Watch what happens if you commit tax evasion, from phone calls to property seizure

The IRS may look at your social media if you're being audited

While some people cheat on their taxes, others evade paying them altogether. This article details methods the Internal Revenue Service uses to catch these people in the act, such as scanning social media, computer data analysis, and whistleblowers.

If you miss the April 15 tax deadline, you could be subject to penalties

This does not apply if you file for an extension. Otherwise, you could face failure to file penalties no matter how late you file your taxes—whether it's April 16 or May 16. The penalty is 5% of the tax due for each month (or part of a month) that your return is late, minus any taxes paid on time and available credits. If you file more than 60 days late, you could owe a minimum penalty of either $525 or 100% of the unpaid tax—whichever is less.

The IRS already has much of the data it asks Americans to report when filing their taxes

Americans spend more than 7.9 billion hours per year doing their taxes: It's notoriously time-consuming, requiring forms, deductions, and often third-party help. But here's the twist: The IRS already has much of the data it asks you to report. Americans still have to do the work themselves partly due to big tax prep companies that lobby to keep the status quo.

About one dollar in every six that are owed to the federal government aren't paid each year

That adds up to close to $1T in what's known as the "tax gap." Read a breakdown on the main drivers of tax evasion (distinct from legal tax avoidance) in the US.

Read why the information Americans have about our tax system might be misleading

For many, filing taxes can be complicated and overwhelming. Some argue that the tax system obscures certain aspects of the US tax code, making it difficult for taxpayers to accurately assess potential reforms.

Cat food, death, and heavy machinery: Learn about loopholes in the American tax code

Tax avoidance isn't the same as tax evasion. The tax code is full of legal loopholes accountants can use to lighten their clients' tax burden. For instance, large estates can be counted as farms and some cars count as heavy machinery.

What it's like to do your own taxes for the first time

Most Americans across the country have one thing in common: They hate doing their taxes. Many use an accountant or an online service like TurboTax to avoid doing taxes themselves. In this video, two journalists decide to do their taxes on their own for the first time.

How to owe nothing on your federal tax return

Do you know you can avoid owing the IRS money come tax season by making changes to your W-4? For context, a W-4 is the form you fill out when you first start a new job. It tells your new company how much money to withhold from each paycheck for taxes. Find out how to avoid writing a check to the IRS each April in this article.

Hear why the IRS has been a frequent victim of arson

This podcast episode takes a lighthearted dive into the history of the IRS, from when the agency was founded and called the Bureau of Internal Revenue, to that one time it had to enforce a national ban on alcohol.

How tax laws helped the federal government catch mob bosses during Prohibition

The IRS arrested top mob bosses during Prohibition after the Supreme Court ruled illegally-made income could be taxed. The IRS's biggest catch was Al Capone, who was charged with tax evasion and sentenced to 11 years in prison. But Capone wasn't the only bootlegger the IRS nabbed for tax evasion during this era.

Tax-loss harvesting is a way that some people attempt to trim their tax bills

Specifically, tax-loss harvesting is a way to lower your tax bill by offsetting investment gains with losses. It can be tricky to practice and comes with a few important rules, so working with an expert may be your best bet before Tax Day.

When the US hits the debt ceiling, the Treasury uses emergency measures to avoid default

After the US reached its debt ceiling in January 2023, the Treasury deployed "extraordinary measures" to keep paying obligations. This article explains the steps, how they work, and why they last only for a limited time. (Some readers may experience a paywall.)

What's your tax filing status? Find out with this video

There are five different filing statuses taxpayers fall under when they file income taxes: single, married and filing jointly, married and filing separately, head of household, and surviving spouse. Taxpayers' status is determined by whichever category they fit into on December 31st of the tax year they're filing for.

How the wealthy are preparing for an estate tax clip

In 2017, the federal government passed a tax bill that raised the estate tax threshold for individuals and married couples. However, this exemption was temporary and is set to expire at the end of 2025. This Bloomberg Tax podcast episode explains what wealthy individuals are doing to protect their estates before the tax change. Listen here.

Every year, nearly 500,000 bankruptcies are filed in the US

From personal hardships to major corporate collapses like Enron and Bed Bath & Beyond, filing for bankruptcy isn't a quick fix or a “get-out-of-jail-free” card—it’s a complex, structured process offering debt relief or repayment options.

Mutual funds and taxes

With mutual funds, you can expect a similar tax experience to that of bonds and stocks, although there are a few key differences. Look out for potential taxes on any capital gains or dividend earnings.

