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☆ IRS: You have 'options' if you can't pay your taxes by the April 15 deadline
▼ + stars: | 2024-04-12 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

urbazonFile your return by April 15 even if you can't payIf you can't cover your taxes in full, you should still file your return by April 15 and pay what you can, according to the IRS. By comparison, the late payment penalty, or the failure-to-pay penalty, is 0.5% per month or partial month, with a maximum fee of 25% of unpaid taxes. IRS online payment plans, or "installment agreements," include: Short-term payment plan: This may be available if you owe less than $100,000 including tax, penalties and interest. However, you can't have multiple payment plans from different tax years. You can learn more about the IRS plans, including setup fees and payment options, here.

Persons: Eric Bronnenkant, Bronnenkant Organizations: IRS

☆ The average tax refund is over $3,000. Here are 7 ways to put it to good use
▼ + stars: | 2024-03-15 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

New York CNN —The average federal tax refund is more than $3,000, according to the latest data from the IRS. … They don’t understand how much interest they’re paying,” Russ said. Create or add to an emergency fundYou can use your refund to start or bolster an emergency fund. If you have high-rate debt and you’re lacking emergency savings, Russ suggested you might use a portion of your refund to attack your debt and the other portion to create an emergency fund. If you need the money within three years, you might consider putting your refund in certificates of deposits and US Treasury bonds.

Persons: you’re, ”, Eric Bronnenkant, Keyana Russ, ” Russ, Russ, Bronnenkant, Roth, Bronnenkant, Charles Schwab, ” Bronnenkant Organizations: New, New York CNN, Ponds Financial, Invest, Roth IRA, Treasury Locations: New York, Ponds

☆ Shohei Ohtani — deferring $680 million of his contract for 10 years — may face some financial risks, advisors say
▼ + stars: | 2023-12-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +1 min

Shohei Ohtani, formerly of the Los Angeles Angels, pitches during a game in Anaheim, California, on July 6, 2021. Shohei Ohtani made history this week with a 10-year, $700 million contract to play for Major League Baseball's Los Angeles Dodgers. The Japanese superstar will receive $2 million per year over the 10-year agreement, which defers $68 million annually. But Ohtani will receive the bulk of his contract, $680 million in payments, between 2034 and 2043, without interest. For 2024, California's top tax rate climbs to 14.4%, which includes a 1.1% payroll tax on all income.

Persons: Shohei Ohtani, Ohtani, Bobby Bonilla, Ken Griffey, Eric Bronnenkant, Bronnenkant Organizations: Los Angeles Angels, Major League Baseball's Los Angeles Dodgers, MLB, Finance Locations: Anaheim , California, California

See Personal Finance Insider's roundup of the best tax software >>How does New York tax income? Nonresidents and part-year residents may have a New York income tax liability depending on their living situation and how much they earn. New York income tax ratesIf your New York adjusted gross income was less than $107,650, the tables below would be used to calculate your state tax liability for 2022. New York state tax rates FAQsWhat is the New York state income tax rate for 2023? What are the New York state tax brackets for 2023?

Persons: —, Zaher Dehni, Eric Bronnenkant, Dehni Organizations: Service, Finance, state's Department of Taxation, New, Department of Taxation, Tax Foundation, New York, Excelsior Jobs, Tax Locations: New York, California, New, York, , New York, New York City, Yonkers, Nonresidents, Chevron

Money market funds, on the other hand — while also generally safe — are a bit riskier, experts said. Investors who prefer money market funds may opt for government money market funds, which carry slightly less risk, Elliott said. YieldMoney market funds tend to pay a slightly higher interest rate relative to high-yield savings accounts, Elliott said. TaxesInterest income for both high-yield savings and money funds is taxed as regular income, experts said. However, some money market funds may carry tax benefits, said Eric Bronnenkant, head of tax at Betterment.

