Some Americans are getting a sobering surprise as they finish their 2018 taxes -- instead of getting an expected refund, they owe money. And they may be in the same boat next year, too.
The tax deadline is almost here, and with the tax deadline comes a wide range of tax questions from filers.
The amount earners can claim in the child tax credit has doubled, and so have the income limits. Here’s what that means as the IRS 2018 tax return deadline looms.
Don't count on these popular deductions to lower your tax bill this year – they're gone as part of broader tax cuts
Families often spend thousands of dollars caring for ailing loved ones at home.
How homeowners file their taxes this year could be affected by a number of new changes, including the cap on mortgage interest deductions.
For the self-employed, taxes are a huge deal. The total tax on your last dollar of income as a sole proprietor can be over 50 percent. That's because the top marginal federal tax rate is 35 percent and the Self-Employment, or SE, tax rate is 15.3 percent on every dollar of net profit earned up to $128,400 in 2018. On top of that you may have to add state and local income tax. For example, income taxes for New York City residents can be 10.5 percent, or more.
As taxpayers sort through the new regulations signed into law by the Tax Cuts and Jobs Act, one demographic is feeling particularly hard-hit: Middle-class homeowners who live in high-tax areas. Many are just now learning they owe thousands this year, rather than the refunds they usually received.
It’s not uncommon for volunteers, including board members of nonprofit organizations, to ask why their time can’t be treated as a deductible contribution. Here’s why.
Deducting charitable donations made in 2018 may pose a problem for many taxpayers this year. That's not because last year's tax overhaul limited these donations -- most are still deductible, just as they were in prior years.
Did you know that the first $20,000 that is withdrawn from a 401(k) or IRA is exempt from New York State income tax?
Wondering if you can deduct your Medicare costs on your taxes? The short answer is yes, but only if you meet certain criteria.
We all want to lose less money to taxes. Here's how to hang onto the extra income you've worked hard for.
The earned income tax credit is often overlooked by taxpayers who did not earn a significant salary the previous year, but lower wage earners can benefit.
Today's Lauren's list reveals how to make your holiday donations count on your taxes.
Volunteering has its costs. But it also has its deductions. And being smart about those deductions can make the act of giving back all the more rewarding.
By the time the Model S ships, Tesla may have used up many of its 200,000 tax credits. The estimated 150,000 US buyers in the waiting won't all get $7,500 back.
Almost 40,000 out of 209,000 eligible Philadelphians didn’t apply for the Earned Income Tax Credit on their federal income tax returns last year. And with each credit averaging about $2,400 for eligible filers, Philadelphia Department of Revenue Commissioner Frank Breslin is making sure the city is doing what it can to educate residents about the EITC and make it easier for them to apply for the credit on their federal tax return.
The Child Tax Credit can reduce your tax bill by as much as $1,000 per child, if you meet all seven requirements.
The Earned Income Tax Credit (EITC) is a valuable tool for lower-income taxpayers, and it can result in a refund that's even larger than the taxes you paid.