Latest news with #LisaGreene-Lewis
Yahoo
13-05-2025
- Business
- Yahoo
Tax-advantaged options to invest in your child's future
TurboTax certified public accountant (CPA) and tax expert Lisa Greene-Lewis joins Wealth host Brad Smith to discuss how to leverage tax-advantaged accounts to invest in your child's future. To watch more expert insights and analysis on the latest market action, check out more Wealth here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBS News
16-04-2025
- Business
- CBS News
Missed the IRS tax filing deadline? Here are 5 steps experts say to take now.
You're not alone if you missed this year's April 15 tax filing deadline . Millions of Americans find themselves in this position each year, for reasons ranging from simple oversight to life events. While the IRS imposes penalties for unfiled taxes and delinquent filing, it's not too late to deal with the situation. Tax professionals emphasize that addressing it promptly can minimize consequences and open pathways to resolution. Below, they detail specific steps to take if you're among those who missed the deadline. Start tackling your existing tax debt here now . These five expert-recommended moves can help you get back on track with the IRS: "File as soon as possible to minimize failure-to-file penalties, which are 5% per month (or portion of a month) on any unpaid taxes," warns Miri Forster, partner and national tax controversy leader at Eisner Advisory Group, LLC, an accounting, tax and business advisory firm. Filing promptly is essential even if you're expecting a refund instead of owing money. You'll have up to three years to secure your refund before it's forfeited. "[Electronic filing] with direct deposit [is] the fastest way to get your refund," says Lisa Greene-Lewis, a certified public accountant and tax expert at TurboTax. Get started with your taxes today . The IRS has issued tax help for victims of major disasters , including hurricanes and wildfires. If you live in one of the affected regions, you may be eligible for an extension for your 2024 tax returns and payments. For example, Los Angeles residents affected by the January wildfires may have until October 15, 2025, to file taxes. Experts, including Forster, encourage making your tax payment quickly to reduce late filing and late payment fees. The failure to pay penalty is 0.5% of the tax owed after the due date — for each month or part of a month the tax remains unpaid — up to 25%. Short on funds? Stephen A. Weisberg, principal attorney at tax defense company The W Tax Group, emphasizes that partial payment is better than no payment. "The more you pay on what you owe, the less the failure-to-pay penalty [you'll get]," he explains. Assuming you file your return on time and set up an IRS installment agreement, the penalty rate drops from 0.5% to 0.25% monthly. This reduction alone could save you money while you pay off your tax debt. The IRS offers several payment plans and relief services if you can't pay your full tax bill right away: "[Get] help the minute you realize you need [support in] filing your return and [won't] be able to pay what you owe," urges Weisberg. He recommends seeing a tax attorney, a certified public accountant or an enrolled agent. These three designations are the only ones recognized to represent taxpayers with IRS debt. Research the top tax relief companies and be cautious of ones making promises that sound too good to be true. Falling behind on taxes doesn't have to be a financial catastrophe. "Work with a tax advisor to file them quickly and explore options to minimize penalty exposure," suggests Forster. Without your filed return, the IRS may create a substitute return that omits your eligible credits and deductions, potentially leaving money on the table that should be yours.
Fox News
12-04-2025
- Business
- Fox News
Evening Edition: Last Chance For Americans To Claim Stimulus Check
Eligible American taxpayers who did not claim the 'Recovery Rebate Credit' on their 2021 tax returns can receive up to a $1,400 stimulus check per individual on the return. The IRS announced in December they would be issuing the stimulus checks after finding out that so many eligible taxpayers did not claim it. Also, there are some new tax laws and deductions that could get filers more in their return. FOX's Tonya J. Powers speaks with Lisa Greene-Lewis, certified public accountant and TurboTax tax expert, who shares tips on getting the most out of your return and advice on what to do if you miss the filing date. For more tips and advice, visit the the Recovery Rebate blog Click Here To Follow 'The FOX News Rundown: Evening Edition' Learn more about your ad choices. Visit
Yahoo
07-04-2025
- Business
- Yahoo
Kids bring joy, chaos... and tax benefits. What to know as a new parent filing a return
If you welcomed a new baby, adopted a child, or became a stepparent in 2024, your tax return should look different this year. While you may be busy adjusting to life with your new family member, don't forget to file your tax return before the federal April 15 deadline. Experts advise taxpayers to file sooner rather than later to avoid mistakes. If new parents set aside time to research deductions and credits they may now qualify for, they can save hundreds if not thousands of dollars. 'One of the biggest life changes is new dependents,' said Mark Steber, senior vice president and chief tax officer at Jackson Hewitt. 