Tax Day is here, but the expanded Child Tax Credit never materialized

[ad_1] Earlier this year, the federal Child Tax Credit appeared headed for an expansion that would have helped lift hundreds of thousands of children out of poverty. But the expanded CTC failed to materialize ahead of the April 15 tax deadline, and its future appears uncertain.  The bill, called the Tax Relief for American Families … Read more

Many taxpayers fear getting audited by the IRS. Here are the odds based on your income.

[ad_1] IRS Audits help the agency collect money that tax cheats owe the federal government, but experts say they also serve another important purpose: They help deter fraud. That can cause some serious agita, of course. The IRS says about 6 in 10 taxpayers cite the anxiety of getting audited as a motive for being … Read more

Americans think they pay too much in taxes. Here’s who pays the most and least to the IRS.

[ad_1] Most Americans think they pay too much in federal income taxes, and about 6 in 10 mistakenly believe middle-income households shoulder the highest tax burden. In fact, only about 18% of adults correctly identified the group facing the highest federal tax burden, which are high-income Americans, according to a January poll from AP-NORC.  With … Read more

Haven’t filed your taxes yet? Here are some last-minute tips

[ad_1] Haven’t filed your taxes yet? Here are some last-minute tips – CBS News Watch CBS News Americans have until April 15 to file their taxes or file an extension. If you live in Maine or Massachusetts, you have until April 17. An expert offers some last-minute tips if you still have to file. Be … Read more

Expert on maximizing your tax refund

[ad_1] Expert on maximizing your tax refund – CBS News Watch CBS News As the tax season progresses, the IRS reports having received over 71.5 million tax returns, already issuing more than 49 million refunds to Americans. With the average refund amounting to $3,109, CBS News business analyst Jill Schlesinger offers advice on how Americans … Read more

See how much the IRS is sending for the average 2024 tax refund

[ad_1] Talking Taxes: Deadlines, bills and refunds Talking Taxes: Deadlines, bills and refunds 07:19 With many Americans still feeling squeezed by inflation, there’s some good news now landing in their bank accounts, with the IRS sending average tax refunds that are bigger than a year ago. The typical tax refund through February 23 stands at … Read more

High-income earners who skipped out on filing tax returns believed to owe hundreds of millions of dollars to IRS

[ad_1] The IRS is going after high-income earners who skipped out on filing federal income tax returns in more than 125,000 instances since 2017, the agency said Thursday.  They’re believed to owe, based on a conservative estimate, hundreds of millions of dollars, the IRS said. The number could be much higher – but the IRS … Read more

Tax refunds are higher so far this year, the IRS says. Here’s the average refund amount.

[ad_1] Talking Taxes: Looking ahead to 2024 filing Talking Taxes: Looking ahead to 2024 filing 08:41 The IRS said it’s issuing bigger tax refunds compared with a year earlier, signalling a potential boon for Americans who rely on their annual refund to help pay down debt, start an emergency fund or deal with rising costs. … Read more