Skip to main content
Updating results

Taxes

MoneyTips

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

MoneyTips

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

IntroLend

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

  • Updated

IntroLend

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

  • Updated

You may soon receive a letter from the Internal Revenue Service (IRS), but unlike other notices from the agency, you might be thankful to receive this one. That’s because the IRS announced it has started sending letters to more than 36 million families who qualify for the new monthly child tax credit payments. In March, […]

MoneyTips

What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.

Have you considered using your tax refund to build your credit?

Granted, credit building doesn't compare with lying on the beach enjoying the sunshine, but you'll get long-term benefits that go beyond good memories and a tan. Last year's federal tax refunds averaged $2,707, which could go a long way toward establishing new credit or restoring damaged credit.

If you don't have any credit at all, your tax refund could help you get a secured credit card. Traditional credit cards require a minimum credit score, but secured credit cards usually don't because they're backed by a cash deposit that determines your credit limit.

By making small regular charges and paying them off on time and in full each month, you'll b...

Get A Credit Card Without A Job

Video: 3 Tips To Use Credit Cards Responsibly For Building Credit

How Lending Circles Can Build Your Credit Score

MoneyTips

What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.

Have you considered using your tax refund to build your credit?

Granted, credit building doesn't compare with lying on the beach enjoying the sunshine, but you'll get long-term benefits that go beyond good memories and a tan. Last year's federal tax refunds averaged $2,707, which could go a long way toward establishing new credit or restoring damaged credit.

If you don't have any credit at all, your tax refund could help you get a secured credit card. Traditional credit cards require a minimum credit score, but secured credit cards usually don't because they're backed by a cash deposit that determines your credit limit.

By making small regular charges and paying them off on time and in full each month, you'll b...

Get A Credit Card Without A Job

Video: 3 Tips To Use Credit Cards Responsibly For Building Credit

How Lending Circles Can Build Your Credit Score

IntroLend

What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.

Have you considered using your tax refund to build your credit?

Granted, credit building doesn't compare with lying on the beach enjoying the sunshine, but you'll get long-term benefits that go beyond good memories and a tan. Last year's federal tax refunds averaged $2,707, which could go a long way toward establishing new credit or restoring damaged credit.

If you don't have any credit at all, your tax refund could help you get a secured credit card. Traditional credit cards require a minimum credit score, but secured credit cards usually don't because they're backed by a cash deposit that determines your credit limit.

By making small regular charges and paying them off on time and in full each month, you'll b...

Get A Credit Card Without A Job

Video: 3 Tips To Use Credit Cards Responsibly For Building Credit

How Lending Circles Can Build Your Credit Score

IntroLend

What do you plan to do with your tax refund? Maybe you have your eye on upgrading your phone, buying a new computer, or splurging on a long overdue vacation.

Have you considered using your tax refund to build your credit?

Granted, credit building doesn't compare with lying on the beach enjoying the sunshine, but you'll get long-term benefits that go beyond good memories and a tan. Last year's federal tax refunds averaged $2,707, which could go a long way toward establishing new credit or restoring damaged credit.

If you don't have any credit at all, your tax refund could help you get a secured credit card. Traditional credit cards require a minimum credit score, but secured credit cards usually don't because they're backed by a cash deposit that determines your credit limit.

By making small regular charges and paying them off on time and in full each month, you'll b...

Get A Credit Card Without A Job

Video: 3 Tips To Use Credit Cards Responsibly For Building Credit

How Lending Circles Can Build Your Credit Score

MoneyTips

You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make a run for it?

A more likely scenario is that you are just curious about your refund, and would like to check the status periodically.

In either case, regardless of who prepared your taxes, you need to go through the IRS website to get your answer. Under the Refunds tab at www.irs.gov, you can select the "Where's My Tax Refund?" link and find out the latest on your return. The site is only updated once every 24 hours and is also available in Spanish.

If you e-filed, you can check the status within 24 hours after the submission, but on a traditional paper return, you will have to wait 21 days or more before checking. This proc...

Refund Advance Loans And Refund Anticipation Checks 101

When The Government Can Keep Your Tax Refunds And Disability Checks

IRS Audits Fall to 11-Year Low

MoneyTips

You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make a run for it?

A more likely scenario is that you are just curious about your refund, and would like to check the status periodically.

In either case, regardless of who prepared your taxes, you need to go through the IRS website to get your answer. Under the Refunds tab at www.irs.gov, you can select the "Where's My Tax Refund?" link and find out the latest on your return. The site is only updated once every 24 hours and is also available in Spanish.

If you e-filed, you can check the status within 24 hours after the submission, but on a traditional paper return, you will have to wait 21 days or more before checking. This proc...

Refund Advance Loans And Refund Anticipation Checks 101

When The Government Can Keep Your Tax Refunds And Disability Checks

IRS Audits Fall to 11-Year Low

IntroLend

You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make a run for it?

A more likely scenario is that you are just curious about your refund, and would like to check the status periodically.

In either case, regardless of who prepared your taxes, you need to go through the IRS website to get your answer. Under the Refunds tab at www.irs.gov, you can select the "Where's My Tax Refund?" link and find out the latest on your return. The site is only updated once every 24 hours and is also available in Spanish.

