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 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.
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.
Qualifying medical expenses are tax deductible if they exceed 7.5% of your adjusted gross income. This threshold can be difficult to meet.
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.
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.
To find the best tax software for small business owners, we compared leading online tax services on price, accessibility, and ease of use.
Adjusted gross income (AGI) is your total earnings minus certain deductions. It's used to determine eligibility for some deductions and tax credits.
To claim a refund, the amended tax return deadline is typically within two to three years of the date you filed the original return.
The IRS recommends storing tax records — including past-year returns and related documents — for at least three years and up to seven years.
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.
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.
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.
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.
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 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.