IRS weighs ‘audit selection algorithm’ changes for low-income tax credit

IRS Commissioner Danny Werfel speaks at a Senate Finance Committee hearing in Washington, D.C., on April 19, 2023. Al Drago | Bloomberg | Getty Images After vowing in September to “substantially” reduce... Read more »

Bezos Unloads Another $2 Billion of Amazon Stock in Latest Sale

Jeff Bezos has unloaded another 12 million shares of Inc. valued at $2 billion, bringing the total sold in the past week to more than $6 billion. He sold the latest... Read more »

House lawmakers weigh relief for SALT ‘marriage penalty’

Violetastoimenova | E+ | Getty Images House lawmakers are weighing relief for a “marriage penalty” that impacts the federal deduction limit on state and local taxes, known as SALT. While the bill... Read more »

Here are some of the top red flags for an IRS audit, tax pros say

Image Source | Image Source | Getty Images As Americans file returns this season, some worry about IRS audits amid agency efforts to ramp up service, technology and enforcement. Recent IRS enforcement... Read more »

The average tax refund is almost 29% lower this tax season, IRS reports

Artistgndphotography | E+ | Getty Images With tax season in full swing, the IRS has issued more than 2.6 million refunds worth about $3.65 billion, as of Feb. 2, the agency reported... Read more »

How to know if you’re withholding enough taxes from your paycheck

Witthaya Prasongsin | Moment | Getty Images If your tax refund or bill is bigger than expected, it could be time to adjust your paycheck withholding — and a simple calculation could... Read more »

Here’s who qualifies for the home office deduction for 2023 taxes

Justin Paget | Digitalvision | Getty Images If you were fully remote or a hybrid worker in 2023, you may be curious about the home office deduction for your tax return. While... Read more »

This costly withholding mistake is ‘always a surprise,’ tax pro says

Guido Mieth | Stone | Getty Images As millions of Americans start filing returns, experts warn that last year’s tax withholding errors could trigger an unexpected bill. The IRS requires tax payments... Read more »

How to file your taxes for free this season

Filing taxes is more expensive this year as the industry raises prices to combat a growing accountant shortage. The cost of tax preparation and accounting fees grew 8.3% in November 2023 compared... Read more »

Child tax credit expansion could benefit millions of families

J_art | Moment | Getty Images House lawmakers on Wednesday night passed a $78 billion bipartisan tax package, including a child tax credit expansion that could benefit millions of children in low-income... Read more »

Here’s how to get a faster tax refund, expert says

D3sign | Moment | Getty Images Tax season has kicked off and the IRS has started to process 2023 returns. If you’re expecting a refund, there are a few ways to get... Read more »

Rudy Giuliani Bankruptcy: NYC Mayor Lists Yankees Loot, Trump Claim as Assets

Rudolph Giuliani’s bankruptcy financial disclosures show he has assets that include New York Yankees world series rings, a signed Joe DiMaggio shirt, and potential claims against Donald Trump and President Joe Biden.... Read more »

Improving earned income tax credit is a ‘no brainer’

Jamie Dimon, chief executive officer of JPMorgan Chase & Co., at the UK Global Investment Summit at Hampton Court Palace in London, UK, on Monday, Nov. 27, 2023.  Chris Ratcliffe | Bloomberg... Read more »

Here’s what to know about the free IRS Direct File tax filing program

IRS Commissioner Daniel Werfel testifies before a Senate Finance Committee hearing on Feb. 15, 2023. Kevin Lamarque | Reuters As the tax season kicks off next week, Americans have several free filing... Read more »

Bipartisan tax deal could boost child tax credit for 2023

How much the credit could be worth for families While less generous than the enhanced child tax credit enacted during the Covid-19 pandemic, the changes would boost the maximum refundable tax break... Read more »

FTC bans ‘deceptive advertising’ for free filing from TurboTax

Sopa Images | Lightrocket | Getty Images “Absolutely no one should be surprised that FTC Commissioners — employees of the FTC — ruled in favor of the FTC as they have done... Read more »

How parents can gain from two child credits this tax season

Maskot | Maskot | Getty Images The cost to raise a child has become expensive for parents in the U.S. As tax season approaches, it’s smart to pay attention to tax breaks... Read more »

House Republicans reintroduce bill to repeal ‘death tax’

Rep. Jason Smith, R-Mo., speaks during a House Oversight and Accountability Committee impeachment inquiry hearing into U.S. President Joe Biden on Sept. 28, 2023. Jonathan Ernst | Reuters House Republicans this week... Read more »

Dutch King Willem-Alexander Risks Losing Half His Paycheck to Taxes

King Willem-Alexander of the Netherlands is on the verge of losing almost half his paycheck as the country’s parliament prepares to vote on a proposal to tax his income — just like... Read more »