huddleston

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1/3 of Child Tax Credit Recipients Don’t Know How It’ll Affect Their Taxes — Here’s What You Need To Know

About 61 million American children brought $93 billion to their collective households in 2021 through advance child tax credit payments. Unlike the $1,400 stimulus payments that nearly all households received, the child tax credit could have a big impact on your 2021 returns — and a startlingly high percentage of taxpayers simply don't know what to expect. Taxes in 2022: Find Out Everything You Need To Know About Filing, Refunds and MoreChild Tax Credit Update: Yellen Urges Americans to File Taxes to Get Unclaimed Money GOBankingRates conducted a poll of 1,000 American adults, and the results showed that of those…

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30 Ways To Make Tax Season Less Scary

There are no two ways around it: Few things frighten people more than the realization that it's tax filing time. The tax code is both enormous and enormously complicated, and for the vast majority of Americans who aren't licensed tax preparers, dealing with it can be terrifying. There's so much to organize and prepare, all by the deadline this year, and there are pretty severe consequences if you don't. See: Why You Should Line Up a Tax Preparer Now — and What Paperwork You'll NeedFind: Tax Prep 2022: AARP Offers Free Assistance — What Documents Will You Need To Provide? But don't…

By Joel Anderson

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10 Best Ways To Use Your Tax Refund if It's Not Very Big

If you receive just a small tax refund from the federal government, congratulations! A small tax refund — or even owing a little money — is actually a sign of a well-managed financial life. Don't get down if your neighbor boasts of getting a $10,000 check, because receiving a large tax refund means you've essentially given the government a tax-free loan of your money. It's better to use that money throughout the year for your own purposes. See: What Is the Next Big Cryptocurrency To Explode in 2022?Learn: 11 Ways Warren Buffett Lives Frugally If you do receive a small tax…