The Internal Revenue Service (IRS) has at long last issued guidance about how to handle state stimulus payments, which comes about a week after it issued an alert advising millions of taxpayers to delay filing tax returns until it provides “additional clarification” about the payments’ taxability. In a statement issued late Friday, the IRS said that…
IRS Issues Long-Awaited Clarification on Taxing Stimulus Checks After Urging Americans to Delay Filing
IRS Issues Tax Return Checklist With Key Warning About the Dreaded Notice Letter
The Internal Revenue Service (IRS) has issued a checklist to make tax preparation smoother in 2023, which features a key cautionary tip on how to avoid getting a dreaded notice or bill from the tax man. The IRS’ list of “key points to keep in mind” when preparing to file a 2022 tax return, issued…
Six Last-Minute Tips for Filing Income Taxes
The tax-filing deadline on April 18 is looming. And you might be scrambling to prepare your 2022 tax returns. But you can make the process go smoother and more efficiently. You want to lower your tax burden. It’s still possible, even though Dec. 31, 2022, has come and gone. Here are six tips for filing…
IRS Says Many Americans Can Expect Smaller Tax Refund In 2023
The Internal Revenue Service (IRS) has cautioned that many taxpayers should expect a smaller refund this tax season because of tax law changes including the expiration of pandemic-related stimulus payments that would otherwise have boosted refund balances. “Due to tax law changes such as the elimination of the Advance Child Tax Credit and no Recovery…
Ottawa Keeping Overhead Cost of Dental Care Program ‘Confidential’: Parliamentary Budget Office
The federal government has invoked confidentiality which forbids the release of the overhead cost of its “Canada Dental Benefit” program, says a report by the Parliamentary Budget Office (PBO). “The Government has shared its own estimates of administration costs with us,” said the PBO report, submitted to the Commons government operations committee (OGGO), in response…
Trump Tax Returns Released, Show He and Wife Melania Had Negative Income in 4 of 6 Years
Former President Donald Trump and his wife Melania reported negative income in four of the six years covered by the couple’s joint tax returns, which were released on Friday by the Democrat-controlled House Ways and Means Committee. While the committee earlier published a report and some documents that revealed details about the Trumps’ income and…
Trump’s Tax Returns Contain a Major Revelation
Former President Donald Trump and his wife Melania reported negative income in four of the six years covered by the couple’s joint tax returns, which were released on Friday by the Democrat-controlled House Ways and Means Committee. While the committee earlier published a report and some documents that revealed details about the Trumps’ income and…
Powerball Winner Faces Massive Tax Bill
By Kelley R. Taylor From Kiplinger’s Personal Finance Question: What sort of tax bill is the recent winner of the $2.04 billion Powerball jackpot likely to owe? Answer: The lucky Powerball winner will be looking at hefty tax bills. One of those tax bills will be from the federal government and, depending on where the…
Personal or Business Tax Filing: Which to Choose
Filing taxes can be stressful. But when you’re a small business, knowing the line between personal filing or business filing can seem a little blurry. This is especially true if you’re a sole proprietor. But it doesn’t have to be confusing; there are different requirements for filing depending on how your business is organized. Business…
Advice for Filing a Tax Return After a Death
By Joy Taylor and Lisa Gerstner From Kiplinger’s Personal Finance Question: I’m having to file a tax return for someone who recently died. Any tips? Answer: The returns should be signed by the executor or other representative and, if the decedent was married, the surviving spouse. If filing a paper return, write the word “deceased”…
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