An Income Tax Refund May Count as Income — Here’s How
It’s tax season and many people are looking forward to getting a tax refund. Does a tax refund count as income when you file the following year?
Taxes
Market Realist has the latest news and updates on taxes including income tax, property tax, and estate tax, and how to file.
The IRS Is Opening Tax Assistance Centers on Saturdays To Provide In-Person Help
Does the IRS work on weekends? Some of the agency's employees are during this year’s tax season. Here's more about the Saturday hours.
American Opportunity Tax Credit and Lifetime Learning Credit Explainer
The AOTC (American Opportunity Tax Credit) and the LLC (Lifetime Learning Credit) are both tax credits issued for eligible education expenses.
What Does “Tax Topic 151” Mean, and What To Do if This Is Your Refund Status
When checking your tax refund status, you may get a message to referring to "IRS Tax Topic 151." Is that good or bad?
Why Are Your Property Taxes Higher Than Your Neighbors’?
A lot of homeowners feel they pay too much in taxes. Why are property taxes so high?
Early Filers Report “Tax Topic 152” Error When Tracking Their Tax Refunds
What does “Tax Topic 152” mean? Here's more about the IRS message some early filers have gotten when checking the status of their tax refund.
No, Taxes Do Not Pay for Abortions Despite What Some People Believe
Do taxes pay for abortions? See how the oft-contested Hyde Amendment has limited Medicaid federal coverage of abortions for decades now.
Who Claims the Child on Taxes When There's Split Custody?
When filing for taxes there are many things to consider including the number of dependents in the household. Who claims the child when there's split custody?
What Is the SUTA Tax? State Unemployment Taxes, Explained
State unemployment taxes must be deducted by employers from wages to fund unemployment benefits. In some states, employees also pay a portion of this tax. What is SUTA tax?
How Is the Food Stamps Program Funded?
The food stamps program, also called "SNAP," helps low-income households afford nutritious food. How is it funded, and do you pay taxes on the benefits?
States Raise Hundreds of Billions From Sales and Excise Taxes, but What’s the Difference?
How is excise tax different from sales tax? Learn about the difference now that U.S. senators are talking about a federal cannabis excise tax.
Are There Any Tax Changes to Capital Gains in 2022?
In 2021, there were many new investors who may have profited from their initial investment. Now, it has triggered a taxable event known as capital gains tax. What are the changes in 2022?
Are Moving Expenses Tax Deductible? Not for Most People
Many different tax deductions are available from education expenses to dependents and sometimes travel. Are moving and relocating expenses tax deductible?
Paying Interest on Car Loans? Business Owners Get a Tax Break
Interest payments on multiple types of loans can be tax deductible. The interest on student loans is tax-deductible but what about the interest on car loans?
Are Church Tithes Tax Deductible? — Yes, and Here's How They Work
Donating to a church every week can add up to a decent amount of money. Is tithing tax deductible? Here are the IRS requirements for tithing.
Is Your Property Tax Bill Too High? How to Protest Property Taxes
If your property taxes have increased considerably, there are ways to challenge the increase. Here are some tips on how to protest property taxes.
How to Deduct Tax Preparation Fees — Personal vs. Business Expenses
If you’re wondering whether tax preparation fees are deductible, the answer depends on whether the expenses are for personal or business taxes.
HOA Fees Can Be Tax Deductible if You’re a Landlord or Freelance at Home
Is HOA tax deductible? Here are the situations where the IRS allows homeowners to deduct homeowners association fees from their tax returns.
How to Deduct Funeral Expenses on Your Estate Taxes
Funeral expenses add up. While it would be helpful if struggling Americans could deduct them from their taxes, it isn't always possible. Let's discuss estate taxes.
Does Coinbase Report to the IRS? Yes, and You Should Too
Come tax time, crypto traders will be on the hook for capital gains and income taxes. In many cases, Coinbase reports user information to the IRS. You should too.
Only Some Cosmetic Surgeries Are Tax Deductible
Is cosmetic surgery tax deductible? What about dental implants or LASIK? Here are the medical expenses that can be claimed as deductions.
COVID-19 Is a Federally Declared Disaster—What Does That Mean For Your Taxes?
Is COVID a natural disaster for taxes? See what the IRS and tax experts say about the disaster designation of the COVID-19 pandemic.
Tax Credits Could Help You Get a Larger Tax Refund in 2022
If you’re looking to get a higher tax refund in 2022, consider claiming these credits, when applicable. Learn how to make the most of tax credits.
Cryptocurrency Taxes: Using FIFO Versus LIFO to Get Your Cost Basis
There are different ways to calculate your cryptocurrency cost basis for capital gains taxes. We'll discuss two options—FIFO and LIFO.
Should You Claim Yourself as a Dependent on Your Taxes?
Let’s figure out when it’s worthwhile to claim yourself as a dependent on taxes. How can you claim yourself as a dependent? There are some pros and cons to doing so.
