Tax Day 2020
You can get an extension to file your federal tax return, but you still have to pay your bill by May 17
There are a few easy ways to get a tax extension, which pushes your filing deadline to October 15, but you still have to pay your bill on time.
Here's how to find out what tax bracket you're in for 2020 and 2021
Here are the seven federal tax brackets for 2020 and 2021. The income thresholds are indexed for inflation every year.
Credit Karma vs. H&R Block: How the online tax-filing services compare on cost, experience, and expert help
Even though Credit Karma Tax is free for federal and state returns, H&R Block is worth the cost in some situations. Here's how the platforms compare.
Best tax software 2021: TurboTax, H&R Block, and more
To find the best tax software, we reviewed 10 online tax preparers, including TurboTax, H&R Block, and TaxSlayer. Here's how they stack up.
Medical expenses, from PPE to doctor's fees, are tax deductible under 2 conditions
Qualifying medical expenses are tax deductible if they exceed 7.5% of your adjusted gross income. This threshold can be difficult to meet.
Here's when you can expect your federal tax refund to hit your bank account
Nine in 10 federal tax refunds arrive within 21 days of e-filing if the filer requests direct deposit, the method recommended by the IRS.
How to contact the IRS if you haven't received your refund
You'll have to contact the IRS if you haven't received your tax refund, which requires some web browsing and possibly a phone call.
Best tax software for small business owners: How TurboTax, TaxAct, and BlockAdvisors compare
To find the best tax software for small business owners, we compared leading online tax services on price, accessibility, and ease of use.
What is adjusted gross income?
Adjusted gross income (AGI) is your total earnings minus certain deductions. It's used to determine eligibility for some deductions and tax credits.
How to file an amended tax return to correct your income, credits, or deductions
To claim a refund, the amended tax return deadline is typically within two to three years of the date you filed the original return.
How long to keep your tax records, according to the IRS
The IRS recommends storing tax records — including past-year returns and related documents — for at least three years and up to seven years.
Think twice before paying an online tax preparer from your refund
The cost of tax filing fees with H&R Block, TurboTax, or one of the other online tax preparers can be deducted from your refund — for a price.
How much do you have to make to file taxes? Here are the benchmarks for the 2020 tax year
Not "losing" a portion of your paycheck to taxes may sound nice to some, but it's not a luxury. Here's who has to file a tax return for 2020.
If you owe taxes, the penalty for filing your return late can add up quickly
The deadline to file your income tax return is April 15, unless you get an extension. The penalty for filing taxes late is 5% of any unpaid balance.
You may be able to cut down your tax bill with a little-known credit if you saved for retirement in 2020
You might qualify for the saver's credit if you earned less than $32,500 as a single filer or less than $65,000 as a joint filer in 2020.
Your filing status helps determine how much income tax you pay
You can choose from five options for your filing status: single, head of household, married filing separately or jointly, and qualifying widow(er).
A high-yield savings account or CD can keep your cash safe and growing — but don't forget the interest may be taxed
Taxes on savings account interest is pretty simple. If you earned more than $10 in your high-yield savings account or CD, you'll owe some income tax.
Your tax liability is the amount of taxes you owe to the IRS
Estimate your tax liability by adding up all your income and subtracting deductions. Then, apply that figure to the tax tables for your filing status.
A tax credit is a way for low earners, parents, homeowners, and students to reduce their taxes
A tax credit is a dollar-for-dollar reduction of your tax bill. It's different than a tax deduction — you claim it regardless of whether you itemize.
You could save tons of money on your taxes by choosing to file jointly or separately with your spouse
Whether you should file taxes jointly or separately as a married couple depends on your expenses and income. It's generally better to file jointly.