It has to be more than a coincidence that the recent cyber theft of IRS tax data has been traced to Russian criminals. IRS investigators believe the identity thieves who stole the personal tax information of more than 100,000 taxpayers are part of a sophisticated criminal operation.
Tax day is here, and while it's always a good idea to file as soon as possible, there could be reasons you may need some extra time. If you're left scrambling, here are five things you should consider.
Examining the money habits of personal finance experts can give insights into what responsible money management looks like in the real world. We asked 15 personal finance experts, "What is the best thing you ever bought with your tax refund?"
Are your personal finances a highly-organized, well-oiled machine? Or is there a lot of room for improvement? The answer to that question is more important than you might think, especially during tax time.
The refund process as it stands now makes sense only as the quaint relic of simpler times. It's the epitome of an analog approach getting trounced by our digital reality. Not to put too fine a point on it, I believe look-back compliance should go the way of the horse and buggy.
As I mentioned, it could be a very complicated season - late law changes, the Affordable Care Act rules, and much reduced IRS resources. It's the perfect storm for potential taxpayer confusion, problems filing tax returns, and delayed refunds.
It's not an either-or question. It's both. You really need to save and reduce debt. Easier said than done, right? It can be done, you just have to make some sacrifices today to get yourself in a better situation for a financially secure future.
We are a generation of maximizers, and it's both a blessing and a curse. Sure, we can identify what we like, online, on our phones and in store, but liking a product simply isn't enough to make us buy it.
There seems to be a general belief around this time of the year that if you're getting a refund, then you should spend it on something fun. All the ads urging us to go out and splurge certainly seem to think so. But is that really the case?
The first income tax day in U.S. history was on March 1, 1914. Four years later, Congress passed the "Revenue Act," which moved tax day forward by two weeks to March 15, where it remained in effect until 1955. Why the change to April 15?
Abraham Lincoln once said, "You cannot escape the responsibility of tomorrow by evading it today." Following these tips can help you conquer the panic today of tomorrow's tax-filing responsibility while simultaneously building your nest egg and driving increased retirement readiness.
So, you just got your tax refund in the mail. What are you going to do with it? Chances are you'll probably end up spending it on something you don't really need. Why not make your money work harder for you?
While few people will regret saving money, another wallet-friendly option is to invest your tax refund into money-saving projects, such as energy efficient home improvements. In addition to helping reduce utility costs, you may qualify for a tax credit.
Every year the rules are different and other considerations related to filing your tax return and paying the least you can or getting the biggest refund you can are changing and constantly new and confusing, so like most taxpayers, you probably have a lot of questions.
For many taxpayers, the income tax return and corresponding income tax refund is the largest single financial transaction of the year -- both in size and complexity. It deserves focus and attention, both during the tax return preparation and afterwards managing the tax refund responsibly.