taxes

The Senate approved nearly $80 billion in IRS funding with $45.6 billion for “enforcement.” Here’s who may be affected by more audits.

One of Washington’s favorite punching bags, the Internal Revenue Service, may finally get the resources it’s been asking Congress for if Democrats get their economic package focused on energy and health care over the finish line. The deal worked out by Senate Majority Leader Chuck Schumer and West Virginia Sen. Joe Manchin looks to spend an extra $79.6 billion on...

If you’re still waiting for a tax refund, you may receive 5% interest starting July 1, 2022, according to the IRS. Here’s what else to know.

New York’s attorney general is announcing that the company behind the TurboTax tax-filing program will pay $141 million to customers across the United States who were deceived by misleading promises of free tax-filing services. Under the terms of a settlement signed by the attorneys general of all 50 states, Intuit Inc. will suspend TurboTax’s “free, free, free” ad campaign and...

President Joe Biden announced Wednesday that his administration is on track to reduce the national deficit by $1.5 trillion in 2022, allowing the feds to pay down the national debt for the first time in six years.

Making higher earners pay more into Social Security is a popular idea with many Americans. Here’s how such a change could work.

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.

If you need more time to complete your 2021 returns, here’s what you need to know about requesting a tax extension, deadlines to file and how to check your refund status.

For most Americans, a tax refund is an opportunity to shore up a safety net. If your savings is on track, put a portion toward something that makes you happy.

Monday is Tax Day, the federal deadline for individual tax filings and payments. Here are some last-minute recommendations if you have yet to file.

Imagine a world where the government filed your taxes for you for free and all you had to do was sign off on it. This is the way it’s done in some European countries, Denmark, Sweden, Spain, the United Kingdom. It’s called Ready Return. Here in the U.S., we aren’t so lucky. Americans on average spend 13 hours and...

Only 1 out of every 225 tax returns are inspected by an IRS agent, so your odds of getting audited are low, NBCLX Political Editor Noah Pransky says. He explains how the agency has been underfunded over the past several years and why audits are more likely for low-income taxpayers.

In Denmark, the UK, Spain and elsewhere, the government fills out your tax return for you, and you only have to sign off on the information in it. But in the U.S. we often rely on private companies to help us file our taxes; according to IRS data, the average American spends 13 hours and $240 to file their taxes....

Tax Day 2022 may be the last thing you want to think about right now, but here’s one fact to put your mind at ease: You probably won’t get audited. The number of tax returns reviewed by the Internal Revenue Service (IRS) is far lower today — particularly for wealthy Americans — than it was a decade ago, according to...

As tax day approaches, accountants say your refund may be lower than you’re expecting.

As mortgage interest rates spike, it costs more to buy a home. Whether renting or owning, many people waste money on housing, says a Harvard-trained economist.

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.

The House of Representatives has passed the Securing a Strong Retirement Act, or Secure Act 2.0. It’s good news for many retirement savers.

High-net-worth investors have several options when it comes to tax-saving moves. Here’s a look at a few of them.

If you turned age 72 during the second half of 2021, the deadline for your first annual required withdrawal from retirement accounts is April 1, 2022.