The Motley Fool

MARCH 17, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS in 2024 came to $3,213. But what if you're not due a refund on this year's taxes ? There are different reasons why you may end up with a tax bill on your hands this year. What if you owe the IRS money instead?

Taxes 246

Taxes Debt Banks Accounting 246

The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Because tax returns are typically due on April 15, it shouldn't really come as a surprise that this year, the same holds true. You might think it's no big deal to file your tax return a week late. It equals 5% of your unpaid tax bill per month or partial month your return is late, up to 25%.

Taxes 241

Taxes Returns Banks Accounting 241

The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images At this point, a lot of people are starting to get serious about filing their 2023 taxes. And when doing yours, you may be eager to claim all of the tax deductions you're entitled to. But first, let's do a quick refresher on tax deductions, since they're often confused with tax credits.

Taxes 246

Taxes Education Liabilities Debt 246

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.

Taxes 246

Taxes Banks Financing Finance 246

The Motley Fool

MARCH 10, 2024

Image source: The Motley Fool/Unsplash Ah, tax time -- it's such fun to sit down with an accountant or tax-filing software and see if you underpaid or overpaid the government (which already knows your tax liability). Paying down low-interest debt So you've decided to pay off some debt with your tax refund.

Taxes 242

Taxes Debt Liabilities Financing 242

The Motley Fool

APRIL 9, 2024

Image source: The Motley Fool/Upsplash Unless you're a giant corporation who can loop every hole, your business is going to need to pay taxes. Indeed, you're going to need to pay them multiple times a year thanks to quarterly estimated tax requirements. When it's time to pay those taxes, consider how you'll pay.

Taxes 246

Taxes Accounting Banks Financing 246

The Motley Fool

FEBRUARY 18, 2024

tax code is complex. While I can't debunk every tax myth, here are three of the biggest misunderstandings you should know the truth about as tax season gets underway. If you file an extension, you'll get an extra six months to file, making your tax return due on Oct. Image source: Getty Images The U.S.

Taxes 244

Taxes Returns Financing Finance 244

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.

Taxes 237

Taxes Debt Accounting 237

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.

Taxes 246

Taxes Banks Accounting Financing 246

The Motley Fool

MARCH 21, 2024

Image source: The Motley Fool/Upsplash Many people wait until the very last minute to file their taxes. But there's a big benefit to getting your tax return done early -- having your refund hit your bank account sooner. But what if you submitted your taxes weeks ago and haven't seen that money hit yet?

Taxes 243

Taxes Banks Accounting Returns 243

The Motley Fool

MARCH 28, 2024

There are good, lawful, legitimate purposes for the dark web, but its anonymity can also be used by cybercriminals and hackers -- and some of these dark web hackers want to steal your tax refund. Let's see how these dark web tax scams might affect your taxes -- and how you can stay safe. Criminals looking to buy access to U.S.

Taxes 130

Taxes Banks Accounting Returns 130

The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Do you have big dreams for your tax refund? According to IRS data, as of March 29, 2024, the average tax refund for 2024 was $3,050. But many Americans don't think of their tax refund as a "nice-to-have" -- it's "must-have" money. Tax refunds are a financial lifeline for many U.S.

Taxes 237

Taxes Debt Financing Finance 237

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.

Taxes 245

Taxes Accounting Capital Returns 245

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.

Taxes 243

Taxes Financial Institutions Accounting Returns 243

The Motley Fool

DECEMBER 11, 2023

states still impose taxes on them even though they're necessary personal care items. If you get a period and live in a state that charges this tax, you can expect to pay more at checkout. But some relief is here thanks to the Tampon Tax Back Coalition. You can get your tampon tax money returned after filing a claim online.

Taxes 246

Taxes Education Accounting Financing 246

The Motley Fool

APRIL 5, 2024

A Roth IRA's biggest appeal is the tax-free withdrawals it promises in retirement. It could save you a fortune compared to deferring taxes if you expect your income to remain roughly the same or rise after leaving the workforce. But some don't realize that tax-free withdrawals aren't a guarantee. Image source: Getty Images.

Taxes 246

Taxes Education Accounting Funds 246

The Motley Fool

JANUARY 30, 2024

Image source: Getty Images Millions of tax filers received a tax refund from the IRS in 2023. If you typically get a refund when you file your taxes , you may be anticipating a repeat situation this season. But if you earned a lot of money in interest in 2023, you may be in for a rude awakening this tax season.

Taxes 246

Taxes Banks Legal Accounting 246

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.

