The Motley Fool

MARCH 19, 2024

Image source: Getty Images Getting a tax refund isn't a given. Some people submit their taxes only to see that they owe money to the IRS rather than the other way around. Read more: we researched free tax software and put together a list of the best options here 1. So don't just stick that refund into savings and call it a day.

Taxes 246

Taxes Debt Banks Funds 246

The Motley Fool

MAY 22, 2024

Image source: The Motley Fool/Upsplash Tax returns were due this year on April 15. The good thing about a tax extension is that it gives you six extra months to get your return over to the IRS without incurring a failure-to-file penalty. Let's say you overpaid your taxes by $3,000 and file your taxes two months late.

Taxes 242

Taxes Returns Debt Banks 242

The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Do you have big dreams for your tax refund? According to IRS data, as of March 29, 2024, the average tax refund for 2024 was $3,050. There are many financial goals that you could devote that money to -- like emergency savings, paying off debt, or opening a CD. households.

Taxes 237

Taxes Debt Financing Finance 237

The Motley Fool

MARCH 13, 2024

Image source: Getty Images At this point, many people have filed their taxes and are waiting for their refunds to hit their bank accounts. So if you're in a similar situation, do not put your tax refund into a CD, where you'll risk a penalty for withdrawing your money before your CD matures. But is that a good idea?

Taxes 245

Taxes Banks Debt Accounting 245

The Motley Fool

DECEMBER 27, 2023

In an ideal world, workers would pay their tax debt to society and eventually be let off the hook by a certain age. But that's not how our tax system works. So it's important to know what taxes you may be looking at as a retiree. Rather, you may be taxed at the federal level depending on your provisional income.

Taxes 246

Taxes Debt Financing Finance 246

The Motley Fool

MARCH 22, 2024

Image source: Upsplash/The Motley Fool For some people, filing taxes this season isn't all bad. If you're anticipating a tax refund , you may be tempted to spend that money on something fun, or on something you've been trying to save for over many months, like new furniture. In that case, your refund should go into the bank.

Taxes 130

Taxes Debt Banks Funds 130

The Motley Fool

MARCH 18, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS this filing season was $3,213. But no matter what refund you get on your taxes , it's important to make the most of that money. Read more: we researched free tax software and put together a list of the best options here 2.

Taxes 211

Taxes Education Debt Consultants 211

The Motley Fool

OCTOBER 24, 2023

Many people don't realize that a personal loan can be used for more than debt consolidation and home renovations. Here's how to compare personal loans with some of the other methods of borrowing money to pay your taxes to see which could be the best for you. Can you use a personal loan to pay your taxes?

Taxes 246

Taxes Debt Companies 246

The Motley Fool

MARCH 17, 2024

Image source: The Motley Fool/Upsplash The majority of Americans will have their annual tax return filed in a little over a month, and many are waiting for a refund. Before you book a vacation or buy a new wardrobe, though, take a look at some of the more underrated uses for tax refund dollars. You'll be more comfortable.

Taxes 246

Taxes Debt Accounting Financing 246

The Motley Fool

MARCH 21, 2024

Image source: Getty Images At this point, a lot of people have already submitted their tax returns to the IRS. But tax returns aren't due this year until April 15. The same holds true for taxes. A smaller tax refund. Get started now At this point, there's still a good number of weeks left before 2023 taxes are due.

Taxes 241

Taxes Liabilities Debt Returns 241

The Motley Fool

MARCH 8, 2024

Image source: Getty Images Doing your taxes is unpleasant enough, but it can turn into a nightmare if you wind up with an unexpected bill. Read more: we researched free tax software and put together a list of the best options here Do nothing Doing nothing is the worst thing you can do in the face of a tax bill.

Taxes 237

Taxes Banks Debt Accounting 237

The Motley Fool

MARCH 25, 2024

Image source: Getty Images In 2023, the average tax refund was $2,903 according to The Motley Fool Ascent's tax research. In fact, here are three great things you may want to do if your tax software shows a refund is coming your way. Read more: we researched free tax software and put together a list of the best options here 1.

Taxes 130

Taxes Debt Accounting Financing 130

The Motley Fool

MARCH 10, 2024

Image source: Getty Images Many people who file taxes every year end up getting a refund. Read more: we researched free tax software and put together a list of the best options here You may be inclined to ignore an old tax debt and hope the IRS will forget about it in time. But that's highly unlikely to happen.

