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The Latest Breaking News from Tax Return

Salaried employees beware! These 5 mistakes during ITR filing can trigger unexpected tax demands

With the ITR filing season for AY 2026-27 now underway, many salaried taxpayers who faced TDS shocks in the last quarter of FY 2025-26 are now encountering self-assessment tax and interest liability while preparing to file their income tax returns. This article outlines five practical ways, including the use of…

The Economic Times

I'm a CPA: These Are the Q2 Tax Moves Every Business Owner Should Be Making Now

Don't wait until Q4 to talk to your tax adviser or CPA. Business owners and the self-employed should be using April's tax return to shape the rest of the year.

Kiplinger

Your Tax Preparer Could Be the Reason Your Return Gets Flagged — What to Watch For

Tax season often feels like a relief once everything gets handed over to a professional, but that trust can backfire in unexpected ways. A single mistake or questionable decision from a tax preparer can put a return straight into the IRS spotlight. That means delays, extra scrutiny, or even a…

The Free Financial Advisor

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One Line on Your Return Is Triggering Automatic IRS Reviews in 2026

Tax season in 2026 is not playing around, and one small line on a tax return can now set off instant IRS scrutiny without any human ever touching the file first. The IRS continues to expand its automated screening systems, and that means tax returns now pass through stricter digital…

The Free Financial Advisor

Why should these taxpayers avoid filing ITR before June 15th for AY 2026-2027

Taxpayers are advised to delay filing their Income Tax Returns for AY 2026-2027 until after June 15th. This allows for the accurate updation of the Annual Information Statement with data from companies and banks. Salaried individuals should also wait for their Form 16. Filing without complete information can lead to…

The Economic Times

ITR filing 2026: 5 benefits of filing income tax return besides paying taxes

Filing your Income Tax Return is more than just a tax duty. It acts as a vital financial record. It helps in getting loans approved. You can claim tax refunds if you paid extra. Your ITR proves your income, especially for freelancers. It allows carrying forward losses to reduce future…

The Economic Times

Worked in the US, UK or Canada? Form 40 can help Indians defer income tax liability on foreign pension accounts

Indian residents with foreign pension accounts like 401(k) from working in the US, UK, or Canada can now defer India tax liability. By filing Form 40 electronically before the income tax return deadline, taxation shifts from accrual to withdrawal basis. This option, once exercised, is generally irrevocable but becomes void…

The Economic Times

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Could you be missing a critical June 2026 tax deadline? Check these essential TDS, Form 16, STT and advance tax requirements before it's too late

June 2026 income tax deadlines are closer than many taxpayers realize. Form 16 issuance, TDS deposits, advance tax payments and STT reconciliation can directly affect your Income Tax Return filing. A missed compliance step may lead to penalties, tax credit mismatches or filing delays. Before June 20, reviewing these key…

The Economic Times

Protecting Your Noncitizen Spouse: The IRS Strategy for Cross-Border Couples

Noncitizens don't get the unlimited marital deduction. Learn how the QDOT bridges this gap to defer estate taxes and protect your family's legacy.

Kiplinger

Projected 2027 IRMAA Brackets and Surcharges for Medicare Part B and D

Will you owe the Medicare IRMAA surcharge in 2027? Grab your 2025 tax return and check the projected brackets and surcharges for next year.

Kiplinger

Morning Mail: ATO rebuked after 97-year-old fined, Keating defends tax changes, outrage over Israel video of flotilla activists

ATO fined woman for late tax return after husband’s death

The Guardian - AU

Donald Trump's IRS lawsuit dismissed with a $1.76 billion fund settlement: Here's the full breakdown of the tax leak case

Trump IRS tax leak settlement: The US administration has established a $1.76 billion fund to address claims of government "weaponization" following a lawsuit by Donald Trump and his family. This settlement resolves Trump's suit against the IRS over leaked tax returns, though he will not receive direct payment but an…

The Economic Times

The IRS’s “Math Error” Notice Could Cost You More Than You Think

The IRS rarely makes big announcements without consequences hiding behind the fine print, and the “Math Error” notice stands out as one of the most overlooked. This notice often arrives after a tax return review and signals that something on a return does not add up according to IRS systems.…

The Free Financial Advisor

Income tax return AY 26-27: Excel utility, online filing for ITR-1, and ITR-4 forms now available on e-filing portal

Income tax return AY 26-27: The Income Tax Department has launched Excel utilities and online filing for ITR-1 and ITR-4 for the Assessment Year 2026-27. Taxpayers earning up to Rs 50 lakh, with specific income sources, can now prepare and file their returns.