JP Morgan Jr. once angered the nation with his zero-dollar tax bill

In the aftermath of the Great Depression, Congress learned that Morgan and his banking partners had avoided paying any federal income tax in 1931 and 1932. By claiming their losses in the stock market, they seemingly erased what they owed.

Read about a dating simulation game that helps prepare your income taxes

For the 2022 tax year, prank-playing creative studio MSCHF created a dating simulation game that helped taxpayers prepare their income taxes. In "Tax Heaven 3000," players interact with anime love interest Iris (it's like IRS), and run through a series of questions that complete their taxes. Iris also warns the player to stay away from tax-preparation companies like TurboTax.

Calculate how much of your tax dollars go to each federal program based on your income, filing status, and number of children

Today, in the US, people can face years in prison for counterfeiting money

There are both federal and state laws that punish people who use or create counterfeit money. The crime can not only trigger hefty fines, but could also lead to decades behind bars.

A guide to gig-worker taxes and the new Venmo rule

Tax laws are catching up to modern freelancers. Starting with income made in 2024, gig workers will have to report the earnings they receive via apps like Venmo and PayPal differently. The main change: workers will have to detail all app earnings above $5,000 (previously, it was $20,000), and that’ll eventually drop to $600. This guide explains what that’ll mean and answers common questions about the new rule.

Read why some states are considering imposing a flat tax rate that isn't adjusted by income

Wisconsin was the first US state to impose a state income tax, close in time to when the federal income tax went into effect. Many states followed suit, but nine states to this day still don't levy wage-related taxes.

Learn how to withdraw $1K from your IRA

Normally, you face a large penalty if you take money out of your IRA before age 59½. Now the IRS is letting individuals withdraw up to $1K without facing the 10% fee (with the exception of Roth IRAs) for emergencies.

Payday lenders usually require borrowers to post-date a check or provide access to an electronic bank account

If borrowers can't pay back the loan, they can be subject to overdraft fees from their bank and other fees from the payday lender—further exacerbating the debt borrowers face.

Death taxes have helped fund wars since the 1860s

Death taxes date back to 700 BCE and were used in Ancient Rome and Ancient Egypt. In the US, they've been used to finance wars since the Civil War, and have been levied on both the estate and beneficiary. The estate tax created during WWI to help finance war efforts is still in effect today.

Read Thoreau's 'Civil Disobedience'

The essay—originally delivered as a lecture and inspired by a night in jail for failing to pay a poll tax—argued that citizens should nonviolently resist unjust government policies, including slavery. Read the entirety of the essay for free.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

A 2019 Facebook event called on attendees to "Storm Area 51, They Can't Stop All of Us," resulting in countless memes, the creation of a music festival, and eventually the arrests of those who did try to approach the area.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

The story of Dollree Mapp, whose legal challenge over her 1957 conviction for possessing "obscene material" led to a major strengthening of the Fourth Amendment

Doctors differentiate between a phobia and fear by asking patients whether their fear interferes with their day-to-day activities.

Despite being favored by 87% of Americans, Congress does not have term limits.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

Play the role of a student in a game where you try to navigate college and remain debt-free, selecting different income levels, high school experience, race, ethnicity, and more.

Up to a million Girl Scouts sell about 200 million cookie boxes every spring, generating $800 million, largely because refusing a child is frowned upon

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

20,000 letters to the advice columnist 'Dear Abby' provide insight into prevailing sex, religion, and LGBTQ fears, anxieties, and concerns from the 1950s onward.

Gerrymandering works through two techniques: cracking opposing voters across districts to dilute their power, and packing them into a few to waste their votes in lopsided majorities.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Studies suggest when you sleep is as important as how much you get, and syncing with your circadian rhythms may lead to less fatigue and improved long-term health outcomes

See this overview of the firework rules across all 50 states, ranging from a complete ban on non-professional fireworks in Massachusetts to states with more lax rules like Indiana.

Tattoos remain visible on your skin thanks to immune cells called macrophages

Poison ivy can cause rashes year-round since all parts of the plant contain urushiol, the oil that triggers our allergic response.

The Beatles' US label rejected the band's first two singles, 'Please Please Me' and 'From Me to You,' with one executive calling the band 'dead in the water.'

Comedy legend Catherine O'Hara, star of 'Schitt's Creek' and 'Home Alone,' quit 'Saturday Night Live' after just one week to return to her old job.

Explore the known asteroids, comets, and spacecraft involved in asteroid studies within our solar system with 'Eyes on Asteroids,' a 3D visualization from NASA.

Watch contemporary footage covering the US-backed Shah of Iran fleeing the country in the face of the 1979 Iranian Revolution