The 2015 federal tax filing season is off to a fast start, with the Internal Revenue Service reporting that 7.6 million refunds worth $26.8 billion have been issued since Jan. 31.
The White House intention was to take the money derived from taxes on 529 capital gains to make permanent the American Opportunity Tax Credit.
The IRS says that consumers should use extra caution when viewing e-mails, receiving telephone calls or getting advice on tax issues.
The president is proposing to triple the child care tax credit to $3,000 per child under 5, which would help 5.1 million families cover child care costs.
The more than 25,000 tax preparation locations using software with the Walmart Direct2Cash option may provide this service for no additional fee, or charge a maximum of $7 at the time of filing, Walmart says.
If you earned $60,000 or less last year, you are eligible to select from among 14 software products. If you earned more, you are still eligible for Free File Fillable Forms, the electronic version of IRS paper forms.
Budget cuts apparently are eating away at the ability of the Internal Revenue Service to perform basic functions, such as processing returns on time or even getting a representative on the phone.
That may not seem like much, but it is an increase — despite collapsing gas prices over the last few months to the point where pump prices are averaging close to $2 per gallon across the nation.
Almost 122,000 short sales closed nationwide between January and October, with an estimated average debt forgiveness of about $88,500.
The tax break should help distressed homeowners who faced possible foreclosure actions before having mortgage debt forgiven in 2014.