The IRS hit Americans with $7 billion in tax penalties in 2023, a record-high level that marks a nearly 300% increase from the prior year. The majority of the fines were levied against those who underpaid their estimated quarterly income taxes, which is predominantly freelancers, gig workers and other self-employed individuals. In fiscal year 2023,…

KEY POINTS The IRS typically issues tax refunds within 21 days of receiving an electronically filed return. If the IRS takes longer than usual to process your refund, and it’s not due to an error on your part, then you may be entitled to interest on your overdue refund. There’s an easy way to check…

It’s tempting to only pay the minimum your credit card requires, but here’s how to escape the black hole of credit card debt in no time. So you spent a little too much on take-out this month — or maybe you went a little overboard at that sale at T.J. Maxx, or you decided to…

I am closing my office as of June 30, 2024 and will reopen on September 2, 2024. If you need taxes done for 2021, 2022, or 2023, it is important to get them done now. The tax filing season for 2023 ends on Oct0ber 15, 2024. If you fail to file taxes for 2021 or…

Here are some simple things taxpayers can do throughout the year to make filing season less stressful. Organize tax records. Create a system that keeps all important information together. Taxpayers can use a software program for electronic recordkeeping or store paper documents in clearly labeled folders. They should add tax records to their files as…

Whether someone is a current homeowner or buying a new home this summer owning a home can be expensive. There are tax benefits that can help taxpayers save money and offset some of the costs that come with homeownership. Homeowners should review the tax deductions, programs and housing allowances to see if they are eligible.…

When business owners put together an emergency preparedness plan, it should include copies of vital records and financial information. Here are some things everyone can do to help protect their financial records. Update emergency preparedness plan annually Personal and business situations are constantly evolving, so taxpayers should review their emergency preparedness plan annually. The U.S.…

Your local bank is not paying a decent interest rate on regular savings. If you converted to a money market account, you are getting better results. I have an online savings account with emigrantdirect.com. Emigrant normally pays 1.5% interest. As of June 2023, they are paying 4% interest. My account with Emigrant has been open…

About one-quarter of U.S. adults age 50 and older who aren’t yet retired say they expect to never retire and 70% are concerned about prices rising faster than their income WASHINGTON — About one-quarter of U.S. adults age 50 and older who are not yet retired say they expect to never retire and 70% are concerned…

WASHINGTON – The Internal Revenue Service issued final regulations today for the new and previously owned clean vehicle credits. The final regulations provide rules regarding the critical mineral and battery components requirements for the new clean vehicle credit. Today’s guidance finalizes rules for taxpayers intending to transfer the new and previously owned clean vehicle credits to dealers who…