tax refund
Tax scam alert: How to protect yourself and your tax refund
'America Reports' panelists Meghan Hays and David Avella discuss Democrats' ongoing criticism of DOGE cuts. Tax season is upon us, and while many of you are preparing to file your returns, it's crucial to be aware of the ever-evolving world of tax scams. This year, it's more important than ever to stay informed and on your guard. New research by McAfee, a cybersecurity company, has shed light on how common these scams are and what kind of scams they are, revealing some surprising trends and highlighting the importance of protecting yourself. GET SECURITY ALERTS & EXPERT TECH TIPS – SIGN UP FOR KURT'S THE CYBERGUY REPORT NOW Scam written on tax forms (Kurt "CyberGuy" Knutsson) Before diving into the scams, let's look at how people are handling their taxes these days.
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IRS says 940,000 people have not claimed expiring 2020 tax refunds totaling over 1B
The new budget shows the Democrat's priorities. The IRS is warning taxpayers that they may be leaving more than 1 billion on the table. The federal tax collector said Monday that roughly 940,000 people in the U.S. have until May 17 to submit tax returns for unclaimed refunds for tax year 2020, which total more than 1 billion nationwide. The average median refund is 932 for 2020. Texas (93,400), California (88,200), Florida (53,200) and New York (51,400) have the largest number of people potentially eligible for these refunds. JIM JORDAN OPENS INVESTIGATION INTO ACCUSATIONS IRS IS USING AI TO SPY ON TAXPAYERS'EN MASSE' IRS Commissioner Danny Werfel said in a statement: "We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds.
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The 50 best things to buy with your tax refund
Spend your tax refund on something you actually want. If you make a purchase by clicking one of our links, we may earn a small share of the revenue. However, our picks and opinions are independent from USA Today's newsroom and any business incentives. Doing your taxes might suck, but getting your tax refund back feels fantastic. It's as if you're getting free money added to your bank account (even thought it's really just money you earned that the government took too much of). Now, you just need to decide on what to spend it on. I mean, a tax refund is the perfect excuse to treat yourself. Instead of blowing your newfound money on some trendy piece of clothing or cool-looking gizmo, you might want to invest a high-quality product that will last you years to come. Here at Reviewed, it's our job to test and rate hundreds of products throughout the year, and we take it very seriously, so we know a thing or two about what's actually worth buying.
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1 big thing: Carmakers hedge bets on electric, self-driving future
Last year's tax reform spurred stronger-than-expected car sales by giving consumers more disposable income, but the payback will come this spring when many Americans could discover they're not getting the tax refund they had expected. Why it matters: Car sales are a key driver of the U.S. economy, and the industry sees a big uptick every spring as consumers turn their tax refund into a deposit on a new or used car. Without that seasonal bounce, 2019 auto sales may be lower, making a recession more likely. Background: Cox Automotive chief economist Jonathan Smoke spoke to reporters on the eve of this week's Detroit auto show and made some points... What's happening: Some consumers may be surprised to learn they are receiving no tax refund in 2019, a smaller one than expected or that they might even owe the government money, Smoke says. The bottom line: Cox Automotive, the digital information giant behind AutoTrader, Kelly Blue Book and Manheim Auto Auctions, sees U.S. auto sales falling to 16.8 million units in 2019.
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Credits can boost a refund beyond the taxes paid -- and keep millions out of poverty
Dear Liz: A friend of mine received a 2016 tax refund of over $9,000 even though this person did not pay nearly that amount in taxes over the course of the year. My friend has a fairly low-paying job with no benefits, is a single parent of two young children and receives no support from the children's other parent. Given this scenario, is it possible to get a tax refund in an amount greater than what you paid in taxes? Answer: Absolutely, and these refundable credits keep millions of working Americans out of poverty each year. Refundable credits are tax breaks that don't just offset taxes you owe but also can give you additional money back.