Alabama COVID Tax Bill Aims to Exempt COVID-19 Tax Credits
Tax credits related to COVID-19 are meant to be exempt from federal and state taxes, but Alabama needs to pass a bill to exempt those funds from state taxation.
How Do Capital Gains Taxes Work? Who Owes, Tax Rates, and More
Capital gains taxes are a form of direct tax that's applied on the sale of capital assets. How do capital gains tax work? Let's take a look at what the tax involves.
When Will the IRS Release Refunds That Include the Child Tax Credit?
Early tax filers who claimed the CTC on their taxes might receive their refund by Feb. 19, 2022, while others may have to wait until March 1st.
When Will TurboTax's 'Pay With My Refund' Option Be Available?
The cost of using TurboTax ranges anywhere from $39 to over $300. Users can pay the fees with their tax refund. When will TurboTax's "Pay With My Refund" be available?
Why Did My Status Bars Disappear on WMR 2021? Troubleshooting Tips
As people track their refunds through WMR (Where's My Refund), some of them can't see the status bars when checking on 2021 refunds. Here's what you should do.
Should I Amend My Tax Return for a Small Amount?
You got a jump on things and filed your taxes early. But after noticing an error, you wonder, “should I amend my tax return for a small amount?”
Did You Receive Notice CP80 From The IRS? — Here's What It Means
People are becoming alarmed after receiving notice CP80 from the IRS. It requests filers resubmit, but there are exceptions. Here is what you need to know and what it means for your taxes.
Is Cash App Taxes Legit? How to File Tax Returns for Free
Want to save money doing your taxes this year? The mobile payment service Cash App offers tax filing that's entirely free to use. Is Cash App Taxes legit?
Tax Refund Delays: Is the IRS Holding Refunds This Year?
The IRS is delaying processing refunds for those claiming the EITC or ACTC in 2022. Processing will start in mid-February and refunds should be received around March 1.
Is the IRS Behind on Processing Tax Returns? Possible Refund Delays
Although the IRS is on track to process 2021 tax returns quickly, your refund still might be delayed. Why is the IRS still struggling to keep up?
Can You Claim Pets as Dependents? Pet-Related Tax Breaks Exist
Pet owners can't claim pets as dependents for tax purposes, mainly because they don't have Social Security numbers. However, there are some pet-related tax breaks.
How Does a Delinquent Property Tax Sale Work?
If homeowners don't pay their annual property taxes, they could eventually lose their homes due to delinquent property taxes. How does a delinquent property tax sale work?
Watch Out for Scam IRS Texts This Tax Season, a “Prime Period” for Identify Theft
After an increase in fake IRS texts last year, the agency is warning the American public about text scams involving unemployment or stimulus checks.
Why Did My Tax Refund Go Down When I Added Another W-2?
People have all sorts of questions when tax season starts. Some people wonder why their refund went down when they added another W-2.
How to Add a W-2 After Already Filing Taxes — Quick Fix
What happens if you already filed your taxes and forgot a W-2? Can you add a W-2 after you filed your taxes? Here's a quick fix and what to expect.
Child Support Payments Aren’t Tax Deductible for Payer or Recipient
Child support isn't taxable income for the recipient. Also, it isn't tax-deductible for the parent paying it. Child support is regarded as tax-neutral by the IRS.
Taxpayers Receiving an EIC Tax Refund in 2022 Will Have to Wait Longer
According to the IRS website, the agency won’t start issuing EIC tax refunds until March 1, 2022, or a few days earlier for those who have direct deposit set up.
Portugal Is a Crypto Tax Haven — Here’s Why
If you’re looking to get more bang for your Bitcoin buck, consider moving to the crypto to Portugal. Why is Portugal a crypto tax haven?
Countries With the Highest Taxes Are Among the Happiest, Reports Show
Even though countries with the highest taxes are among the happiest, a recent survey showed that Americans don’t want to pay more taxes to be happier.
Logan Paul and Other Millionaires Move to Puerto Rico for Tax Breaks
Logan Paul chose to move to Puerto Rico in 2021, but the practice is more common than you might think since it's a way for people to save on taxes.
Understanding Gift Taxes: Who Has to Pay and When?
Who pays the taxes on a gift? Learn more about when a gift is taxable, who’s responsible for filing a gift tax return, and what exclusions apply.
What Is a Reciprocal Tax Agreement and How Does It Work?
For people who work in one state but reside in another, reciprocal tax agreements might be important. What is a reciprocal tax agreement?
IRS Decision: Income From Proof-of-Stake Mining Might Not Be Taxable
Is the income made from proof-of-stake mining taxable? Let's take a look at the IRS's recent decision on cryptocurrency and what it means.
If You Live in Multiple States, Watch Out for This When You’re Filing Taxes
Those who spend a lot of time in various states or move around should know about residency statutes for tax purposes. Here are the rules.
Breaking Down Tax-Deductible Medical Expenses — What Counts?
Tax deductions can help you reduce the annual taxes you owe or, even better, increase the amount of your tax refund. What are tax-deductible medical expenses?