If you e-filed, you can check the status within 24 hours after the submission, but on a traditional paper return, you will have to wait 21 days or more before checking. This proc...

Refund Advance Loans And Refund Anticipation Checks 101

When The Government Can Keep Your Tax Refunds And Disability Checks

IRS Audits Fall to 11-Year Low

IntroLend

You have bought an expensive new toy in expectation of your tax refund, and are now desperately waiting for the refund to arrive before the repo man and his large friend Vito come to visit. How can you find out the status of your refund at any time to estimate whether you need to make a run for it?

A more likely scenario is that you are just curious about your refund, and would like to check the status periodically.

In either case, regardless of who prepared your taxes, you need to go through the IRS website to get your answer. Under the Refunds tab at www.irs.gov, you can select the "Where's My Tax Refund?" link and find out the latest on your return. The site is only updated once every 24 hours and is also available in Spanish.

If you e-filed, you can check the status within 24 hours after the submission, but on a traditional paper return, you will have to wait 21 days or more before checking. This proc...

Refund Advance Loans And Refund Anticipation Checks 101

When The Government Can Keep Your Tax Refunds And Disability Checks

IRS Audits Fall to 11-Year Low

According to the Internal Revenue Service (IRS), about 850,000 tax returns were audited for 2015, which was the most recent year for which it’s published data. That is about 1% of all tax returns filed. And while those with higher incomes (above $500,000) had a greater chance of being audited, about 300,000 low-income tax return […]

MoneyTips

You are experiencing sweet satisfaction knowing that your taxes were filed on time. That is, until you realize that you took a deduction when you did not qualify for it, or forgot to claim an important tax credit that could save you hundreds of dollars ... or until Congress suddenly resurrects some expired tax breaks, as it did in 2018, less than two months after the Tax Cuts and Jobs Act (TCJA) became law.

There is no need to panic — simply amend your tax return in a timely manner using IRS Form 1040X. This form is used to make corrections in income, deductions or credits, number of exemptions, filing status, or health care coverage (insurance) status per the Affordable Care Act. It can also be used to capture issues from up to three years prior, such as claiming a retroactive refundable credit. "If you're outside of the three-year window, even if you way overp...

No W-2 Tax Form? What To Do

What To Do If You Are Audited

Presidential Tax Returns

MoneyTips

You are experiencing sweet satisfaction knowing that your taxes were filed on time. That is, until you realize that you took a deduction when you did not qualify for it, or forgot to claim an important tax credit that could save you hundreds of dollars ... or until Congress suddenly resurrects some expired tax breaks, as it did in 2018, less than two months after the Tax Cuts and Jobs Act (TCJA) became law.

There is no need to panic — simply amend your tax return in a timely manner using IRS Form 1040X. This form is used to make corrections in income, deductions or credits, number of exemptions, filing status, or health care coverage (insurance) status per the Affordable Care Act. It can also be used to capture issues from up to three years prior, such as claiming a retroactive refundable credit. "If you're outside of the three-year window, even if you way overp...

No W-2 Tax Form? What To Do

What To Do If You Are Audited

Property Taxes Make Qualifying Difficult For Some Borrowers

MoneyTips

You've received a letter from the IRS regarding an audit. What is your plan? Assuming the fetal position? Heavy drinking? Fleeing the country? Spontaneous combustion? None of these actions is necessary. Simply stay calm and assess the situation objectively.

"Anybody of any income level can potentially get audited," says Betterment Head of Tax Eric Bronnenkant. He advises, "…that people prepare their taxes honestly and truthfully, and also be able to support what they put on their return in the event they get audited."

The letter you receive may be one of three types:

  • Adjustment Letter – This notifies you of a change in your taxes owed, or the refund amount. In this case, it is generally from an obvious wrong number entry or miscalculation on your form. The Tax Cuts and Jobs Act of 2017 brought about many changes, so it is to be expected that more taxpayers will make these types of errors until they are familiar with the new tax ...

IRS Audits Fall to 11-Year Low

You Owe Taxes, But Can’t Pay the Bill

How Long Should Tax Returns Be Saved?

  • Updated

MoneyTips

You've received a letter from the IRS regarding an audit. What is your plan? Assuming the fetal position? Heavy drinking? Fleeing the country? Spontaneous combustion? None of these actions is necessary. Simply stay calm and assess the situation objectively.

"Anybody of any income level can potentially get audited," says Betterment Head of Tax Eric Bronnenkant. He advises, "…that people prepare their taxes honestly and truthfully, and also be able to support what they put on their return in the event they get audited."

The letter you receive may be one of three types:

  • Adjustment Letter – This notifies you of a change in your taxes owed, or the refund amount. In this case, it is generally from an obvious wrong number entry or miscalculation on your form. The Tax Cuts and Jobs Act of 2017 brought about many changes, so it is to be expected that more taxpayers will make these types of errors until they are familiar with the new tax ...

IRS Audits Fall to 11-Year Low

You Owe Taxes, But Can’t Pay the Bill

Vacation Taxes and Fees

Get up-to-the-minute news sent straight to your device.

Topics

Breaking News