National taxes

If you're expecting a refund this season, it's critical to file a complete and accurate tax return to avoid "extensive processing" and delays, according to the IRS.   One of the keys to error-free filing is including all your required tax forms, known as information returns, which employers and financial institutions send yearly, with copies going to the IRS and taxpayer.If you skip tax forms received by the agency, the IRS systems may flag your return and mail you a notice, explained Sheneya Wilson, a certified public…

kate_sept2004 | E+ | Getty ImagesTax season kicked off for individual filers Monday with a bigger IRS customer service team and enhanced technology as the agency begins to deploy its nearly $80 billion in funding. Over the past several months, the IRS has hired 5,000 new customer service staff, aiming to "significantly increase" the number of answered calls, Deputy Secretary of the Treasury Wally Adeyemo told reporters Friday.IRS service was flagged as one of the agency's "most serious problems" in the National Taxpayer…

If you made a Roth individual retirement account conversion in 2022, you may have a more complicated tax return this season, experts say. The strategy, which transfers pretax or non-deductible IRA funds to a Roth IRA for future tax-free growth, tends to be more popular during a stock market downturn because you can convert more assets at a lower dollar amount. While the trade-off is upfront taxes, you may have less income by converting lower-value investments."You get more bang for your buck," said Jim Guarino, a…

Constantine Johnny | Moment | Getty ImagesThere's still time to avoid a penalty if you didn't pay enough taxes in 2022 — but the clock is ticking.If you are self-employed or receive income from gig economy work, investments and more, the deadline for your 2022 fourth-quarter estimated tax payment is Jan. 17.Your payment may reduce your 2022 tax bill and bypass extra penalties and interest, according to financial experts.More from Personal Finance:Tax season opens for individual filers on Jan. 23, says IRSHere are 3 key…

Fatih Aktas | Anadolu Agency | Getty ImagesThere's a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion.The grand prize is an estimated $1.35 billion for Friday night's drawing. That's how much you'd win if you were to take the windfall as an annuity paid out over three decades. (The upfront cash option is $724.6 million as of mid-day Friday). Between Mega Millions and Powerball, there have been winners of five other jackpots totaling more than…

It's official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday.For most taxpayers, you must file your federal return and pay your balance by April 18 this year to avoid racking up penalties and interest."This filing season is the first to benefit the IRS and our nation's tax system from multi-year funding in the Inflation Reduction Act," said acting IRS Commissioner Doug O'Donnell. "With these new additional resources, taxpayers and tax professionals will see improvements in many…

mediaphotos | E+ | Getty ImagesEnlist tax prep helpOne of the first things to consider: Will you be filing your own taxes this year or tapping an expert to file a return on your behalf?If you're planning to hire a tax preparer, January is a good time to find someone, said certified financial planner Anna Sergunina, president and CEO of MainStreet Financial Planning in Los Gatos, California."Don't wait till March," she warned. "They most likely will not be taking on new clients that late in the tax season."For those eyeing…

Scott Olson | Getty ImagesYou may face long odds of hitting the Mega Millions jackpot — now worth $1.35 billion — but the taxman is always guaranteed a slice when there's a winner.The jackpot jumped again after no ticket matched all six numbers drawn Tuesday night to land the grand prize. If won in the next drawing — set for Friday night — it would mark the second-largest Mega Millions jackpot ever and the fourth-largest lottery prize in history.With the odds stacked against a single ticket winning the motherlode — 1 in…

New U.S. Speaker of the House Kevin McCarthy, R-Calif., speaks with reporters in Washington, Jan. 7, 2023.Jon Cherry | ReutersHouse Republicans on Monday night voted to slash funding for the IRS, following a pledge from newly-elected Speaker Kevin McCarthy to repeal the money approved by Congress last year.   Passing along party lines, the bill would rescind tens of billions allocated to the agency over the next decade through the Inflation Reduction Act passed in August.The measure doesn't have the support to pass in the…

Marko Geber | DigitalVision | Getty ImagesIf you didn't pay enough taxes in 2022, there's still time to avoid a "surprise tax bill" and bypass extra penalties, according to the IRS. The deadline for fourth-quarter estimated tax payments for 2022 is Jan. 17, which applies to income from self-employment, investments, gig economy work and more."It's where you can make yourself whole at the end of the year," said certified financial planner John Chichester Jr., founder and CEO of Chichester Financial Group in Phoenix.More…