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3 days ago | 
bankrate.com | Rebecca Rosenberg |Andrea Coombes
When someone dies, everything they own — such as homes, bank accounts, investments and personal belongings — becomes part of their estate for the purposes of the U.S. federal estate tax. But only if the estate’s value surpasses a certain threshold will it be subject to the estate tax, sometimes called the “death tax.” The tax rate for estates currently ranges from 18 to 40 percent, depending on how much of the estate exceeds the exemption amount.
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1 week ago | 
bankrate.com | Rebecca Rosenberg |Andrea Coombes
Form 5498 isn’t as well-known as the W-2 or 1099, but it’s essential for your tax record-keeping if you have an individual retirement account (IRA). This form arrives after tax day, generally in May or June, which leaves many people wondering what to do with it. Form 5498 reports any IRA contributions you made throughout the tax year, but it’s not something you file with your tax return. Read on for more about what Form 5498 is, who receives it, who files it and what to do when you get one.
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2 weeks ago | 
bankrate.com | Anna-Louise Jackson |Andrea Coombes
Retirement plans such as 401(k)s and IRAs are powerhouse savings accounts, giving you a tax break either when you contribute to the account or when you withdraw your money — plus taxes are deferred while the money grows. But if you dip into your retirement savings early — which generally means anytime before you reach age 59 ½ — you may be required to pay tax on those distributions, plus a possible penalty of 10 percent or more of your withdrawal amount.
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1 month ago | 
bankrate.com | Mallika Mitra |Andrea Coombes
Self-employed people have some extra work at tax time compared to their counterparts who receive a W-2 — and that often includes filling out Schedule C. This form is for reporting a profit or loss that you made as a freelancer or sole proprietor, and it should be attached to your Form 1040 when you file your taxes. What is Schedule C? Schedule C is where you report income and expenses for your small business as a freelancer or self-employed person, or as someone with a side hustle.
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1 month ago | 
bankrate.com | Mallika Mitra |Andrea Coombes
If you’re self-employed, you’re not going to receive a W-2 from an employer like some of your peers. Instead, you’ll receive 1099 forms from the businesses, organizations or individuals you do business with. That said, there are many types of Form 1099 — and that means many taxpayers, not only self-employed people, can expect to receive this paperwork.
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1 month ago | 
bankrate.com | Anna-Louise Jackson |Andrea Coombes
If you discover an error after filing your tax return — whether it means you owe more tax or you’re entitled to a bigger refund — you’ll need to amend your return. Form 1040-X is the form to use to correct previously filed tax returns. Among other fixes, you can use this form to claim tax benefits you qualify for but neglected to claim on your tax return when you filed it.
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1 month ago | 
bankrate.com | Andrea Coombes |Johna Strickland
There’s no doubt TikTok can be entertaining, and there are legit financial experts on the social media app (dare we say, financial visionaries?). But there are also a lot of inexperienced people sharing questionable tips about tax deductions and credits. “Most TikTok-ers who are giving tax advice — a lot of them don’t have much knowledge in tax,” says Tia Uzzell, an enrolled agent, tax accountant and founder of Uzzell & Associates in Tampa, Fla.
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1 month ago | 
bankrate.com | Kemberley Washington |Andrea Coombes
If you’re scrambling to file your taxes before the deadline, you’re not alone. Each year, millions of Americans request a tax extension, which gives you an extra six months to file your return to the IRS. A valid tax extension moves your filing due date from April 15 to October 15. More than 20 million taxpayers filed for an extension in 2024, according to IRS estimates. In fact, it might even make sense to file an extension if you expect to file your return on time.
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1 month ago | 
bankrate.com | Andrea Coombes |Allison Martin
The latest tax news and expert analysis from Bankrate's award-winning editorial team. The average tax refund so far in 2025 is $3,221, up $140 from the average refund this time last year. Here’s how tax refunds work. Wondering what your state tax rates are? Click on your state to find state income tax rates, sales tax rates and more. The steps you need to follow to fill out your W-4 form. The W-4 determines how much in taxes is withheld from your paychecks.
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1 month ago | 
bankrate.com | Mallika Mitra |Andrea Coombes
There are many reasons married couples may want to file their taxes jointly: a larger standard deduction, eligibility for more tax credits, and higher income thresholds to qualify for various tax benefits are just some examples. But in some cases, it can make sense for a married couple to file their taxes separately. To determine the best filing status for you and your spouse, consider who qualifies to file separately, the pros and cons for doing so and your specific financial situation.
