The Motley Fool

MARCH 6, 2024

Everything from property taxes to home maintenance can bite into your budget. On the plus side, many of those homeowner expenses also happen to have some associated tax perks. Read more: we researched free tax software and put together a list of the best options here 1. Tax credits reduce how much tax you owe.

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The Motley Fool

MARCH 13, 2024

Image source: Getty Images At this point, many people have filed their taxes and are waiting for their refunds to hit their bank accounts. So if you're in a similar situation, do not put your tax refund into a CD, where you'll risk a penalty for withdrawing your money before your CD matures. But is that a good idea?

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The Motley Fool

MARCH 18, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS this filing season was $3,213. But no matter what refund you get on your taxes , it's important to make the most of that money. Read more: we researched free tax software and put together a list of the best options here 2.

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The Motley Fool

MARCH 8, 2024

Image source: Getty Images Doing your taxes is unpleasant enough, but it can turn into a nightmare if you wind up with an unexpected bill. Read more: we researched free tax software and put together a list of the best options here Do nothing Doing nothing is the worst thing you can do in the face of a tax bill.

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Tax Day 2024 is April 15, but many Americans aren't ready to file their taxes. If you are procrastinating about your taxes, it might be because you're feeling worried about what refund you might get -- or how much you might owe.

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The Motley Fool

MARCH 25, 2024

Image source: Getty Images In 2023, the average tax refund was $2,903 according to The Motley Fool Ascent's tax research. In fact, here are three great things you may want to do if your tax software shows a refund is coming your way. Read more: we researched free tax software and put together a list of the best options here 1.

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The Motley Fool

OCTOBER 24, 2023

Many people don't realize that a personal loan can be used for more than debt consolidation and home renovations. Here's how to compare personal loans with some of the other methods of borrowing money to pay your taxes to see which could be the best for you. Can you use a personal loan to pay your taxes?

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The Motley Fool

MARCH 15, 2024

Image source: Getty Images The United States tax code is rather complex, and the reality is that because of its complexity, many people don't get all of the tax deductions they qualify for. Could any of the following deductions help reduce your tax bill? Medical expenses Taxpayers can deduct medical expenses that exceed 7.5%

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The Motley Fool

MARCH 10, 2024

Image source: Getty Images Many people who file taxes every year end up getting a refund. Read more: we researched free tax software and put together a list of the best options here You may be inclined to ignore an old tax debt and hope the IRS will forget about it in time. But that's highly unlikely to happen.

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The Motley Fool

MARCH 16, 2024

16, 2024, the IRS had issued 20,883,000 tax refunds totaling $66.980 billion. These refunds are for taxes overpaid in 2023. RELATED: The Ascent's Complete Guide to Taxes Read more: we researched free tax software and put together a list of the best options here That is a lot of money to get in a lump sum. 10 $64,540.58

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The Motley Fool

APRIL 5, 2024

Image source: Getty Images Taxes are due on April 15. And many people who file their taxes wind up with a refund a few weeks later. However, the consequences may not be so severe if you file your tax return on time and pay your tax bill a week late. There are also separate penalties for paying your actual tax bill late.

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The Motley Fool

MARCH 22, 2024

Image source: Getty Images The average tax refund for 2023 is $3,182, according to the latest IRS data. It's surprisingly easy to turn your tax refund into a small fortune, even if you don't have any investment experience. If you have credit card debt that's accruing interest, it's smart to apply your refund to your balance.

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The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash As we edge closer to Tax Day , there's a whirlwind of changes and updates to keep on your radar. Thankfully, Karla Dennis, a tax expert and founder of KDA, Inc. , is here to help us sift through the noise and highlight the most impactful shifts in this year's tax landscape.

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The Motley Fool

FEBRUARY 21, 2024

Image source: Getty Images The 2024 tax season officially kicked off in late January. And 2023 returns are due on April 15 this year, which is the standard tax-filing deadline. Filing taxes can be complicated even when you're a regular old salaried employee. So do yourself a favor and get organized now.

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The Motley Fool

MARCH 18, 2024

Image source: Getty Images Doing your taxes isn't fun even in the best-case scenario, but for most people, they're at least not too painful. You spend a couple of hours entering data into your tax software, file your return, and get a refund check a few weeks later. You do this through the IRS Free File system, not your tax software.

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The Motley Fool

MARCH 24, 2024

Image source: Getty Images The funny thing about taxes is that, technically, the best result is no one owes anyone anything -- when, in reality, many of us are happy to get that check every spring. Read more: we researched free tax software and put together a list of the best options here 1.

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The Motley Fool

MARCH 24, 2024

But don't get too lackadaisical about paying your California state taxes. If you don't file your California state income tax return -- and don't pay any state taxes you might owe -- you could get hit with painful penalties. Every California taxpayer has an automatic six-month deadline extension to file taxes.

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The Motley Fool

MARCH 6, 2024

16, the IRS had issued more than 20 million tax refunds. Since the 2024 tax-filing season is far from over, it's fair to assume that number will change in the coming weeks. Don't treat your tax refund as free money One of the biggest mistakes you can make with your tax refund is treating that money like a gift from the IRS.

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The Motley Fool

APRIL 12, 2024

Image source: The Motley Fool/Upsplash As of March 29, the average tax refund given out by the IRS during the 2024 filing season was $3,050. But one thing you don't want to do is ignore your tax debt, as that could have truly negative consequences. The IRS doesn't report tax payment information to the credit bureaus.