'New parents in particular have a whole host of new considerations.' Between diaper changes, meal prepping, and doctors' visits, you've got your hands full. Here are some things to avoid getting lost in the shuffle: More: What is the average tax refund? Why yours might be lower or higher Make sure to keep track of your new dependent's social security number, adoption tax identification number or individual tax identification number. Confirming your child's birth is the only way the IRS can verify you are eligible to claim parental tax breaks. Once you have it, make sure it is entered correctly on your tax forms. Mistyping social security numbers is one of the simplest, yet most significant mistakes people make on their returns, according to TurboTax CPA and tax expert Lisa Greene-Lewis. There's a chance that a new dependent may bring a new tax filing status. If you were previously married filing jointly and had a child join your family in 2024, it will likely remain the same, but you and your spouse might expect more credits and deductions to be available to you. If you are legally single, experts advise you to change your filing status to head of household to maximize your benefits if you are eligible. Everyone's circumstances are different. If you're unsure of the best filing status for you, the IRS has a five-minute online survey to help you decide. Kids bring many things to parents' lives including love, chaos, and a whole new perspective, but tax experts agree they also bring something else important. 'Kids are worth valuable deductions,' Greene-Lewis said. In addition to higher thresholds for the standard deduction and the Earned Income Tax Credit, here are some credits you shouldn't miss out on, according to the IRS: The Child Tax Credit: Taxpayers can claim up to $2,000 for each qualifying dependent child when filing their return this year so long as they meet all eligibility factors and have an annual income under $200,000 or under $400,000 if filing a joint return. Child and Dependent Care Credit: If taxpayers paid for childcare or daycare expenses, they may qualify for this credit and claim up to 35% of those expenses so long as they are eligible. Adoption Tax Credit: Taxpayers may claim eligible adoption expenses for each eligible child if they went through the adoption process during 2024. It applies to international, domestic, private, and public foster care adoptions. After you file your return, make sure to fill out a new W-4 form with your employer reflecting that you now have a dependent. The change will likely lower your withholding and decrease your tax refund in 2026, but will increase the size of your paychecks going forward. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_ This article originally appeared on USA TODAY: Tax tips and benefits every new parent should know Sign in to access your portfolio
Yahoo
06-04-2025
- Business
- Yahoo
Kids bring joy, chaos... and tax benefits. What to know as a new parent filing a return
If you welcomed a new baby, adopted a child, or became a stepparent in 2024, your tax return should look different this year. While you may be busy adjusting to life with your new family member, don't forget to file your tax return before the federal April 15 deadline. Experts advise taxpayers to file sooner rather than later to avoid mistakes. If new parents set aside time to research deductions and credits they may now qualify for, they can save hundreds if not thousands of dollars. 'One of the biggest life changes is new dependents,' said Mark Steber, senior vice president and chief tax officer at Jackson Hewitt. 'New parents in particular have a whole host of new considerations.' Between diaper changes, meal prepping, and doctors' visits, you've got your hands full. Here are some things to avoid getting lost in the shuffle: More: What is the average tax refund? Why yours might be lower or higher Make sure to keep track of your new dependent's social security number, adoption tax identification number or individual tax identification number. Confirming your child's birth is the only way the IRS can verify you are eligible to claim parental tax breaks. Once you have it, make sure it is entered correctly on your tax forms. Mistyping social security numbers is one of the simplest, yet most significant mistakes people make on their returns, according to TurboTax CPA and tax expert Lisa Greene-Lewis. There's a chance that a new dependent may bring a new tax filing status. If you were previously married filing jointly and had a child join your family in 2024, it will likely remain the same, but you and your spouse might expect more credits and deductions to be available to you. If you are legally single, experts advise you to change your filing status to head of household to maximize your benefits if you are eligible. Everyone's circumstances are different. If you're unsure of the best filing status for you, the IRS has a five-minute online survey to help you decide. Kids bring many things to parents' lives including love, chaos, and a whole new perspective, but tax experts agree they also bring something else important. 'Kids are worth valuable deductions,' Greene-Lewis said. In addition to higher thresholds for the standard deduction and the Earned Income Tax Credit, here are some credits you shouldn't miss out on, according to the IRS: The Child Tax Credit: Taxpayers can claim up to $2,000 for each qualifying dependent child when filing their return this year so long as they meet all eligibility factors and have an annual income under $200,000 or under $400,000 if filing a joint return. Child and Dependent Care Credit: If taxpayers paid for childcare or daycare expenses, they may qualify for this credit and claim up to 35% of those expenses so long as they are eligible. Adoption Tax Credit: Taxpayers may claim eligible adoption expenses for each eligible child if they went through the adoption process during 2024. It applies to international, domestic, private, and public foster care adoptions. After you file your return, make sure to fill out a new W-4 form with your employer reflecting that you now have a dependent. The change will likely lower your withholding and decrease your tax refund in 2026, but will increase the size of your paychecks going forward. Reach Rachel Barber at rbarber@ and follow her on X @rachelbarber_ This article originally appeared on USA TODAY: Tax tips and benefits every new parent should know Sign in to access your portfolio
