IRS

With soaring prices and record home equity, you may expect a profit when selling your property. Here's how to lessen the tax bite.

Filers won't be affected by the IRS decision to destroy 30 million so-called paper information returns, the agency said.

The IRS destroyed an estimated 30 million so-called paper-filed information returns in March 2021, sparking anger from the tax community.

How can I decide if I should start taking out more to gift to my three children now rather than have them wait for an inheritance? If favorable, it may make sense for you to do a Roth conversion now and then withdraw and gift or bequeath the Roth IRA to your children, he said. Estate and Inheritance taxes will also play a role in the calculation depending on how large your total estate is. “Currently estate taxes are only due if the estate is larger than $12.06 million or $24.12 million for a married couple which is the lifetime exclusion for gift and estate taxes, however that is set to revert to less than half in 2026,” he said. “If you want to gift smaller amounts in your lifetime without eating into your lifetime exclusion amount, you can gift $16,000 to each of your children, which is the annual exclusion for gift taxes in 2022.”Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com.

The IRS has announced inflation-adjusted health savings account limits for 2023.

If you filed an accurate tax return online, most refunds are arriving within 21 days, according to the IRS.

Q. I haven’t filed taxes for five years. Here’s what to expect:Most taxpayers are required to file a tax return each year. To prepare prior years’ tax returns, you will need tax documents such as W-2s and 1099s, she said. When filing returns for prior tax years, you need to use the appropriate form for that tax year. “Filing your current and past-due tax returns is a major undertaking and we highly recommend that you engage a tax professional to assist you,” Cirignano said.

If you missed the April 18 tax deadline, you may cut back on penalties by filing your return promptly. Here's everything late filers need to know.

Here's what can happen if someone steals your Social Security number and finds employment using your name and personal information.

The tax deadline has passed but the frustration hasn't for many taxpayers who file for an extension, couldn't file electronically, never did reach anyone by phone to address their issues, or who are still waiting for their 2020 refunds from the IRS.

Millions of Americans file returns after the Tax Day deadline. If you're in that group, here's what determines how much you'll owe.

Millions of Americans file returns after the Tax Day deadline. If you're in that group, here's what determines how much you'll owe.

Millions of Americans file returns after the Tax Day deadline. If you're in that group, here's what determines how much you'll owe.

April 18 is the 2021 federal tax deadline for most Americans. Here's what to know before filing an extension or sending your return.

As of April 9, some 50 million Americans had yet to file their returns. Here's what to do if you need more time.

Taxes, 401(k) plans and IRAs are complicated. Here's everything you need to master the fundamentals of both your personal taxes and retirement options.

Monday is Tax Day, the federal deadline for individual tax filings and payments.

Millions of Americans wait until the last minute to file their taxes, and this year is no exception.

Tax Day generally falls on April 15, but this year, most Americans will have to file their individual income taxes by April 18.

The iconic band’s upcoming North American tour brings singer Roger Daltrey and guitarist/songwriter Pete Townshend back after their 2019 tour.

To disguise his ownership of the entities, Angelo allegedly designated nominee owners over some of the entities. Hassan Kamal Fayad, Mirna Kamal Fayad, Mann, Quartz, Rosina Angelo and others allegedly helped Angelo operate the entities. Hassan Kamal Fayad — a resident of Dearborn and Detroit and the brother of Mirna Fayad. Mirna Kamal Fayad — a resident of Dearborn and the sister of Hassan Fayad. Angelo allegedly directed these individuals to contact crash victims and offer them services provided by Angelo’s network of entities.

The IRS estimates that more than 3 million tax returns are still being processed from 2021.

Third stimulus payments worth up to $1,400 are still available if you haven't received them already.

If you're scrambling to finish your taxes, it's easy to overlook the forms needed for a complete and accurate return. Here are some of the most common mistakes.

Residents of Wyoming, Connecticut and New York lead the nation in getting bigger checks from the IRS. Here's why.

Millions of Americans file their tax returns in the last week of tax season. Here's how to do it without spending a dime.

Millions of Americans file their tax returns in the last week of tax season. Here's how to do it without spending a dime.

As of April 1, some 70 million Americans had yet to file their returns. Here's what to do if you need more time.

The House probe marks an escalation of years of controversy over the government’s growing reliance on facial recognition, which boiled over earlier this year after the IRS said it would require Americans to scan their faces in order to access their IRS tax accounts.

As the April 18 tax filing deadline nears, here are some tips for reducing what you owe or landing a bigger refund.

As of April 1, some 70 million Americans had yet to file their returns. Here's what to do if you need more time.

Ten people were shot and another 13 injured in the attack on a subway train Tuesday morning.

Investors should keep track of their crypto and NFT transactions for tax purposes, though there are exceptions.

Are you still working on your tax return? Here are some things to keep in mind as the April 18 deadline looms.

1 in 4 taxpayers has yet to submit their tax return this year. Here's how to do it without spending a dime.

For everyone who bet big on last year’s NFT boom, Uncle Sam’s bill is coming due.

Experts say there are a number of things people can do to lower the chance of getting audited by the IRS.

As of April 1, some 70 million Americans had yet to file their returns. Here's what to do if you need more time.

The deadline for first-quarter estimated tax payments is approaching for the self-employed, contract workers and retirees. Here's what to know.

There are 10 days until April 18, the tax deadline for most Americans. Here's the average refund so far.

This year, more than ever, the IRS wants people to file electronically. But a big processing glitch is preventing some taxpayers from filing. Here's the quick fix for the problem.