Taxes 130

Taxes Debt Accounting Returns 130

The Motley Fool

MARCH 15, 2024

Image source: Getty Images The United States tax code is rather complex, and the reality is that because of its complexity, many people don't get all of the tax deductions they qualify for. Could any of the following deductions help reduce your tax bill? Medical expenses Taxpayers can deduct medical expenses that exceed 7.5%

Taxes 130

Taxes Debt Accounting Banks 130

The Motley Fool

FEBRUARY 21, 2024

Image source: Getty Images The 2024 tax season officially kicked off in late January. And 2023 returns are due on April 15 this year, which is the standard tax-filing deadline. Filing taxes can be complicated even when you're a regular old salaried employee. So do yourself a favor and get organized now.

Taxes 246

Taxes Returns Banks Accounting 246

The Motley Fool

MARCH 16, 2024

16, 2024, the IRS had issued 20,883,000 tax refunds totaling $66.980 billion. These refunds are for taxes overpaid in 2023. RELATED: The Ascent's Complete Guide to Taxes Read more: we researched free tax software and put together a list of the best options here That is a lot of money to get in a lump sum. 10 $64,540.58

Taxes 130

Taxes Investing Debt Accounting 130

The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Tax Day 2024 is April 15, but many Americans aren't ready to file their taxes. If you are procrastinating about your taxes, it might be because you're feeling worried about what refund you might get -- or how much you might owe.

Taxes 130

Taxes Debt Banks Returns 130

The Motley Fool

SEPTEMBER 24, 2023

Image source: Getty Images The majority of people who file taxes end up getting money back from the IRS. And for many, those tax refunds are a financial lifeline. The average tax refund for the 2023 filing season was $2,812. Tax-filers in that situation generally have to mail such documentation back to the agency.

Taxes 246

Taxes Debt Returns Accounting 246

The Motley Fool

MARCH 22, 2024

Image source: Getty Images The average tax refund for 2023 is $3,182, according to the latest IRS data. It's surprisingly easy to turn your tax refund into a small fortune, even if you don't have any investment experience. If you have credit card debt that's accruing interest, it's smart to apply your refund to your balance.

Taxes 130

Taxes Debt Accounting Stock Market 130

The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash As we edge closer to Tax Day , there's a whirlwind of changes and updates to keep on your radar. Thankfully, Karla Dennis, a tax expert and founder of KDA, Inc. , is here to help us sift through the noise and highlight the most impactful shifts in this year's tax landscape.

Taxes 130

Taxes Debt Financing Finance 130

The Motley Fool

APRIL 5, 2024

Image source: Getty Images Taxes are due on April 15. And many people who file their taxes wind up with a refund a few weeks later. However, the consequences may not be so severe if you file your tax return on time and pay your tax bill a week late. There are also separate penalties for paying your actual tax bill late.

Taxes 130

Taxes Debt Returns Accounting 130

The Big Picture

AUGUST 12, 2024

I’m deep in my book writing work discussing federal debt when I see a tweet that simply epitomizes the entire genre. October 2, 2017) Deficit Chicken Hawks vs Ronald Reagan (July 13, 2010) Politics & Investing The post Catastrophizing Debt appeared first on The Big Picture. Do we pretend that there has been no inflation?

Debt 138

Debt Taxes Financing Finance 138

The Motley Fool

MARCH 6, 2024

16, the IRS had issued more than 20 million tax refunds. Since the 2024 tax-filing season is far from over, it's fair to assume that number will change in the coming weeks. Don't treat your tax refund as free money One of the biggest mistakes you can make with your tax refund is treating that money like a gift from the IRS.

Taxes 130

Taxes Debt Banks Accounting 130

The Motley Fool

MARCH 18, 2024

Image source: Getty Images Doing your taxes isn't fun even in the best-case scenario, but for most people, they're at least not too painful. You spend a couple of hours entering data into your tax software, file your return, and get a refund check a few weeks later. You do this through the IRS Free File system, not your tax software.

Taxes 130

Taxes Legal Debt Education 130

The Motley Fool

MARCH 24, 2024

Image source: Getty Images The funny thing about taxes is that, technically, the best result is no one owes anyone anything -- when, in reality, many of us are happy to get that check every spring. Read more: we researched free tax software and put together a list of the best options here 1.

