Higher Inflation Could Mean Smaller Tax Bills for Some

The latest data from the U.S. Bureau of Labor Statistics doubles down on what has become 2022’s loudest refrain: Sometimes the race to beat inflation is just a slow crawl. And while persistently high inflation is hardly cheerful news, a set of annual adjustments that are tied to an inflation index could provide relief in … Continued

4 Items for Your Midyear Money Checklist

A lot can happen in six months. That’s why, as we close out the first half of the year, it makes sense to check in on your financial life. “With inflation, I think people this year are more heavily impacted than they probably have been in many years leading up to this point,” says Jason … Continued

How to Keep Your Tax Return From Getting Hung Up

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. There may never be a good time to draw the IRS’ attention, but this year you really want to … Continued

How to Put Your Tax Refund to Work for You

The investing information provided on this page is for educational purposes only. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. If you’re eagerly anticipating a tax refund in the coming weeks, you have good reason to be optimistic: The … Continued

What to Do If Your Refund Is Delayed and Your Bills Aren’t

The IRS is behind on processing tax returns, due to staff shortages and other complications. This delay could be holding up the money you were counting on to cover your bills. Many people were looking to their tax refunds to do some major lifting, according to a NerdWallet survey published in February. Among filers expecting a refund, … Continued

Haven’t Filed Your Taxes Yet? Act Soon to Avoid Penalties

It’s easy for taxes to get lost in the shuffle of life during a normal year. This past year, that shuffle was intensified by the stresses of a pandemic. Thankfully, the IRS extended the deadline for paying 2020 taxes from April 15 to May 17, so people have a bit of extra time to get … Continued

If You Need to Find Tax Help, Try DIY First

Getting help from the IRS this tax season is going to be a challenge. The IRS has finally opened the 23.4 million pieces of mail that piled up after the pandemic shuttered its processing centers last spring. But the agency still has a backlog of paperwork from last year even as it ingests this year’s … Continued

Common Tools Can Save You Time, Money on Taxes

Receipts, like memories, tend to fade with time. That’s just one reason to digitize and track tax-related information. The right apps and habits can save space, time, money and hassle — but only if you use them. “Apps should make things easier, not more complicated,” says Clare Levison, a certified public accountant in Blacksburg, Virginia. … Continued

5 Options for People Who Can’t Afford Their Tax Bills

If you know you’re getting a refund come tax time, filing your taxes can almost feel fun. But if you suspect you’re going to owe the IRS money you don’t have, it can be hard to even start the process. According to a NerdWallet survey, of those who failed to file by last year’s extended … Continued

3 Ways to Get Socially Distanced Tax Prep This Year

Before COVID-19, doing your taxes often meant carrying a box of paperwork to someone’s office for a long, in-person visit. For many people, that’s no longer a viable option in this era of social distancing. But there are still ways to get your taxes done safely — if you know what to look for. 1. Ask if … Continued