The average refund is down from last year, but still almost $3,000. One option experts recommend is stashing part of it for unexpected expenses.
Category: Income Tax
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What You Need to Know for the 2023 Tax Season
The New York Times – Business:Doing taxes in 2023 feels a lot like it did before the pandemic. Still, there are some meaningful changes to keep in mind.
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You Can Use Your Tax Refund to Buy I Bonds, but Should You?
The New York Times – Business:The answer depends on whether you’re looking to get high interest rates now or a safe investment with inflation protection over many years.
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I.R.S. Decides Most Special State Payments Are Not Taxable
The New York Times – Business:The agency offered the guidance that it had asked millions of taxpayers in 21 states to wait for before filing their returns.
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I.R.S. Tells Millions Who Received State Rebates: Don’t File Just Yet
The New York Times – Business:Tax season is underway. But the Internal Revenue Service is still figuring out whether the millions of taxpayers who received rebates last year should count them as taxable income.
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Black Americans Are Much More Likely to Face Tax Audits, Study Finds
The New York Times – Business:A new report documents systemic discrimination in how the I.R.S. selects taxpayers to be audited, with implications for a debate on the agency’s funding.
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Your Tax Refunds May Be Smaller This Year
The New York Times – Business:Credits that were expanded as part of pandemic relief have expired, as has the deduction for donations for people who don’t itemize.
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Trump Tax Returns Undermine His Image as a Successful Entrepreneur
The New York Times – Business:The release of former President Donald J. Trump’s private tax documents by the House Ways and Means Committee shows heavy losses from his own ventures as he continued to cash in on inherited assets.
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Trump Tax Returns Released by House Democrats
The New York Times – Business:The publication of former President Donald J. Trump’s private tax documents comes amid questions about why the I.R.S. failed to fully audit him during his presidency.
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How the Spending Bill’s New Retirement Rules Will Affect Roth IRAs and 401(k)s
The New York Times – Business:Want to transfer money from a 529 plan to a Roth I.R.A. or get an after-tax employee match in your Roth 401(k)? You may be in luck.
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I.R.S. Delays Tax Change for Users of Venmo, Cash App and Other Digital Wallets
The New York Times – Business:Users who receive income through digital payments will have another year before having to comply with a new tax rule that had sowed confusion and concern.