Taxes 130

Taxes Banks Debt Financing 130

The Motley Fool

MARCH 24, 2024

But don't get too lackadaisical about paying your California state taxes. If you don't file your California state income tax return -- and don't pay any state taxes you might owe -- you could get hit with painful penalties. Every California taxpayer has an automatic six-month deadline extension to file taxes.

Taxes 130

Taxes Debt Accounting Returns 130

The Motley Fool

MARCH 15, 2024

Image source: Upsplash/The Motley Fool It's funny how much time we spend trying to figure out how to save money on taxes , yet we don't spend much time thinking about ways to make a refund work for us. For example, the average tax refund so far this year is a little over $3,200, but the average person doesn't have much to show for it.

Taxes 130

Taxes Debt Accounting Funds 130

The Motley Fool

MARCH 20, 2024

Image source: Getty Images At this point, there's still a decent amount of time to file your taxes ahead of this year's April 15 deadline. But what if you're really behind, you haven't yet lined up any tax help, and you just don't see a way to get your return completed by mid-April? Tax software can help with this.

Taxes 130

Taxes Debt Financial Services Banks 130

The Motley Fool

MARCH 8, 2024

16, the average tax refund so far is $3,207. RELATED: Best Tax Software Read more: we researched free tax software and put together a list of the best options here Here are a few ideas for what to do with your tax refund this year. Pad your emergency fund This is another smart and safe move for your tax refund.

Taxes 130

Taxes Debt Accounting Financing 130

The Motley Fool

SEPTEMBER 30, 2024

Image source: Getty Images Most of us have probably gotten a call from a debt collector at some point. They may try to get you to pay debt that isn't your responsibility. Debt collectors generate more fraud reports than any other industry, according to the FTC. If the debt collector is pushing you to pay now, be wary.

Debt 130

Debt Taxes Accounting Banks 130

The Motley Fool

AUGUST 23, 2024

Image source: Getty Images Retirement is supposed to be the golden age of kicking back with a lemonade (or something stronger) on the porch, not dodging calls from debt collectors, or crying into your monthly budget. But adults between the ages of 65 and 74 have an average debt of $134,950. Other debts: To pay or not to pay?

Debt 130

Debt Taxes Financing Finance 130

The Motley Fool

MARCH 21, 2024

Image source: Upsplash/The Motley Fool It's the most wonderful time of the year: tax season! But even though no one loves to pay taxes, filing your tax return can give you a sense of completion and clarity. Knowing how much tax you owe -- or how big of a refund you'll get -- is like an annual check-in for your personal finances.

Taxes 130

Taxes Returns Debt Financing 130

The Motley Fool

MARCH 22, 2024

Similarly, when you earn freelance income, you have to report that income on your taxes and pay the IRS a portion. When you're paid on a freelance or self-employed basis, you get your full wage, and it's on you to allocate some of that money for tax purposes. But don't not claim freelance income due to an inability to pay a tax debt.

Taxes 130

Taxes Debt Accounting Returns 130

The Motley Fool

MAY 26, 2024

Image source: The Motley Fool/Upsplash At this point, the 2024 tax season is thankfully in many people's rearview mirrors. And hopefully, you've either gotten your tax refund already or are expecting it to arrive any day now. As of early May, the average tax refund issued this year was $2,864.

Taxes 130

Taxes Exchange-Traded Funds Debt Stock Market 130

The Motley Fool

APRIL 12, 2024

Image source: The Motley Fool/Upsplash As of March 29, the average tax refund given out by the IRS during the 2024 filing season was $3,050. But one thing you don't want to do is ignore your tax debt, as that could have truly negative consequences. The IRS doesn't report tax payment information to the credit bureaus.

Taxes 130

Taxes Debt 130

The Motley Fool

SEPTEMBER 21, 2023

Image source: Getty Images If you asked for a tax extension in 2023, you're certainly not alone. While it might not feel like nearly six months have already passed since Tax Day, that is indeed the case. In most years, the regular tax filing deadline is April 15, which makes the extended deadline Oct. However, in 2023, Oct.

Taxes 130

Taxes Returns Liabilities Debt 130

The Motley Fool

FEBRUARY 17, 2024

Image source: Getty Images A lot of people dread the idea of having to sit down and file their taxes. And while you may not exactly be jumping for joy over the prospect, the sooner you submit your 2023 tax return, the sooner any refund you're owed can hit your bank account. million tax refunds so far this year. And as of Feb.

Taxes 130

Taxes Prospects Accounting Debt 130