Despite all the talk about a tax cut after President Trump’s successful overhaul of the tax code, many people are reporting that they are paying more to the federal government.
For Tax Day, ITEP has released several new reports that tell a broad story about our nation’s federal, state and local tax systems, providing important details about taxes we all pay and research on the tax-paying habits of Fortune 500 corporations. And of course, we have a trove of other tax policy resources.
The new law adjusted the withholding tax from paychecks, so most people kept more money for most of last year.
As April 15 nears, millions of taxpayers this year will have to navigate the IRS' new Form 1040. It's the result of a campaign promise by then-presidential candidate Donald Trump to simplify tax rules so that a postcard-size form would be all an average taxpayer needs.
How homeowners file their taxes this year could be affected by a number of new changes, including the cap on mortgage interest deductions.
Filing your taxes doesn't have to cost you money. Even though the new Form 1040 that all tax filers will file this year is a one-page document with just 23 lines, preparing taxes can be daunting for some. The new Form 1040 replaces the old 1040 as well as the Form 1040A and Form 1040EZ.
Sending a hastily prepared return can be a big mistake, so take advantage of this option -- but do it carefully.
The moment of truth is nearly upon those who waited to file their federal income taxes -- Here are a few tips for meeting the deadline.
April 17 is just around the corner. A date you may be dreading if you owe income tax and do not have a clue how to come up with the money. Consumer Reports says don't panic.
In 2017, the IRS received 152,235,000 tax returns — and of those returns, more than 73 percent were granted a refund. With the average refund last year standing at $2,895, you might think getting a windfall in the spring is a good thing. But rather than giving the government an interest-free loan all year, wouldn't you have preferred to have an extra $241.25 per month in your paycheck?
A new federal calculation reduces by $50 the amount a family can put aside in 2018 in these accounts to pay medical bills. Anyone who has already funded the account at a higher level will need to adjust or deal with the tax consequences next year.
Members of Congress have said they want to loosen rules for health savings accounts. Did they do it in the latest spending bill? Do people who were uncovered for one month in 2017 owe a tax penalty? And how can immigrants who move to the U.S. to retire get insurance? These are the questions I'm tackling for readers this week:
Taxpayers can submit their tax returns to the IRS until April 17 this year. Tax refunds typically arrive within 3 weeks of filing, and the IRS recommends receiving it via direct deposit. The IRS has been accepting tax returns for over two months now — since Monday, January 29.
With Tax Day 2018 coming up fast, many Americans are deep in tax prep, scrambling to meet this year’s April 17 tax deadline. But as you’re wrapping up paperwork for your 2017 taxes, it’s also a good time to look at how the new Tax Cuts and Jobs Act—arguably the largest overhaul of the U.S. tax code since the Ronald Reagan era—will affect your taxes for 2018 and beyond.
In case it's your first year filing or if you just need a refresher on what documents to have handy, keep reading for answers to all your pressing questions.
Common misconceptions can lead to income tax mistakes. Consumer Reports tells you what to avoid to save money on your taxes.
The April 17 deadline to file your taxes is fast approaching. If you’re trying to make sense of all the local, state and federal tax laws and all the financial documents, like W2s and 1099s, there’s free help available to low- and moderate-income households.
If you miss the filing deadline for your federal income taxes, you could be hit with penalties and interest if you still owe money to the IRS.
"Withholding." "Adjusted income." "Standard deduction." With Tax Day approaching on April 20, many new to the workforce are searching for explanations to help them make sense of all the lingo.
Senior aides and political allies of President Trump fanned out Sunday on news talk shows to defend Republicans' tax-overhaul plan against critics and analyses, forcefully denying that the richest Americans would be its principal beneficiaries.