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19 mentions found


☆ Owe Taxes This Year? Here’s How to Lower Your Balance Due in the Future.
  + stars: | 2023-04-07 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Most Americans equate tax season with the hope of getting a big refund. Yet one in four taxpayers typically owes money at the time of filing, according to the Internal Revenue Service. A tax bill can come as a costly surprise, so it pays to know your payment options. Last year, the average balance due was nearly $8,000, compared with an average of $5,273 from 2010 through 2019. Given that average refunds for those who have filed their taxes are smaller this year so far, balances due could be larger, said Erica York , a senior economist at the Tax Foundation in Washington, D.C.
☆ Here’s What Happens at the IRS After You File Your Taxes
  + stars: | 2023-03-19 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/heres-what-happens-at-the-irs-after-you-file-your-taxes-a59278f6
☆ When It Pays to Hire a Tax Pro
  + stars: | 2023-03-06 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Crystal Dyck never had trouble doing her own taxes. But for tax year 2022, the American expat said she realized she needed the services of an old-school tax preparer. In that one tax year, Ms. Dyck had to make sense of the impact of selling her South Carolina home and working remotely in Canada for a U.S.-based corporate recruiter. She also got a notice from the Internal Revenue Service saying she made a mistake with her child tax credit payment on her 2021 return.
☆ Get Paid Online? Here’s How to Tell if You Owe the IRS Taxes
  + stars: | 2023-02-14 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Whether you sell vinyl records on eBay, teach tennis lessons and get paid via Venmo, or rent your home on Airbnb, your side hustle can end up as a tax hassle. The Internal Revenue Service delayed for a year a new law requiring payment processors like Venmo and Cash App and platforms such as eBay, Etsy and Airbnb to send tax forms to users who make more than $600 in revenue.
☆ Sell on eBay or Get Paid on Venmo? You Probably Owe the IRS Taxes
  + stars: | 2023-02-13 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Whether you sell vinyl records on eBay, teach tennis lessons and get paid via Venmo, or rent your home on Airbnb, your side hustle can end up as a tax hassle. The Internal Revenue Service delayed for a year a new law requiring payment processors like Venmo and Cash App and platforms such as eBay, Etsy and Airbnb to send tax forms to users who make more than $600 in revenue.
☆ After Telling Millions of Taxpayers to Hold Off Filing, IRS Says Go Ahead
  + stars: | 2023-02-11 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
The new IRS guidance means tax season can proceed, and many Americans won’t face surprise taxes on these payments. A week after telling millions of Americans to hold off filing their tax returns, the Internal Revenue Service provided guidance on the taxability of certain state payments Friday to clear up the confusion. Most taxpayers who received state refunds and rebates in 2022 related to the pandemic and its consequences won’t owe federal taxes on the money, the IRS said. Tax professionals and elected officials had criticized the IRS for not addressing ambiguity over the payments.
☆ Hold Off on Filing Your Return, IRS Tells Millions of Taxpayers
  + stars: | 2023-02-07 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
For taxpayers who have already filed, the IRS says it doesn’t recommend filing an amended return at this time. The Internal Revenue Service told millions of taxpayers to hold off on filing their returns until it issues guidance on whether several state refund and rebate payments issued last year count as taxable income. California sent out more than 16 million special Middle Class Tax Refund payments, worth $9 billion, to help counter inflation and high gas prices last year. It is still unclear if those payments should be treated as taxable federal income, as taxpayers are starting to file their 2022 tax returns.
☆ Tesla Cut Prices, but Some Buyers Won’t Get EV Tax Credit
  + stars: | 2023-01-14 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Tesla slashed the price of its baseline Model Y crossover by almost 20% to $52,990, excluding certain fees. Tesla Inc.’s decision to drop the price on several of its models will enable more buyers to qualify for a $7,500 federal electric-vehicle tax credit, but there is a catch: new income limits that kicked in Jan. 1. EV tax credits were created in 2009, but late last year, the government changed many of the rules. It removed a cap on the number of vehicles sold per manufacturer, and added restrictions based on the vehicle price, place of manufacturer and taxpayer income.
☆ You Might Get a Smaller Tax Refund This Year
  + stars: | 2023-01-10 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
Don’t count on a hefty tax refund this year. Since Congress chose not to extend the tax breaks put in place at the height of the Covid-19 pandemic as part of its year-end budget bill, many taxpayers will get smaller refunds when they file their tax returns for tax year 2022, tax preparers said. And some who received refunds in recent years may now have a balance due.
☆ The 401(k) and IRA Changes to Consider After Congress Revised Many Retirement Laws
  + stars: | 2022-12-23 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
The retirement overhaul is part of a larger bill passed by Congress that includes dozens of policy changes that go into effect over the next decade. Americans will need to rethink how they save after Congress passed a series of laws that stand to overhaul parts of the country’s retirement saving system. The retirement overhaul is part of a larger bill passed by Congress just before the holidays. It includes dozens of retirement policy changes that go into effect over the next decade. Many of these provisions kick in immediately after the bill passes, however, creating the need for Americans to examine their own financial planning now, financial advisers say.