The agency announced recently that tens of millions of tax returns and correspondence were caught in a backlog created by staff departures, pandemic upheavals and obsolete technology.

If you're among the millions scrambling to meet the April 18 tax deadline, it's critical to avoid errors that may flag your return or even trigger an IRS audit.

The IRS has issued nearly 58 million refunds, which are worth almost $189 billion in total, as of March 25.

In addition to wages, salaries, bonuses and tips, taxpayers need to include income that comes from other sources. The IRS says taxpayers who collected at least $20,000 from more than 200 donations should file information from their 1099-K. Related: Need tax help? Any transaction involving virtual currency, like Bitcoin, Ethereum and other cryptocurrencies, should be reported at the top of tax Form 1040 and Form 1040-SR. Money from part-time work, that’s paid in any form or not reported on an income statement is subject to taxes.

The IRS has an unprecedented backlog of tax returns, and it's partly due to its failure to adopt widespread scanning technology, leaving workers to type in data from millions of paper returns.

Some Americans may still be waiting for their third federal stimulus check, according to the Treasury Department.

A three-year window to claim the money is about to close. After that, the refunds become the property of U.S. Treasury.

Most of the third round of stimulus checks has been sent. But if you never received a payment or your circumstances have changed, you may be eligible for money.

A three-year window to claim the money is about to close. After that, the refunds become the property of U.S. Treasury.

For those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.

The plan would affect almost 30,000 American families with assets of more than $100 million. Here's what you should know.

The IRS is facing staff shortages and backlogs of returns — on top of recently changed tax laws that make processing returns harder.

The plan would affect 20,000 American families with assets of more than $100 million. Here's what you should know.

The IRS criminal investigation arm tasked with tracking down sanctioned Russian oligarchs' property failed to receive an infusion of money in the Ukraine aid package.

You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?

Congress is racing to pass a mammoth $1.5 trillion legislative package that would fund the government for the rest of the year.

Whether you’re new to owning your own business or a seasoned vet, taxes can be so stressful. It’s easy to overlook things or simply forget an item here and there.

Tax season is upon us, and you probably have some questions about filing this year.

Michigan residents waiting for their tax forms from the Michigan Unemployment Agency can now get them online.

A Dearborn husband and wife have been charged by federal officials for declaring a false bankruptcy, wrongly receiving food stamps and evading taxes, authorities said.

Tax season is officially here, meaning you have the next couple months to get those returns filed! This year’s IRS deadline is April 18.

We're sharing important information about how thieves are trying to trick you as you work to file your taxes right now.

There’s an important update for the thousands of people who took advantage of the child tax credit last year.

There’s an important update for the thousands of people who took advantage of the child tax credit last year.

It’s free money for families that need it and Detroit Mayor Mike Duggan is working to make sure Detroit residents get in on it.

Each year, tax payers get conned by tax-related schemes meant to steal money and personal information from people.

Alternative finance has captured the attention of investors across the U.S. As the 2022 tax season approaches, traders who are new to cryptocurrency taxation will have to contend with the IRS’ rules for reporting on taxable events.

The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.

U.S. taxpayers, brace yourselves because tax filing season starts Monday and you can expect the task to be more cumbersome than usual this year.

This week’s Tech Time takes a closer look at why the IRS is asking people to file online this year.

Did you know that you might be able to file your federal and taxes for free online?

For those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.

It’s always a good thing to reacquaint ourselves with the issues that can prevent scammers from taking money from us.

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes.

Healthcare savings accounts (HSA) are one of the most useful but misunderstood, and rarely used, healthcare financing options.

Don't focus on the bottom line.

What does Bitcoin have to do with roads and bridges.

A Republican senator who helped negotiate a nearly trillion-dollar bipartisan infrastructure bill says a proposal to strengthen IRS enforcement to raise money to help pay for the bill's spending is officially off the table.

If you have children under the age of 17, you might want to check your bank balance Thursday night -- there may be a little extra cash in there as part of the American Rescue Plan.

Despite the May filing deadline, millions of Americans still have yet to receive their federal tax returns.

Thursday at 6:30 a.m. on Local 4 News Today.

Here are tonight's top stories

The child tax credit can be considered a game changer for families and can be worth hundreds of dollar a month for parents.

IRS Criminal Investigation is working to recruit special agent candidates.

The first child tax credit payments go out next week, and experts are already warning that along with the money comes the threat of scam artists trying to take it.

The IRS is sending out checks nationwide next week and that money will help families in need. But there’s something you need to watch out for.

Thursday at 6:30 a.m. on Local 4 News Today

Vice President Kamala Harris is visiting a child care center to highlight the Biden administration’s efforts to expand child care and relieve the financial pressures of parenthood.

Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.

The 2021 tax season officially ended on May 17 -- so if you missed the tax filing deadline, what do you do?

The 2021 tax season officially ends Monday at midnight, but experts are encouraging people not to simply “file and forget.”

A female rap duo out of Southfield called “Deuces Wild” is accused of filing fraudulent tax returns and stealing millions of dollars.

Millions of Americans leave millions of dollars in tax refunds on the table each year by not filing their taxes.

A U.S. tax court has handed a major victory to the estate of Michael Jackson in a years-long battle.

Taxpayers in the U.S. are required to report gig economy income on their tax returns.

The IRS said Michigan has a high number of people who haven’t received their checks.

If you already anticipate needing some extra time to file your federal tax return, there’s some good news. You can always file for an extension.