Persons: Kamila Elliott, Elliott, Greg McBride, They've, McBride, Treasurys —, Eric Bronnenkant, Bronnenkant Organizations: Wealth Partners, CNBC, Bankrate, Federal Reserve, Deposit Insurance Corporation, Treasury, Lehman, Federal Reserve Bank of Boston, Investor Protection Corporation, Investors, Data, Federal, Consumers, U.S Locations: Atlanta

☆ The IRS has issued nearly 8 million tax refunds. Here’s the average payment
▼ + stars: | 2023-02-14 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

Bill Oxford | E+ | Getty ImagesThe tax season is underway, and the IRS has issued nearly 8 million refunds worth about $15.7 billion as of Feb. 3, the agency reported. The average refund amount was $1,963, down from last year's payment of $2,201 at the same point in the filing season. Of course, the average may change as the IRS processes millions more returns before the April 18 deadline. As of Feb. 3, the IRS processed more than 16.7 million returns, over 29% more than the previous year, according to the report released last Friday. The nearly 8 million refunds compare to around 4.3 million the previous year.

Here are the five biggest myths around tax refunds that tax experts say are important to know this tax season. Editor's Rating 4.6/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 3.7/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Learn more On Tax Slayer's website Learn more On Liberty Tax's website Learn more On H&R Block's websiteMyth No. 1: Calling the IRS or visiting their office can speed up your refundAfter you file your taxes, you might find yourself eager for your tax refund check. 3: Getting a large tax refund is the goalWhile it might be a nice feeling to receive a hefty tax refund, CPA Keeyon Upkins says it shouldn't be your ultimate goal as a taxpayer. 5: Tax refunds receive interestIf your tax refund is sent to you in a timely manner, you might think you're owed interest on that payment.

Remember that your tax refund is money you gave the government earlier, so a big refund isn't better. While a smaller tax refund could be nothing more than an inconvenience, owing money on your taxes might seem downright catastrophic. Don't panicFirst off, you should know that receiving a smaller tax refund isn't the end of the world. Also know that you have options with the IRS if you owe money you don't actually have. A lower tax refund could be caused by legitimate issues, but it could also mean the taxpayer missed something important while they were preparing their taxes.

☆ How to figure out the best time to file your tax return: Don't 'race to the finish line,' say tax pros
▼ + stars: | 2023-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

ozgurcankayaAs tax season begins, you may be eager to file your tax return for a faster refund and to check the annual task off of your list. Most tax forms arrive by late January to mid-February, but others may be later. Avoid tax identity theft by 'filing ahead of fraudsters'That said, there's no reason to wait once you have all your necessary forms. Tax-related identity theft happens when someone uses your Social Security number to file a return and claim a fraudulent refund. You may find out through a rejected tax return or IRS letter, among other warning signs, according to the IRS.

☆ If you're making at least $600 from Fantasy Football, the IRS wants to know about it – and you should tell them
▼ + stars: | 2022-12-03 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Starting in 2022, $600 and over in Fantasy Football gambling winnings must be reported to the IRS. The IRS defines a 1099-K form as an "IRS information return used to report certain payment transactions to improve voluntary tax compliance." The payment transactions include those from third-party payment networks. "Loan providers want to see copies of your tax returns, and if you're understating income, you're hurting yourself because you're not really showing all of your income," Bronnenkant said. It takes at least 40 credits to qualify for Social Security benefits.

☆ Business owners have an IRS payment coming due well before April federal income tax deadline
▼ + stars: | 2022-11-15 | by ( Cheryl Winokur Munk | ) www.cnbc.com time to read: +6 min

New business formation has boomed, and that means more new business owners than ever are dealing with tax season and potential tax nightmares. For starters, there's a big tax bill coming due for many business owners related to the pandemic, well ahead of the April 2023 federal income tax deadline. Here are a few more tips to stay ahead of the IRS this income tax season. Expect a new tax form related to Venmo, PayPal incomeFor tax year 2022, many business owners may be receiving a form they haven't in the past. The Wave State of Small Business Study for 2022 found that 35% of small businesses are blurring the lines between personal and business accounts.

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