The Motley Fool

FEBRUARY 17, 2024

Image source: Getty Images If you itemize deductions on your tax return, one of the best ways to save money and do a lot of good at the same time is to donate to charitable organizations. While it's a well-known fact that charitable contributions are usually tax-deductible, there are some strategies you can use to maximize the value of yours.

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The Motley Fool

MARCH 7, 2024

Image source: Getty Images Tax season is here. You still have time to file your 2023 tax return. If you're worried about the cost of tax software , explore free and low-cost resources. Explore low-cost and free tax prep and filing options It's essential to file your federal tax return by the April deadline.

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The Motley Fool

MARCH 13, 2024

Image source: Getty Images The deadline to file your tax return for the 2023 tax year is April 15, 2024, which is rapidly approaching. Maybe you're still waiting for some of your tax documentation to arrive. And if six months from April 15 falls on a weekend or holiday, the extended tax deadline will be the next weekday.

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The Motley Fool

JANUARY 18, 2024

Image source: Getty Images Paying taxes is a part of life for all of us. And unfortunately, mismanaging your tax situation could result in a hit to your personal finances. So could falling victim to certain blunders on your tax return. Don't just put "$3,000" on your taxes and assume that's good enough. Accuracy matters.

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The Motley Fool

DECEMBER 16, 2023

Image source: Getty Images Filing taxes isn't always a smooth process. But if you struggled with your tax return in 2023, Mark Steber, Chief Tax Information Officer at Jackson Hewitt , warns, "The upcoming tax-filing season will be yet another complex year." One thing you can do if you haven't already is max out your IRA.

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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

JANUARY 28, 2024

Image source: Getty Images Tax season causes a lot of Americans to get familiar with complex vocabulary and concepts that they might only use once per year. As a result, there are a lot of misunderstandings about filing taxes. It's no surprise that people get confused about taxes. After all, the IRS tax code is complicated.

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The Motley Fool

JANUARY 12, 2024

Image source: Getty Images Now that 2024 is in full swing, it's time to focus on a task you (like others) might dread: filing taxes. Tax returns for 2023 are due this year on April 15. You may not be in a position to get your tax return done by late January, since that's only a couple of weeks away. Here's why. Here's why.

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The Motley Fool

DECEMBER 31, 2023

Image source: Getty Images Filing your taxes isn't something most people look forward to doing thanks to all of the paperwork involved. But, while it can be a hassle, there are also benefits to getting your tax return in -- especially if you are eagerly awaiting a refund from the IRS. So when can you start to file your 2023 taxes?

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The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images I totally get why you don't want to file your taxes this year, but the IRS is kind of insistent about it. Doing your taxes can also be confusing, especially if you've never done them before. 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

MAY 26, 2024

Image source: The Motley Fool/Upsplash At this point, the 2024 tax season is thankfully in many people's rearview mirrors. And hopefully, you've either gotten your tax refund already or are expecting it to arrive any day now. As of early May, the average tax refund issued this year was $2,864.

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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.

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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

JULY 25, 2023

That's true in large part because you are going to need to produce so many documents when you apply for a home loan from a lender. Here's a list of the documents that are going to be required when you're purchasing a property. Typically, you'll need to verify a minimum of 30 days of income when you send in your financial documents.

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The Motley Fool

FEBRUARY 11, 2024

Image source: Getty Images I've yet to meet anyone who gets excited about taxes. Every year, millions of Americans hire tax professionals to do their returns for them. If you're thinking about going this route for your 2023 taxes, take the following three steps first to make sure you're working with the right person.

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The Motley Fool

MARCH 16, 2024

Image source: Getty Images Did you know that a computer helps determine which tax returns should be audited? In fact, if you receive a letter from the IRS saying it found a mistake on your tax return, there's a very good chance it involves an easy-to-resolve issue. Take time to gather all the documents you'll need before filing.

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The Motley Fool

FEBRUARY 29, 2024

Image source: Getty Images One of the worst parts about doing your taxes is that there are so many ways to mess them up. Here are three of the worst mistakes you definitely want to avoid this tax season. Read more: we researched free tax software and put together a list of the best options here 1. You just cost yourself money.

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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

MARCH 2, 2024

Image source: Getty Images More than 162 million tax returns were filed in 2023 for the tax year 2022. So it's fair to assume a similar number will be rolling into the IRS this year for tax year 2023. While it can be tempting to estimate numbers, your best bet is to wait for the documentation you need to get it right.

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The Motley Fool

MARCH 5, 2024

Image source: The Motley Fool/Upsplash The odds of your tax return being audited are roughly 3 in 1,000, or 0.3%. Some people will try anything, from paying top dollar for an accountant's help filing their returns to buying tax software with all the bells and whistles. And that's where tax preparation software may come in handy.

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The Motley Fool

OCTOBER 13, 2023

Image source: Getty Images Millions of Americans get tax refunds each year, and since last year's average refund amounted to $2,753, it's no surprise that many people are eagerly anticipating their next one. The answer is a bit more complicated than you might think, so here's what you need to know as you're getting ready for tax season.