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The Motley Fool

MARCH 20, 2024

Image source: Getty Images At this point, there's still a decent amount of time to file your taxes ahead of this year's April 15 deadline. But what if you're really behind, you haven't yet lined up any tax help, and you just don't see a way to get your return completed by mid-April? Tax software can help with this.

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The Motley Fool

APRIL 25, 2024

Image source: The Motley Fool/Upsplash Most people don't love filing taxes, but lots of people love getting a tax refund! The average IRS tax refund for 2024 is $3,011 (as of April 15 data). For many Americans, a tax refund feels like a happy surprise -- "free money" from the government.

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The Motley Fool

MAY 14, 2024

Credit card debt is also pretty normal. They would take more than 30 years to become debt-free by paying only the minimum, and would pay a grand total of $36,610.75 What should you do if your credit card debt or utilization ratio is too high? You can take control of your debt situation. before the card was fully paid off.

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The Motley Fool

MARCH 15, 2024

Image source: Upsplash/The Motley Fool It's funny how much time we spend trying to figure out how to save money on taxes , yet we don't spend much time thinking about ways to make a refund work for us. For example, the average tax refund so far this year is a little over $3,200, but the average person doesn't have much to show for it.

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The Motley Fool

MARCH 8, 2024

16, the average tax refund so far is $3,207. RELATED: Best Tax Software Read more: we researched free tax software and put together a list of the best options here Here are a few ideas for what to do with your tax refund this year. Pad your emergency fund This is another smart and safe move for your tax refund.

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The Motley Fool

SEPTEMBER 24, 2023

Image source: Getty Images The majority of people who file taxes end up getting money back from the IRS. And for many, those tax refunds are a financial lifeline. The average tax refund for the 2023 filing season was $2,812. Tax-filers in that situation generally have to mail such documentation back to the agency.

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The Motley Fool

APRIL 16, 2024

Image source: Upsplash/The Motley Fool Not everyone who files taxes ends up with a refund. But this year, the average tax refund is $3,011. As a caveat, that number could change as more tax returns roll in (keeping in mind that not everyone submits a return by the April 15 filing deadline). Here are some options to consider.

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The Motley Fool

MARCH 21, 2024

Image source: Upsplash/The Motley Fool It's the most wonderful time of the year: tax season! But even though no one loves to pay taxes, filing your tax return can give you a sense of completion and clarity. Knowing how much tax you owe -- or how big of a refund you'll get -- is like an annual check-in for your personal finances.

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The Motley Fool

MARCH 22, 2024

Similarly, when you earn freelance income, you have to report that income on your taxes and pay the IRS a portion. When you're paid on a freelance or self-employed basis, you get your full wage, and it's on you to allocate some of that money for tax purposes. But don't not claim freelance income due to an inability to pay a tax debt.

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The Motley Fool

APRIL 11, 2024

Image source: Getty Images As of March 29, the average tax refund issued during the 2024 filing season was $3,050. If you filed your taxes already, you may be anticipating a nice refund check any day now. But should you use your tax refund to buy insurance? And if so, it's important to put that money to good use.

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The Motley Fool

MARCH 22, 2024

Image source: The Motley Fool/Upsplash Taxes are due this year on April 15. But if you're late with your tax return and owe money to the IRS, serious penalties could apply. Similarly, if you owe money to the IRS for 2023 and you don't make your tax payment by April 15, you could be penalized for being late.

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The Motley Fool

MARCH 27, 2024

Image source: Getty Images Getting a big tax refund can feel really exciting. After all, you're getting a nice check in the mail or a big chunk of money deposited into your bank account just for filling out some paperwork in the form of a tax return. But it isn't free money; it's your money. That's an overpayment of about $267.25

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The Motley Fool

APRIL 5, 2024

Image source: Getty Images Many people who file a tax return end up with a refund. And this year, the average tax refund as of this writing is $3,081. If your income increased a lot last year but you didn't increase your tax withholding, then you may end up owing the IRS money this April. But not everyone gets a refund.

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The Motley Fool

MARCH 1, 2024

Image source: Getty Images The only thing most people like about tax season is getting a refund check they can put toward debt repayment, saving for a long-term goal, or just spending it on something fun. Below, we'll look at which states had the largest tax refunds last year and what you can do to boost yours. Alaska $1,565.92

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The Motley Fool

FEBRUARY 17, 2024

Image source: Getty Images A lot of people dread the idea of having to sit down and file their taxes. And while you may not exactly be jumping for joy over the prospect, the sooner you submit your 2023 tax return, the sooner any refund you're owed can hit your bank account. million tax refunds so far this year. And as of Feb.

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The Motley Fool

MARCH 14, 2024

Image source: The Motley Fool/Upsplash Just as it's sometimes possible to drop the ball on filing your federal taxes , so too might you inevitably drop the ball on your state taxes. So if you're sitting on an old tax return you know you need to submit, don't just ignore the problem. But you may be looking at costly penalties.

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The Motley Fool

MARCH 7, 2024

Image source: The Motley Fool/Getty Images Everyone knows the IRS taxes the income you make from your job and any side hustles you have. But that's far from all you'll owe taxes on. The government also taxes things like savings account interest, forgiven credit card debt, and money obtained from illegal activities.

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The Motley Fool

SEPTEMBER 4, 2023

Country Garden's Great Wall of Debt won't collapse tomorrow. It created jobs, strengthened middle-class wealth, and benefited local tax revenues. A Country Garden debt default would send destructive ripples throughout the industry. A Country Garden debt default would send destructive ripples throughout the industry.

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