Tag: IRS

Tax return processing and refund payments continue to be bumpy this year given IRS budget cuts and introduction of several tax changes under Trump’s One Big Beautiful Bill (OBBB). The IRS started the 2026 season roughly 2 million returns behind on backlog, and a February 2026 Treasury Inspector General report…

If you don't want to pay a preparer or a software subscription fee, there are several genuinely free ways to get your taxes done or get expert help along the way. Here's where to look, and who actually qualifies for each option. Subscribe here to get the latest tax and…

The Saver's Credit gives lower- and moderate-income workers a direct tax credit — not just a deduction — for contributing to a retirement account. For 2026, the income limits increased across all filing statuses, so more people now qualify than in prior years. The IRS confirmed these thresholds in Notice…

The average federal tax refund as of March 6, 2026 was $3,676 — up 10.6% from $3,324 at the same point in 2025. By early April the average settled to $3,462, still up 11.1% year-over-year. The IRS has paid out $241.7 billion in refunds through early April, compared to $211.1…

See this article for the latest IRS updates to federal tax brackets and standard deductions. ____________ Below are the 2014 IRS federal tax brackets based on annual inflation adjustments. Given the low inflation environment there were only moderate increases in tax brackets, standard deductions and to the personal exemption. The main changes…

The IRS says 9 out of 10 refunds go out within 21 days of an accepted e-filed return. But per the National Taxpayer Advocate's mid-year report to Congress (released June 24, 2026), more than 14 million returns were suspended for further review this filing season, and over 1 million taxpayers…

Living abroad doesn't get you out of filing a US tax return. As a US citizen or resident alien, you're required to report your worldwide income every year, no matter where you earned it or whether you already paid tax on it somewhere else. The good news is the IRS…

Eligible K-12 teachers and school staff can deduct up to $350 in unreimbursed classroom expenses on their 2026 tax return, up from $300 in 2025. It's a small bump, but it's not the real news this year. The bigger change is that the One Big Beautiful Bill (OBBB), passed in…

Most people fill out a Form W-4 once, when they start a job, and never touch it again. That's a mistake, because a long list of ordinary life events — marriage, a new baby, a side gig, a big itemized deduction — quietly changes how much tax you actually owe…

The 2026 AMT exemption is $90,100 for single filers and $140,200 for married couples filing jointly — but the bigger story is the phase-out. Under the One Big Beautiful Bill (OBBB), the income levels where the exemption starts disappearing dropped sharply to $500,000 (single) and $1,000,000 (joint), and the exemption…

When you sell a capital asset — a stock, bond, cryptocurrency, real estate, or other investment — the profit (or loss) is classified as a capital gain or loss. How much you owe in tax depends on three things: what type of asset it was, how long you held it,…

The short answer for 2026: if you e-file with direct deposit and nothing flags your return, the IRS issues most refunds in under 21 days — and over 80% of refunds this season went out inside that window. Paper filers and paper-check refunds wait considerably longer, typically 6 to 8…

[Updated Income Thresholds] The Internal Revenue Service (IRS) recommends that all adults file a tax return. Obviously, the IRS wants to have everyone pay their taxes but it is also an important way for the government to ensure that it pays out subsidies, stimulus payments and tax credits to the…