Tax Eric News Today : Breaking News, Live Updates & Top Stories | Vimarsana

You've received a letter from the IRS regarding an audit. What is your plan? Assuming the fetal position? Heavy drinking? Fleeing the country? Spontaneous combustion? None of these actions is necessary. Simply stay calm and assess the situation objectively. "Anybody of any income level can potentially get audited," says Betterment Head of Tax Eric Bronnenkant. He advises, "…that people prepare their taxes honestly and truthfully, and also be able to support what they put on their return in the event they get audited." The letter you receive may be one of three types: Adjustment Letter â...

Last-Minute Tax Day Filing Posted: Updated: Waiting until the last minute to pay your taxes can cost you if you are expecting a refund, since the government hangs on to your money and receives more interest on it. However, if you owe money to the government, that same principle applies to you. Why not wait until the last minute? There is no reason not to, as long as your return is postmarked or electronically submitted by May 17 th, 2021, and your payments are submitted then as well. Extending your deadline to file does not extend your payment time. You are expected to pay the amount you ow...

Tax Day 2021: Financial benefits of having dependents Today 10:00 AM Did your kids get a taste of the real world and decide that living off Mom and Dad was not so bad after all? Cheer up… you may still be able to claim them as dependents on your taxes. In the past, dependents could save money on your taxes in two ways: through individual exemptions and the potential eligibility for certain tax credits. The Tax Cuts and Jobs Act (TCJA) removed the personal exemption from tax year 2018, but expanded the Child Tax Credit and kept the Dependent Care Credit in place, despite early talks of doin...

WKBT May 12, 2021 9:00 AM MoneyTips Posted: Updated: Did your kids get a taste of the real world and decide that living off Mom and Dad was not so bad after all? Cheer up… you may still be able to claim them as dependents on your taxes. In the past, dependents could save money on your taxes in two ways: through individual exemptions and the potential eligibility for certain tax credits. The Tax Cuts and Jobs Act (TCJA) removed the personal exemption from tax year 2018, but expanded the Child Tax Credit and kept the Dependent Care Credit in place, despite early talks of doing away ...

Procrastinator alert: your taxes are due! If you are nowhere near ready as the scary deadline approaches, you may file an extension with the IRS that gives you up to six more months to file your taxes. Filing an extension will spare you from late filing penalties — 5% of the amount of tax you owe for each month or partial month past the deadline. The extension is automatic — you do not have to send any justification or reasoning like "I have 5,000 wadded-up receipts crammed in a shoebox."