As gas prices soar, Americans who have filed their taxes are getting some relief. The average federal tax refund reached nearly $3,800, an increase of 8.8% from the same week last year, according to data from the Internal Revenue Service. The government has processed more than 36 million refunds so far this season, totaling more…
Nobody likes to think about death or taxes. But your tax obligations don’t disappear when you die. That means your loved ones don’t just have to think about honoring your final wishes — they may also have to file your final tax return. You may be wondering: How can the IRS come after me if…
When you amend a federal tax return, you can correct mistakes or mistakes made on the original. Here’s what you need to know about the process, including when to apply, what documents you’ll need, and what timeline to expect. An amended tax return, known as Form 1040-X, Amended U.S. Individual Income Tax Return, is a…
According to recent IRS data, the average refund is $3,804, a 10% increase from the same week last year. And the majority of taxpayers file their returns electronically (41,377,000 so far). It seems like everything is online these days, even the Internal Revenue Service, but if you’re reluctant and still want to file a paper…
A certificate of deposit (CD) can be a valuable tool for diligent savers. CDs allow you to earn higher interest rates than you would with a traditional savings account, and your returns are guaranteed at a fixed rate for the entire term of your CD. The problem is that you can’t touch your money until…
If you’re wondering when your federal tax refund will arrive in your bank account, you’re not alone. In fiscal year 2024, the IRS estimated that about 117.6 million taxpayers were owed refunds totaling $461.2 billion. That’s a lot of money sitting with Uncle Sam. Want to know when you’ll get back what you overpaid in…
Venmo is a convenient platform to send, receive, and request money. But if you use Venmo for certain types of transactions, you may have to pay taxes. The good news is that personal transactions on the payment platform usually do not generate tax obligations. But when you use Venmo for business purposes or for the…
