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From Montana to Michigan: These States Are Giving Residents Tax Cuts Amid Cash Surpluses
Nationwide, states’ total financial balances reached a record $343 billion at the end of their 2022 fiscal years — up 42% from the previous year, according to a recent report by The Pew Charitable Trusts.
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Don't Believe These 5 Tax Myths. Here's What You Need to Know Before You File This Year's Return
Know the facts when you’re filing your taxes this season. Here’s a look at the truth behind some common tax myths.
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Missing Tax Forms Will ‘Definitely' Delay Your Refund, Expert Warns. How to Know Which Ones You Need
It’s important to get organized with tax forms before filing your return to avoid refund delays. Here’s how to know which forms you need.
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How Do Tax Preparers Set Their Rates?
Tax preparer fees in the U.S. are all over the place, and they might seem random, but there are a few factors that can influence how these fees are calculated. Here are these factors.
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Here's How After-Tax 401(K) Contributions Can Help With Those Big Retirement Savings Goals for 2023
If you’re planning to max out your 401(k) plan for 2023 and want to save more, you may consider after-tax 401(k) contributions. Here’s what you need to know.
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The Difference Between Tax Credits and Deductions Explained With Sticky Notes
Both tax credits and tax deductions can help taxpayers keep more of their money, but they do it in very different ways. Here’s how they work.
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How to Access Your IRS Transcripts for an Accurate Tax Return — and Faster Refund
Whether you’re filing a simple or complicated tax return, it’s critical to make sure it’s accurate and complete. Here’s how IRS transcripts can help.
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Married Filing Jointly Vs. Separately: How to Know When Filing Apart Makes Sense
Married couples have the choice to file income taxes jointly or separately every year. Here’s how to pick the best option for your return.
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Made a Profit Selling Your Home in 2022? Here's How to Trim Your Tax Bill
If you made a sizable profit from selling your home, you may have an unexpected tax bill. Here’s what sellers need to know.
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IRS Unveils Option Allowing Online Responses to 9 of Its Notices. ‘A Step in the Right Direction,' Says Tax Pro
The IRS has unveiled a new option to respond to certain agency notices online. Here’s what filers need to know.
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Debunking Common Tax Myths
Your pets can’t be claimed as dependents, filing electronically is faster and more secure than using paper, and filing for an extension does not give you more time to pay.
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The IRS Has Issued Nearly 8 Million Tax Refunds. Here's the Average Payment
The IRS has issued nearly 8 million tax refunds worth about $15.7 billion, as of Feb. 3. Here’s the average payment.
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Do You Owe Federal Taxes on Relief Checks? Not If You Live in These 16 States
After a delay, the IRS provides guidance on whether you owe federal taxes on your 2022 state-issued checks or tax rebates.
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Some Newlyweds May Face a Higher Tax Bill Due to a ‘Marriage Penalty.' What to Know
While many couples discover they benefit tax-wise (or fare the same) once they are married, others end up paying more after tying the knot.
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Did You Receive a Special Tax Refund Last Year? The IRS Says Hold Off on Filing Returns
The IRS is urging millions of taxpayers to hold off on filing their tax returns for 2022 if they received a special tax refund or payment from their state last year.
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What Are Some Common Tax Filing Errors?
These are some of the most common errors you should avoid when filing your taxes, according to experts and the IRS.
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Will You Have to Pay Taxes on Your California Middle Class Tax Refund?
At this time, the IRS is urging filers to wait for further clarification, with a decision possible by next week
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We Asked ChatGPT Tax Questions and Had a CPA Fact-Check the Responses
The artificial intelligence chatbot can write 5-paragraph essays and even pass business school exams. But can it help you with your 1040 Form? We asked the chatbot some tax questions and had a certified public accountant check ChatGPT’s work.
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What Is the Standard Deduction, and Which One Applies to You?
Many people hire professional help when it comes to filing their taxes to avoid dealing with complicated terminology. Here’s one of the more basic terms.
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Tax Credits Vs. Tax Deductions: How They Differ, and What to Know Before You File
It’s tax season, and Americans are trying to make sense of various tax breaks. Tax credits are generally more valuable than deductions.