House Democrats push for SALT relief in appropriations bill

Rep. Tom Suozzi, DN.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the US Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Despite roadblocks, five House Democrats are still fighting for relief on the $ 10,000 limit on federal deduction for state and local taxes, … Read more

How to sidestep a tax bomb when selling your home

With soaring prices and record home equity, you may expect a profit from selling your property. But the windfall may trigger an unexpected tax bill next April. While home profits dipped slightly, the typical single-family seller still scored a $ 103,000 gross profit during the first quarter of 2022, according to ATTOM, a nationwide property … Read more

How to buy more than $10,000 in nearly risk-free I bonds this year

Chris Ryan | Getty Images I bonds have surged in popularity as riskier assets slip. The bonds are backed by the federal government, the principal does not lose value and the bonds earn monthly interest through two parts, a fixed rate and a variable rate. Currently, the variable component will pay a record 9.62% annual … Read more

The IRS has sent more than 78 million refunds. How to check on yours

If you filed a last-minute tax return, you may see your 2021 refund faster than you’d expect. Nine out of 10 refunds have arrived within 21 days this season, according to the IRS. As of April 15, the agency has issued more than 78 million refunds worth over $ 242 billion in total, and the … Read more

How to decide whether to spend or save your tax refund

Ahead of Tax Day, the IRS has issued more than 70 million refunds, at an average of $ 3,256. That’s over $ 400 more than last year, when the average refund was just above $ 2,800. For many Americans, a lump-sum payment of this size is rare and it’s tempting to squander it. Still, a … Read more

As food prices soar, some states consider cutting taxes on groceries

A person shops for groceries at Lincoln Market on March 10, 2022 in the Prospect Lefferts Garden neighborhood of Brooklyn borough in New York City. Michael M. Santiago | Getty Images New government inflation data shows prices are surging in one key area – food. Now some states are looking at helping to reduce that … Read more

There’s another sneaky tax deadline on April 18. How to avoid a penalty

Prathanchorruangsak | Istock | Getty Images With one week left to file your federal taxes, it’s easy to overlook another sneaky deadline: the due date for first-quarter estimated tax payments. If you have income from self-employment, a small business, gig economy work, investments and more, you must make a payment by April 18. You need … Read more

There’s a growing interest in wealth taxes on the super-rich

Late. Ron Wyden, D-Ore., Speaks during a Senate Finance Committee nomination hearing on Feb. 23, 2021. Greg Nash | Pool | Reuters Americans increasingly favor a wealth tax on the ultra-rich. But despite an uptick in proposals, these policies have struggled to gain traction. President Joe Biden in March unveiled the latest federal wealth tax … Read more

The tax deadline is 10 days away. Here’s the average refund so far

bymuratdeniz | iStock | Getty Images There are 10 days until April 18, the tax deadline for most Americans, and the IRS has already sent more than 63 million refunds worth over $ 204 billion in total, as of April 1, the agency reported Friday. Almost one-third of Americans do not file until the last … Read more

These are the top reasons why your tax return may be flagged by IRS

If you’re among the millions of Americans scrambling to meet the tax deadline, it’s critical to avoid errors that may flag your return or even trigger an IRS audit. The agency has processed more than 78.8 million returns as of March 25, the IRS reported Friday, including nearly 58 million refunds. But with the tax … Read more