☆ Six Ways to Protect Your Money in 2023
  + stars: | 2022-12-23 | by ( Imani Moise | Joe Pinsker | Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
The highest inflation in four decades. A bear market in stocks. The past year was a trying one for American households. It strained their budgets, reduced their spending power and clobbered their 401(k) balances. Despite a recent burst of positive news—moderating gas prices and a slowing pace of inflation—many believe the economy will be in worse shape in 2023 than it is now.
☆ Have FSA Money Left to Spend? Here Are Some Eligible Items You Might Actually Want
  + stars: | 2022-12-09 | by ( Matthew Riva | Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
For the millions of American workers who have healthcare flexible-spending accounts: Spend your FSA. The best time was months ago; the second-best time is right now. Since the pandemic began, many workers have been spared the annual deadline for using up their FSAs. This year, the clock is ticking once again and any money not spent by Dec. 31 might be gone for good.
☆ Check on Your FSA Now, or Be Stuck Buying Sunscreen in December
  + stars: | 2022-11-04 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
For the millions of American workers who have healthcare flexible-spending accounts, here’s a timely reminder: Spend your FSA. Since the pandemic began, many workers have been spared the annual deadline for using up their FSAs. This year, the clock is ticking once again and any money not spent by Dec. 31 might be gone for good.
☆ What the IRS’s New Tax Brackets Mean for You
  + stars: | 2022-10-27 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
The inflation adjustments affect tax deductions for workplace benefits such as 401(k) retirement accounts and commuter accounts. Many Americans will see their tax burden drop next year because of inflation adjustments made by the Internal Revenue Service. Some will benefit more than others. The IRS makes annual inflation adjustments to dozens of tax provisions, including the standard deduction and income-tax brackets, based on formulas set out in federal law. The recent run of record inflation led to significant modifications for 2023.
☆ IRS to Make Largest Increase Ever to 401(k) Contribution Limit
  + stars: | 2022-10-21 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
The Internal Revenue Service says the employee contribution limit for 401(k) and similar workplace plans will jump $2,000 to $22,500 for 2023. Millions of Americans can save more in retirement accounts next year, after inflation adjustments made Friday by the Internal Revenue Service. The employee contribution limit for 401(k) and similar workplace plans will jump $2,000 to $22,500 for 2023, the largest increase ever in terms of dollars and percentage, according to benefits provider Milliman.
☆ Earn More Than $125,000? You May Still Be Able to Qualify for Student-Loan Forgiveness
  + stars: | 2022-09-22 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
When President Biden announced his student-loan forgiveness plan last month for individuals earning less than $125,000, borrowers with incomes just over the limit wondered if there was a way to make the cut. There is an exception: Some taxpayers with self-employment income who requested an extension to file their 2021 returns may be able to reduce their income just enough to get the $10,000 in federal-debt forgiveness, tax professionals say. Pell grant recipients are eligible for forgiveness of up to $20,000. The debt forgiveness program applies to individual borrowers with adjusted gross income of under $125,000, or under $250,000 for married couples filing jointly, based on tax years 2020 or 2021. (That is Line 11 on the 1040 individual income tax return.)
☆ How Biden's student-loan forgiveness could affect your credit score
  + stars: | 2022-08-24 | by ( Ryan Wangman | Richard Richtmyer | Loans Reporter | ) www.businessinsider.com   time to read: +7 min
However, closing a student-loan account after loan forgiveness may ding your credit score initially. What does student-loan forgiveness mean for your credit score? Additionally, your credit mix accounts for 10% of your credit score and is made up of both revolving and installment credit. Your payment history makes up a significant percentage of your credit score, and lenders prefer to see consistent and reliable past payments. The bottom lineWhile some borrowers may see their credit score take a short-term hit after student-loan forgiveness, the financial benefits far outweigh any negative impact.
Persons: Biden, —, Biden's, Chris Ebeling, Ebeling, you've, Gabe Krajicek, Kasasa Organizations: Service, Pell, Federal, Citizens Bank
☆ Tax Filing Season Starts Next Week, Here’s What You Need to Know
  + stars: | 2022-08-16 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
In September, Michael Durschlag bought a fire engine red Kia EV6, an all-electric crossover, for $70,000, expecting he would snag a $7,500 federal tax credit when he filed his return. But the biotech executive in San Diego turned out to be wrong. The sweeping energy law Congress passed in August included a provision that says electronic vehicles purchased on or after Aug. 16, 2022, must be assembled in North America to qualify for a tax credit. His Kia, made in South Korea, didn’t count.
☆ What You Need to Know for Filing Taxes in 2023
  + stars: | 2022-08-16 | by ( Ashlea Ebeling | ) www.wsj.com   time to read: 1 min
In September, Michael Durschlag bought a fire engine red Kia EV6, an all-electric crossover, for $70,000, expecting he would snag a $7,500 federal tax credit when he filed his return. But the biotech executive in San Diego turned out to be wrong. The sweeping energy law Congress passed in August included a provision that says electronic vehicles purchased on or after Aug. 16, 2022, must be assembled in North America to qualify for a tax credit. His Kia, made in South Korea, didn’t count.
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