The Internal Revenue Service (IRS) said Tuesday that taxpayers in nearly two dozen states should consider filing amended tax returns because they may have needlessly reported income from relief payments and so stand to get bigger refunds. The IRS said in a press release that taxpayers who reported certain state payments related to general welfare…
IRS Says Taxpayers in Some States May Be Eligible for Bigger Refunds
April 12, 2023
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How to Use a Tax Refund to Fight Inflation
If inflation has eaten away at your budget the way waves erode a beach, then your tax refund might just provide a much-needed protective barrier. As of March, prices are up 6 percent over the past 12 months, according to the most recent consumer price index. At the same time, just over half of filers…
Canada Revenue Agency Call Centres Likely to Struggle With Wait Times This Tax Season
While the government has invested millions in Canada Revenue Agency (CRA) call centres in recent years, taxpayers still only have a 50–50 chance of talking to a live agent within 15 minutes, according to an agency report. In 2020–2021, wait times often exceeded an hour during peak periods, or more than three hours to reach…
IRS Grants Tax Relief to Tennessee Storm Victims
April 11, 2023
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Victims of recent storms in Tennessee have been granted tax relief by the Internal Revenue Service (IRS) and now have until July 31 to file their returns. In an April 10 news release, the IRS said the extended relief is being granted to individuals living in any area designated by the Federal Emergency Management Agency (FEMA) in the wake…
Bank Bonuses, Interest May Boost Tax Bill
With tax season in full swing, you may be consolidating the various charitable donation receipts, deductions, and W-2 forms that you’ll submit to the Internal Revenue Service (IRS). But if you received any bank sign-up bonuses or earned interest on your bank balance, you may owe additional taxes you might not have planned for. Interest…
IRS Moves to Crack Down on Tax Shelters for Small Businesses
April 10, 2023
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The Internal Revenue Service (IRS) has issued proposed regulations that would abolish certain tax shelters. The agency’s proposed rulemaking wants to classify certain types of insurance arrangements that let small businesses benefit from tax breaks as either “listed transactions” or “transactions of interest,” making it easier for the IRS to disallow certain claimed tax benefits. “Listed…
5 Tax Tips for Older Adults
More than half of older taxpayers (57 percent) are worried they’ll have to pay more taxes this year because of the 5.9 percent Social Security cost-of-living adjustment in 2022, according to a January survey by The Senior Citizens League, a nonpartisan seniors group. Taxes for the over-65 set can feel more complicated for a variety…
Treasury Department and IRS Issue Guidance for Bonus Tax Credit for Fossil Fuel Communities
April 5, 2023
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The Biden administration issued final guidance on the bonus tax credit for American communities dependent on fossil fuels. The new rules, issued by the Department of the Treasury and the Internal Revenue Service on April 4, will allow “green” energy companies to secure additional tax credits when investing in local communities economically tied to oil and coal extraction….
4 Ways to Set Up Your Personal Finances Right and Tackle Your Financial Goals This Year
By Kale Goodman The start of the new year ushers in new resolutions and goal setting, ranging from getting in shape to quitting bad habits or even learning a new skill. It’s also the ideal time to take on new financial goals. These might include paying off debt, purchasing a new car or putting more…
Marriage, Divorce and Taxes
By Sandra Block From Kiplinger’s Personal Finance Marriage and divorce can affect your taxes. If you experienced either of those in 2022, here’s how to minimize their federal tax bite. Marriage Following a pandemic pause, more than 2 million couples got married in 2022. If you’re among the newly hitched, filing your first tax return…
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