Missing IRS deadlines can carry financial consequences. Failure to file and pay a tax return on time can result in a penalty of 5 percent of taxes owed for each month or partial month the return is late.

If you’re retired and filing taxes, these tax credits and deductions could provide thousands in relief (if you qualify).

The tip must be voluntarily given, so mandatory tips or auto-gratuities would not qualify for the “no tax on tips” benefit. However, tip pools and similar arrangements qualify, so long as they are reported to the IRS and voluntary. The benefit is not available to married individuals who file their taxes separately.

The change will take effect on Sept. 30, which is the same day that the Social Security Administration begins phasing out paper checks in favor of electronic benefit payments. Here’s everything you need to know about the change.

By Peter Cox Property tax notices that will arrive this fall in mailboxes could be a source of sticker shock for many. Taxes in a lot of places around Minnesota are headed up – by a lot in some cases.

President Donald Trump has relied on heavy losses across his business empire to help nearly erase his federal income tax bill, according to a report on Sunday from The New York Times.