Taxes & Policy Archives - Page 3 of 21

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The capital-gains exclusion on a primary-home sale still caps at $500,000 for couples and $250,000 for singles — untouched since 1997 — while median U.S. homeowner equity now tops $213,000

David Keller3 days ago3 days ago014 mins

When Congress passed the Taxpayer Relief Act of 1997, a three-bedroom ranch house in San Jose might have sold for $280,000. Today that same house could fetch $1.5 million or more. A single homeowner who held on for the full ride would owe federal capital-gains tax on roughly $750,000 of profit after applying the $250,000…

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Quarterly estimated taxes are due in 15 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

Warren Cohen4 days ago4 days ago017 mins

A freelance graphic designer who pocketed $12,000 between April and May 2026 but set nothing aside for taxes is about to find out exactly what the IRS charges for that oversight. The second quarterly estimated tax payment for 2026 is due June 15, and for the millions of self-employed workers, rideshare drivers, and gig-economy contractors…

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The Dependent Care FSA cap just jumped to $7,500 for joint filers — the first inflation adjustment since the $5,000 ceiling was set in 1986 — pre-tax shielding at the 22% bracket saves a family about $1,650 a year

Warren Cohen4 days ago4 days ago011 mins

A married couple with two kids in full-time daycare can easily spend $18,000 or more a year on care. Until now, the most they could shelter from taxes through a Dependent Care Flexible Spending Account was $5,000, a ceiling Congress set in the Tax Reform Act of 1986 and never adjusted. Starting with the 2026…

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The OBBBA just permanently restored the federal tax deduction for mortgage insurance premiums starting with the 2026 tax year — PMI, FHA MIP, and VA funding fees all qualify

Warren Cohen4 days ago4 days ago013 mins

For years, homeowners paying mortgage insurance had to wait and wonder whether Congress would renew a federal tax deduction that kept expiring. That cycle is over. A provision tucked inside the One Big Beautiful Bill Act, signed into law on July 4, 2025, permanently allows borrowers who itemize their taxes to deduct mortgage insurance premiums…

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The Treasury is still seizing federal tax refunds from 5 million defaulted student borrowers — even with the Education Department’s wage garnishment pause running through July

Warren Cohen4 days ago4 days ago013 mins

When the Education Department announced last year that it would hold off on aggressive student loan collections while new repayment options were developed, millions of borrowers in default had reason to think their tax refunds were safe. They were not. The Treasury Department’s Treasury Offset Program, which intercepts federal payments to recover outstanding debts, has…

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The IRS may owe you a refund for penalties paid between 2020 and 2023 — you have 40 days left before the July 10 deadline

Warren Cohen4 days ago4 days ago012 mins

Tens of millions of taxpayers who paid late-filing or late-payment penalties to the IRS during the COVID pandemic may be entitled to get that money back. But there is a hard deadline approaching: July 10, 2026. After that, the three-year statute of limitations will close on these claims for good. The penalties in question were…

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An IRS Identity Protection PIN blocks anyone else from e-filing a return in your name — it’s free, takes five minutes to set up online, and auto-renews every January

David Keller4 days ago4 days ago013 mins

During the 2025 filing season, the IRS flagged roughly 300,000 tax returns as confirmed identity-theft attempts, according to the agency’s annual Data Book. In a typical case, a thief uses a stolen Social Security number to e-file a fraudulent return and claim someone else’s refund before the real taxpayer even opens their tax software. The…

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Quarterly estimated taxes are due in 16 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

Warren Cohen4 days ago5 days ago013 mins

Sixteen days from now, on June 15, 2026, the IRS expects the second quarterly estimated tax payment of the year. For the roughly 27 million Americans who file Schedule SE for self-employment income, according to IRS filing statistics, there is no employer handling withholding on their behalf. If they underpay or skip the deadline entirely,…

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SNAP recipients aged 55 to 64 with no children under 14 must now show 80 hours of work or job training a month or lose benefits after 3 months

David Keller4 days ago5 days ago013 mins

The One Big Beautiful Bill Act, signed into law on July 4, 2025, expanded SNAP work requirements to cover adults up to age 64 and narrowed the definition of who qualifies as a caregiver. As of June 2026, states are still rolling out enforcement for the newly covered age group, and many recipients between 55…

Elderly couple using a laptop in a living room.

The new $6,000 senior bonus deduction phases out at 6% above $75,000 single and $150,000 joint — zeroing out at $175,000 single or $250,000 joint

David Keller5 days ago5 days ago011 mins

A 72-year-old single retiree living on $60,000 a year in Social Security and pension income stands to subtract an extra $6,000 from her taxable income on her 2025 federal return, a break that could save her more than $1,300 in taxes. A couple in their late 60s pulling in $200,000 from IRAs and investments will…

Category: Taxes & Policy

The capital-gains exclusion on a primary-home sale still caps at $500,000 for couples and $250,000 for singles — untouched since 1997 — while median U.S. homeowner equity now tops $213,000

Quarterly estimated taxes are due in 15 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

The Dependent Care FSA cap just jumped to $7,500 for joint filers — the first inflation adjustment since the $5,000 ceiling was set in 1986 — pre-tax shielding at the 22% bracket saves a family about $1,650 a year

The OBBBA just permanently restored the federal tax deduction for mortgage insurance premiums starting with the 2026 tax year — PMI, FHA MIP, and VA funding fees all qualify

The Treasury is still seizing federal tax refunds from 5 million defaulted student borrowers — even with the Education Department’s wage garnishment pause running through July

The IRS may owe you a refund for penalties paid between 2020 and 2023 — you have 40 days left before the July 10 deadline

An IRS Identity Protection PIN blocks anyone else from e-filing a return in your name — it’s free, takes five minutes to set up online, and auto-renews every January

Quarterly estimated taxes are due in 16 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

SNAP recipients aged 55 to 64 with no children under 14 must now show 80 hours of work or job training a month or lose benefits after 3 months

The new $6,000 senior bonus deduction phases out at 6% above $75,000 single and $150,000 joint — zeroing out at $175,000 single or $250,000 joint

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