Tag: tax

A lot of families cannot afford to pay for professional help to get advice on taxes and/or to prepare their tax returns. While simple returns for low income earners can be filed for free with most large online e-File tax providers, those who have complicated financial situations or have moved states…

Most of the refund attention every season goes to the federal IRS refund, but over 40 states also collect income tax — and every one runs its own processing schedule, its own refund tracker, and its own delays. State refunds routinely take 2 to 12 weeks, often landing after your…

** See this article for the latest Earned Income Tax Credit adjustments released by the IRS ____________________________ [Updated following SOTU speech] Following President Obama's state of the union speech and in addition to the items below, he had some good news on expanding the Earned Income Tax Credit (EITC)  for…

Given the low inflation environment over the last year, the 2015 IRS Tax Brackets, standard deductions and personal exemptions have only seen a moderate increase over 2014 levels. Federal income tax brackets and related tax items, under the tax code, provide for mandatory annual adjustments based on inflation. This is to prevent…

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…

The title of this article was based on the following email I received a couple of weeks ago. It's a topic that a number of people can relate to around tax time, so I also published my answer below. "Last year my wife was pregnant and took 4 months of work…

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…

The IRS publishes several bulletins which contain useful information for tax payers with dependents - e.g parents, grand parents and guardians - that apply to many of my readers. I have summarized the key points below including references to related articles for the latest tax season. Tax Benefits for Parents Dependents. In…

After several years the IRS has raised Roth IRA contribution levels, along with the annually indexed income qualification levels that allow eligible contributions. This is good news for those looking for tax effective ways to manage their retirement savings. [See this article for the latest Roth IRA limits] Unlike 401(k) and Traditional…

A set of three couples sit around an oval table, discussing the future of their newborns. A father asks, "Has anyone actually started saving for college yet?" One parent cries, "Ugh not me." Another parent tries to explain, "No, no you got time." But then the "smart" couple confesses and…

I recently received the following question from Brian on my post that detailed the many versions of the first time home buyer tax credit: I purchased a home in January 2009. This is my primary residence after having purchased my first home in March 2002. My CPA put me in…

Can you open a Roth IRA for your spouse? This question comes up a lot among married couples with just one income. After all, one of the requirements for opening and funding a Roth IRA is earned income, right? And as a general rule, if you don't have taxable earned…

If you are looking for a common and highly effective way to cut your tax bill for this year and/or the next, then consider opening a Traditional IRA or Roth IRA before the IRA contribution deadline. The following brokers have great offers for those looking to open or transfer an…