Taxes 246

Taxes Banks Financing Finance 246

The Motley Fool

APRIL 16, 2024

Image source: Getty Images Taxes are due every year on April 15. But if the tax-filing deadline has come and gone and you're still sitting on an unfinished return, you may be wondering just how much worse you might make the situation by letting it sit a bit longer. Instead, get moving on that tax return ASAP.

Taxes 244

Taxes Returns Banks Accounting 244

The Motley Fool

JANUARY 16, 2024

Image source: Getty Images Like it or not, we're getting to the point of the year when it's time to start thinking about taxes. Although the filing deadline is April 15, the IRS will begin accepting tax returns on Jan. And filing your taxes early could mean getting your refund sooner, if you're entitled to one.

Taxes 246

Taxes Liabilities Accounting Banks 246

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.

Taxes 211

Taxes Education Debt Consultants 211

The Motley Fool

MARCH 19, 2024

Image source: Getty Images Getting a tax refund isn't a given. Some people submit their taxes only to see that they owe money to the IRS rather than the other way around. Read more: we researched free tax software and put together a list of the best options here 1. You could end up exempting that much income from taxes.

Taxes 246

Taxes Debt Banks Funds 246

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?

Taxes 244

Taxes Returns Accounting Companies 244

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.

Taxes 237

Taxes Banks Accounting Debt 237

The Motley Fool

MARCH 3, 2024

Image source: Getty Images Now that March has arrived, it's time to get serious about filing your taxes. But what if you're missing some key tax forms at this stage of the game? So if you don't have all of the tax documents you need in hand at this point, it's time to take action.

Taxes 246

Taxes Banks Accounting Returns 246

The Motley Fool

MARCH 14, 2024

Image source: Getty Images When you're self-employed, managing your taxes can be a bit more complicated than it is for people who get paid a salary. That's because you're required to pay estimated taxes on your earnings during the year, as opposed to having taxes withheld from your pay.

Taxes 243

Taxes Banks Accounting Returns 243

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?

Taxes 245

Taxes Banks Debt Accounting 245

The Motley Fool

DECEMBER 31, 2023

It's a big myth that taxes are something retirees don't have to worry about. Quite the contrary -- taxes can be a huge burden for seniors, especially since retirees are often limited to a fixed income that forces them to spend very mindfully. Doing so could help you avoid paying taxes on those earnings.

Taxes 246

Taxes Accounting Funds 246

The Motley Fool

APRIL 18, 2024

Data from Zillow finds that renting a home alone results in a "singles tax" of $7,110 per year on average. But still, it's not easy having to bear the singles tax as a renter. When you don't have someone to split the bills with, covering your costs can be tough. So it pays to do what you can to save yourself some money.

Taxes 234

Taxes Financing Finance 234

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.

Taxes 130

Taxes Debt Financing Finance 130

The Motley Fool

DECEMBER 17, 2023

Read more: we researched free tax software and put together a list of the best options here It pays to contribute to a tax-advantaged account like an HSA (health savings account) if you can. Instead, you'll benefit in the form of tax savings. In other words, HSA contributions are made on a pre-tax basis.

Taxes 244

Taxes Accounting Banks Funds 244

The Motley Fool

FEBRUARY 12, 2024

Image source: Getty Images You may want to begin organizing your tax documents soon. But if you need assistance preparing your tax return, there is still time to get help. One such resource available to eligible taxpayers is the AARP Foundation Tax-Aide program. The AARP Foundation Tax-Aide is available from Feb.

Taxes 239

Taxes Returns Banks Financing 239

The Motley Fool

APRIL 4, 2024

Image source: Getty Images When my first child was born, a colleague congratulated us on our "new, tiny tax shelter." While kids are expensive, there are some major tax breaks available to help offset the cost of raising a child. We're both financial planners, so the humor was well-received. But they were right. Here's why.

Taxes 130

Taxes Returns Investing 130

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.

Taxes 130

Taxes Accounting Banks Financing 130

The Motley Fool

MARCH 2, 2024

Taxes are another thing you can't control, to some degree. The IRS isn't going to magically let you off the hook from paying taxes just because you're retired. Save in a Roth IRA A Roth IRA won't give you an up-front tax break on your contributions, but come retirement, withdrawals from a Roth IRA will be yours to enjoy tax-free.

Taxes 240

Taxes Consultants Consulting Accounting 240

The Motley Fool

NOVEMBER 5, 2023

Image source: Getty Images I have yet to meet a human being who enjoys doing their taxes. I don't think they exist, and if I ever met someone who told me they enjoyed the process, I would assume they were an alien from another planet disguised as a human being who has no understanding of what taxes are.

Taxes 243

Taxes Mutual Funds Accounting Funds 243

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.

Taxes 130

Taxes Banks Accounting Returns 130