taxes – The News Desk

H&R Block customers experience outages ahead of the Tax Day deadline

16Apr

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Money

H&R Block customers experience outages ahead of the Tax Day deadline

Benefits to filing an extension in the final hours of Tax Day Benefits to filing an extension in the final hours of Tax Day 02:34 Waiting until the last day to file their tax returns proved frustrating for some H&R Block customers who experienced tech issues that began Sunday and persisted into most of Monday, hampering their ability to send their 1040s to the IRS before the April 15 deadline.H&R Block late Monday afternoon told CBS MoneyWatch it had resolved an i...

Here’s what time taxes are due on April 15

15Apr

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Money

Here’s what time taxes are due on April 15

The deadline for most people to file a 2023 tax return with the IRS is fast approaching; returns are due by 11:59 p.m., in your time zone, on Monday, April 15, with some exceptions. Taxpayers in Massachusetts and Maine have until April 17 to file and pay taxes because of the Patriots' Day and Emancipation Day holidays. There are also extensions in some areas impacted by extreme weather. Individuals and businesses impacted by the Oct. 7 attack on Israel have also been given an extension, the IRS announced. There are extensions for certain active-duty military members and citizens living abroad.The IRS had received about 100 million returns as of the week ending April 5, but the agency expects more than 128.7 million individual tax returns to be filed by the deadline. ...

Haven’t filed your taxes yet? Here’s how to get an extension from the IRS.

12Apr

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Haven’t filed your taxes yet? Here’s how to get an extension from the IRS.

If you're one of the millions of Americans who have procrastinated filing their taxes ahead of the April 15 deadline, there is a way to get some breathing room: File for an extension. The step gives taxpayers until October 15 to file their federal tax returns, and the process is fairly quick — and also free. About 90 million people have filed their 1040s with the IRS as of March 29, the tax agency says. But as it expects about 128.7 million tax returns this year, that means almost 40 million people have pushed off filing until the last two weeks of the regular tax season.Almost half of Americans delay working on their taxes, a new survey from tax prep company TaxAct found. Many are stressed by the task, but more than 1 in 4 is worried about owing money to the IRS, the study found. ...

Many taxpayers fear getting audited by the IRS. Here are the odds based on your income.

12Apr

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Money

Many taxpayers fear getting audited by the IRS. Here are the odds based on your income.

IRS Audits help the agency collect money that tax cheats owe the federal government, but experts say they also serve another important purpose: They help deter fraud.That can cause some serious agita, of course. The IRS says about 6 in 10 taxpayers cite the anxiety of getting audited as a motive for being honest on their taxes. Meanwhile, the IRS has vowed to increase audits on taxpayers with annual income over $400,000 as a way to raise revenue and crack down on tax dodgers, funded by the Inflation Reduction Act. After the 2022 law was passed, roughly a quarter of voters expressed concern about getting hit with an audit, according to Morning Consult research. So what are the odds of getting audited? Very low. Only 0.2% of all individual income tax ret...

Americans think they pay too much in taxes. Here’s who pays the most and least to the IRS.

11Apr

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Money

Americans think they pay too much in taxes. Here’s who pays the most and least to the IRS.

Most Americans think they pay too much in federal income taxes, and about 6 in 10 mistakenly believe middle-income households shoulder the highest tax burden.In fact, only about 18% of adults correctly identified the group facing the highest federal tax burden, which are high-income Americans, according to a January poll from AP-NORC. With less than one week left to file tax returns for 2023, taxes are on the mind of millions of Americans, with many expecting refunds, and others owing money. Only about 27% of taxpayers believe their federal income taxes are fair, with 60% believing their burden is too high, AP-NORC found. In fact, the U.S. tax system is designed to be progressive, meaning that lower-income Americans pay a smaller share of their income ...

Happy Tax Day. Are we getting our money’s worth?

9Apr

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Money

Happy Tax Day. Are we getting our money’s worth?

Hill was policy director for the Center for Humane Technology, co-founder of FairVote and political reform director at New America.Here comes Americans’ favorite day – April 15, Tax Day! In the land of “No taxation without representation,” we Americans throw a fit over how much we fork over to the government, which taps into related complaints over government waste, budget deficits and more.Considering how much we focus on the amounts we pay in taxes, you would think more people would also shine a spotlight on what we get in return. A thorough tax analysis would need to create a two-sided ledger, in which all the support and services Americans receive are listed on one side, and the amount of taxes and any additional out-of-pocket expenses, fees and surcharges we pay are listed on the oth...

Here’s where U.S. homeowners pay the most — and least — in property taxes

8Apr

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Here’s where U.S. homeowners pay the most — and least — in property taxes

Rising U.S. real estate prices and higher mortgage rates aren't the only challenges to owning a home these days. Between 2022 and 2023, property taxes shot up as much as 31% in some parts of the country, recent data shows. Homeowners saw their property taxes increase an average of 4.1% over that period, according to an analysis of more than 89 million single-family homes, by ATTOM Data Solutions, a provider property data. That translates to a typical tax bill last year of $4,062, up from $3,901 in 2022.ATTOM CEO Rob Barber attributed the tax increases partly to inflation, which pushed up costs for running local governments and schools, including wages for public employees. Across the U.S., property taxes rose higher than the national average in 118 lar...

Why a CT legislative committee declined vote on state budget

7Apr

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Why a CT legislative committee declined vote on state budget

In a rare move, a key legislative committee has refused to vote as lawmakers are leaving the state budget largely intact as they head toward final negotiations with Gov. Ned Lamont in the coming month. The legislature traditionally makes a series of changes — large and small — in the package that the governor unveils in early February. But this year, lawmakers will instead focus on a more narrow list of top Democratic policy priorities that include public higher education, non-profit organizations that provide state services, and mental health care for children by boosting Medicaid rates for doctors and other providers. The fiscal baseline will be the recommendations that the legislature had already approved for the second year of the two-year budget. State Rep. Toni Walker, D-New Haven, ...

Haven’t filed your taxes yet? Here are some last-minute tips

4Apr

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Money

Haven’t filed your taxes yet? Here are some last-minute tips

Haven't filed your taxes yet? Here are some last-minute tips - CBS News Watch CBS News Americans have until April 15 to file their taxes or file an extension. If you live in Maine or Massachusetts, you have until April 17. An expert offers some last-minute tips if you still have to file. Be the first to know Get browser notifications for breaking news, live events, and exclusive reporting. Not Now Turn On

Retiring Abroad? What Expats Need to Know About Taxes | Retirement

2Apr

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Retiring Abroad? What Expats Need to Know About Taxes | Retirement

Key Takeaways: The United States is one of only two countries in the world that taxes its citizens’ global income. Annual tax returns for expats are due on June 15, but payments must be made by April 15. Other countries vary widely in how they may tax an expat’s work or retirement income, if at all. The federal government offers some tax breaks for expats, but they may not always transfer to state tax forms. Living or retiring abroad can be exciting, but it isn’t necessarily easy. You’ll need to navigate visa and residency requirements, find housing and maybe learn another language before moving. And once you’re there, that’s not the end of the challenges. Expats must also understand their tax obligations as U.S. citizens as well as what their host country might require.Here are some ...