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The Motley Fool

MARCH 21, 2024

That's okay -- the Golden State makes it easy to delay filing taxes. Whether you're waiting on a form or just need more time, you can delay filing your taxes until Oct. According to the California Franchise Tax Board (FTB), there's no need to fill out any application. Enter tax year, payment amount, and payment date.

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The Motley Fool

FEBRUARY 19, 2024

Image source: Getty Images Tax season is now underway. And whether you've just started to gather your paperwork or are almost ready to file your taxes , there may be the nagging fear in the back of your mind that your return is going to wind up on the IRS's audit list. In reality, tax audits aren't always such an ordeal.

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The Motley Fool

DECEMBER 16, 2023

The IRS would have no idea and you'd have an $80 tax-free profit. And keep in mind, if you receive a tax document in the mail, that usually means the IRS received a copy as well and knows about it. For example, if you wager $20 on an event and win $800, this would be 40 times the wager amount, which would not trigger a tax form.

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The Motley Fool

JANUARY 12, 2024

Image source: Getty Images Taxes are the sort of thing many of us would rather not think about until we absolutely have to. Tax returns for 2023 are not due until April 15, 2024. Read more: we researched free tax software and put together a list of the best options here However, the IRS will begin accepting tax returns on Jan.

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The Motley Fool

JANUARY 19, 2024

tax law, even when sailing in international waters. citizen, winnings are subject to federal income tax and are your responsibility to claim on your tax return. Read more: we researched free tax software and put together a list of the best options here When will you get a tax form? How much did I pay in taxes?

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Financial Symmetry

MAY 13, 2024

Whether your tax documents are filed away or in a folder on your desktop, you may be wondering, “Just how long do I really need to keep all of this?” ” As with many tax topics, the answer is: it depends! … Continued The post How Long Should I Keep My Tax Records?

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The Motley Fool

APRIL 1, 2024

Image source: Getty Images You've finally sent off your tax return to the IRS and -- too late -- realize that you did something wrong. If the mistake caused you to underreport your income and the government catches wind of it, it could charge you additional taxes plus a penalty. Whatever the cause, you've now got a problem.

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The Motley Fool

MARCH 18, 2024

As you send this interest money to your lender each month, you may be wondering if you can deduct the interest from your tax bill. If you file your taxes as married filing separately , the amount you can deduct is lower though. You can use this form when you are doing your tax preparation. In fact, IRS data showed that 87.3%

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The Motley Fool

MARCH 16, 2024

Image source: Getty Images You know you're an adult when you file your first tax return. Do not jump the gun I cannot overemphasize this enough: Do not rush to get your tax return filed. Even if you expect a fat refund, take the time you need to gather all the documents required to file an accurate return.

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The Motley Fool

MARCH 21, 2024

Image source: Getty Images Recently, the IRS warned that phone delays should be anticipated during the run-up to the tax-filing deadline for submitting 2023 tax returns. In response to the fact so many taxpayers call for help with their taxes at this time of year, the agency suggested an alternative if you need customer support.

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The Motley Fool

FEBRUARY 25, 2024

Image source: Getty Images I think we can all agree that we hate filing taxes, but most of us at least try to do them correctly. Roughly 10% of Americans think it's OK to cheat a little here and there on income taxes, according to the IRS. In addition to the extra taxes, you'll also owe penalties for late tax filing.

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The Motley Fool

APRIL 6, 2024

Image source: The Motley Fool/Upsplash Tax Day in 2024 is April 15, which is rapidly approaching. And while millions of Americans have already filed their returns, received tax refunds (or paid what they owe), and moved on, there are millions of others who have not. Some are still trying to track down various tax documents.

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The Motley Fool

MARCH 21, 2024

But part of that money is also being allocated to ramp up tax enforcement -- meaning, making sure people are paying the taxes they're supposed to. Read more: we researched free tax software and put together a list of the best options here Now at first, you might hear news like that and think, "Great, guess that means more IRS audits."

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The Motley Fool

MARCH 15, 2024

Image source: Getty Images Whether you're filing an individual return or a business return, taxes are due this year on April 15. Data from Adobe finds that only 1 in 3 small business owners feels prepared for tax season. But at this point, there's only about a month left to file your taxes on time.

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The Motley Fool

MARCH 10, 2024

Image source: The Motley Fool/Upsplash If you're thinking of buying an electric vehicle, you might have heard some myths and misconceptions about EV tax credits. The truth is, it's easier than ever to get EV tax credits when you buy an electric vehicle. How to get your EV tax credit: Go to a car dealership Starting from Jan.

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The Motley Fool

SEPTEMBER 21, 2023

Image source: Getty Images If you asked for a tax extension in 2023, you're certainly not alone. While it might not feel like nearly six months have already passed since Tax Day, that is indeed the case. In most years, the regular tax filing deadline is April 15, which makes the extended deadline Oct. However, in 2023, Oct.

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