The Economic Times

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The Free Financial Advisor

5 Reasons Your 401(k) Could Trigger a Tax Surprise Next Year

Retirement accounts usually carry a reputation as safe little money shelters, but tax season loves a plot twist. A healthy 401(k) balance can look fantastic on a quarterly statement while quietly setting up a larger IRS bill down the road. Plenty of Americans focus on contributions, employer matches, and investment…

The Conversation

How much a new $1,000 tax offset would really be worth – and who’s better off avoiding it

When Australian workers lodge a tax return from mid next year, around 6 million taxpayers look set to be able to claim up to A$1,000 with an “instant” work-related tax deduction, without receipts. The Albanese government has just released draft legislation on the change.

Saving Advice

Colorado Renters: The New 2026 Renter’s Tax Credit You Must Apply For to Receive

If you rent in Colorado, 2026 could finally bring some long-awaited tax relief, but only if you take action. A newer Colorado renter’s tax credit...

Grocery Coupon Guide

4 Grocery Purchases That May Qualify for Medical Deductions This Tax Season

Preparing your annual tax return is incredibly stressful for families trying to maximize their financial refunds. Most people understand that visits to the doctor and expensive prescription medications count toward their annual health expenses. However, many taxpayers completely overlook the potential savings hiding directly inside their weekly supermarket receipts. The…

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Kiplinger

Mortgage Rates in 2026 Predicted to Drop: These 3 Signals Tell You It's Time to Buy

April's rate volatility is just the tip of the iceberg. See how your freshly filed tax return and shifting property taxes could dictate home affordability this spring.

The Free Financial Advisor

Unreported Income: How the IRS Finds Out (and What It Costs You)

The fastest way to turn a good year into a financial nightmare involves ignoring income that never makes it onto a tax return. That decision might feel harmless in the moment, especially when the money comes from a side gig, freelance project, or cash payment that seems invisible. Yet the…

The Free Financial Advisor

Why Small Errors on Your Tax Return Can Cost You Big

A single wrong number can spark a chain reaction that drains money, time, and patience faster than expected. Tax returns look simple on the surface, but they demand precision at every step, and even the smallest slip can ripple into something much bigger. A misplaced digit, a forgotten form, or…

Fortune

Warren Buffett's first tax return showed $7 owed to the IRS. The then-paperboy and former Berkshire Hathaway CEO is now worth $143 billion

That’s a far cry from the $26.8 billion Buffett said his company Berkshire Hathaway paid in 2024 taxes.

Saving Advice

IRS Mailing Warning: Why Your Tax Return Could Be Considered Late Even If Sent by April 15

If you’re someone who waits until the last minute and drops your tax return in the mail on April 15, there’s a new risk you...

The Times of India

Tax fraud by 4 Indian-origin accountants in Texas: Their clients received more returns, US govt lost millions of dollars

Four Indian-origin individuals have pleaded guilty to a massive fraud in Texas that cost the US government millions of dollars. Subhala Suresh, Matthews Chacko, Anish Pillai, and Mou Kundu defrauded the government by preparing false federal tax returns for their clients that included false expenses. As a result, their clients…

The Free Financial Advisor

IRS Audits Very Few Returns — But These 5 Triggers Put You at Risk

A tax return travels through a system built to notice patterns, flag outliers, and question anything that looks even slightly off. That system doesn’t need to audit everyone to stay effective, and it doesn’t try to. The IRS audits a very small percentage of returns each year, which sounds comforting…

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