Taxes
Tax season opens for individual filers on Jan. 23, says IRS
It’s official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday. For most taxpayers, you must file your federal return and pay your balance by April 18 this year to avoid racking up penalties and interest. “This filing season is the first to benefit the IRS and our nation’s […]
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After ‘misery’ for tax filers in 2022, IRS to start 2023 tax season stronger, taxpayer advocate says
Mykhailo Polenok / Eyeem | Eyeem | Getty Images After another challenging year for the IRS in 2022, the agency may be primed for a better 2023 tax season — but improvements may take time. The National Taxpayer Advocate on Wednesday released its annual report to Congress covering last year’s biggest issues at the IRS, […]
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Mega Millions jackpot jumps to $1.35 billion for the next drawing. Here’s the tax bill if there’s a winner
Scott Olson | Getty Images You may face long odds of hitting the Mega Millions jackpot — now worth $1.35 billion — but the taxman is always guaranteed a slice when there’s a winner. The jackpot jumped again after no ticket matched all six numbers drawn Tuesday night to land the grand prize. If won […]
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House Republicans vote to strip IRS funding, following pledge to repeal nearly $80 billion approved by Congress
New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023. Jon Cherry | Reuters House Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year. Passing along party lines, the […]
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The Mega Millions jackpot is $785 million. Taking the lump sum is ‘typically a big mistake,’ lottery lawyer says
This could be a very good year for one lucky winner of the fourth-largest jackpot in Mega Millions history. And yet, kicking off 2023 with $785 million could have a downside. “The curse of the lottery losers is very real,” said Andrew Stoltmann, a Chicago-based lawyer who has represented several recent lottery winners. One of […]
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5 tax and investment changes that could boost your finances in 2023 amid economic uncertainty
1. Bigger contribution limits on retirement accounts If you’re eager to boost your retirement savings, there’s good news for 2023: higher contribution limits for your 401(k) and individual retirement account. In 2023, the employee deferral limit is $22,500, up from $20,500, and catch-up deposits for savers age 50 and older jump to $7,500, up from […]
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Report shows facts of Trump tax returns as president and GOP applicant
Former U.S. President Donald Trump speaks at a rally for Sen. Marco Rubio (R-FL) at the Miami-Dade Region Reasonable and Exposition on November 6, 2022 in Miami, Florida. Joe Raedle | Getty Illustrations or photos The quantity of revenue, deductions and taxes paid by and refunded to former President Donald Trump, as disclosed in his […]
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This ‘wild card’ strategy can help retirees with unpaid quarterly taxes before year-end
Sdi Productions | E+ | Getty Images If you’re retired and skipped your 2022 tax payments, you can still avoid late penalties with an under-the-radar year-end strategy, experts say. Since taxes are due as you receive income, you must withhold levies from earnings or pay quarterly estimated tax payments. You may owe quarterly taxes if […]
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Tax pros ‘expecting the worst’ with Venmo, PayPal tax reporting change. How to handle a 1099-K for personal payments
AsiaVision | E+ | Getty Images As the tax season approaches, many Americans are bracing for a new reporting change for third-party payment networks like Venmo or PayPal. Starting in 2022, you’ll receive Form 1099-K, which reports income to the IRS, for business payments over $600. But experts say it’s possible you’ll receive 1099-Ks for […]
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‘Early filers’ should wait to submit their tax return in 2023, the IRS warns. Here’s why
If you’re eager to file your 2022 tax return in January or early February, the IRS has a warning: You’ll need to wait for “key documents” before filing in 2023. In a release last week, the IRS urged “early filers” to watch for Form 1099-K, which reports income for third-party payment networks such as Venmo […]
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