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longer life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
DEDUCTING BUSINESS MEALS & OTHER EXPENSES ON SCHEDULE C Millions of Americans are self-employed. In the Internal Revenue Service's Statistics of Income count for tax year 2017, more than 26 million of U.S. nonfarm taxpayers filed as sole proprietors, submitting Schedule C along with their annual Form 1040 individual tax returns. The great thing about Schedule C is that is offers lots of ways sole proprietors, of which I'm one, can reduce our gross LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
2 TAX DEDUCTIONS YOU CAN CLAIM AS LATE AS APRIL 15 So for 2019 tax purposes, your deductible 2019 HSA contribution (like the one to your traditional IRA) can be made as late as April 15, 2020. As with IRAs, the amount you can contribute to an HSA is adjusted annually for inflation. The 2019 limit for HSA contributions is $3,500 for single taxpayers and $7,000 families. TAX DIFFERENCES BETWEEN HOME REPAIRS & HOME IMPROVEMENTS Your profit is $300,000; that's $375,000 sales price minus your basis of $75,000. You owe capital gains tax on $50,000. But if you made at least $50,000 in capital improvements to the property, you increased your home's basis to $125,000. That means your profit is TIMING DIFFERENCES IN VANGUARD'S ISSUANCE OF 1099S Timing differences in Vanguard's issuance of 1099s. Saturday, January 25, 2020. This cat apparently is expecting something to be delivered by his postal carrier. Many taxpayers share this feline's anticipation this time of year, when annual tax forms are on their way. The hubby and I have some investments in addition to our retirement accounts. CATASTROPHE SAVINGS ACCOUNTS COULD HELP AL, MS & SC Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal TAX FILING CHECKLIST 2014 Your annual tax statements are trickling in, so now it's time to make sure you have all the other info you'll need to file your 1040 when the 2014 season opens on Jan. 31. Today's Daily Tax Tip offers a checklist of what to round up, regardless of whether you will do your taxes yourself or hand them over to a tax professional. Documents for all: Along with your W-2s, 1099s and other documents 3 TIPS TO HELP SPOT THE TAX-RELATED PROPERTY LIEN SCAM Photo by creditdebitpro Voluntary compliance is the backbone of the U.S. tax system. But when that doesn't work out as Uncle Sam hopes, he knows the Internal Revenue Service has ways to get the money. One of the most drastic ramifications of unpaid tax is the loss of other property. In extreme unpaid tax cases, the federal government places a lien on delinquent taxpayers' other assets. REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
DEDUCTING BUSINESS MEALS & OTHER EXPENSES ON SCHEDULE C Millions of Americans are self-employed. In the Internal Revenue Service's Statistics of Income count for tax year 2017, more than 26 million of U.S. nonfarm taxpayers filed as sole proprietors, submitting Schedule C along with their annual Form 1040 individual tax returns. The great thing about Schedule C is that is offers lots of ways sole proprietors, of which I'm one, can reduce our gross LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
2 TAX DEDUCTIONS YOU CAN CLAIM AS LATE AS APRIL 15 So for 2019 tax purposes, your deductible 2019 HSA contribution (like the one to your traditional IRA) can be made as late as April 15, 2020. As with IRAs, the amount you can contribute to an HSA is adjusted annually for inflation. The 2019 limit for HSA contributions is $3,500 for single taxpayers and $7,000 families. TAX DIFFERENCES BETWEEN HOME REPAIRS & HOME IMPROVEMENTS Your profit is $300,000; that's $375,000 sales price minus your basis of $75,000. You owe capital gains tax on $50,000. But if you made at least $50,000 in capital improvements to the property, you increased your home's basis to $125,000. That means your profit is TIMING DIFFERENCES IN VANGUARD'S ISSUANCE OF 1099S Timing differences in Vanguard's issuance of 1099s. Saturday, January 25, 2020. This cat apparently is expecting something to be delivered by his postal carrier. Many taxpayers share this feline's anticipation this time of year, when annual tax forms are on their way. The hubby and I have some investments in addition to our retirement accounts. CATASTROPHE SAVINGS ACCOUNTS COULD HELP AL, MS & SC Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal TAX FILING CHECKLIST 2014 Your annual tax statements are trickling in, so now it's time to make sure you have all the other info you'll need to file your 1040 when the 2014 season opens on Jan. 31. Today's Daily Tax Tip offers a checklist of what to round up, regardless of whether you will do your taxes yourself or hand them over to a tax professional. Documents for all: Along with your W-2s, 1099s and other documents 2.8 MILLION IN UNEMPLOYMENT TAX REFUNDS HAVE BEEN ISSUED Unemployment benefits were a lifesaver for many Americans who saw their jobs eliminated during the height of coronavirus pandemic. Now some of those unemployment insurance (UI) recipients are getting another boost from the benefits thanks to a change in how the COVID-related funds are taxed. The American Rescue Plan Act of 2021 (ARPA) deemed up to $10,200 per taxpayer in unemployment TAX TO-DO'S AFTER YOU SAY 'I DO' Photo by Min An from Pexels Among the many welcome events that are returning as we continue to move beyond complete COVID-19 lockdown are weddings. Congratulations and best wishes to all the brides and grooms out there who finally are enjoying their long-planned celebrations. My gift to all y'all newlyweds is a few words of marital tax advice. With apologies for the spare gift wrapping, here IRS UPDATES LIFE EXPECTANCY TABLES THAT DETERMINE RMDS These withdrawals, known as required minimum distributions (RMDs) now can wait until we turn 72. Pushing the RMD age from 70½ to 72 means that the money in our traditional IRAs and/or workplace plans like basic 401 (k)s have more time to grow untouched. As a corollary to that law change, the IRS has just updated the tables that help uscompute
ADVANCE CHILD TAX CREDIT LETTER GOING TO 36 MILLION; MONEY A letter from the Internal Revenue Service can be scary. But for 36 million families who soon will find such correspondence in their mail boxes, the news could be good. Very good. The document will have information on the Child Tax Credit (CTC), which was expanded under American Rescue Plan Act (ARPA) provisions that became law back in March. The $2,000 tax break was hiked for the 2021 tax STATE DISASTER DECLARATIONS COULD TRIGGER QUICKER IRS TAX Overhead view of flooding. (Image by Pok Rie via Pexels) It's already been a literally disastrous year for millions of Americans. When Mother Nature does her worst, major disaster areas are declared, meaning affected residents get access to federal assistance. However, the process for providing disaster-related tax relief can take time and be confusing. Sometimes it can be frustratingly CONGRESS DEMANDS IRS ANSWERS ON TAXPAYER DATA BREACH ProPublica's recent article on how little — sometimes nothing — that rich people pay in taxes was not a revelation. It's long been known that the tax code is full of loopholes, which aren't necessarily illegal. Equally acknowledged is that the super wealthy can afford high-dollar tax professionals to find and put these tax breaks to work. Still, the trove of Internal Revenue Service $5,000 ELECTRIC VEHICLE TAX CREDIT HIKE CLEARS SENATE The Biden Administration has made no secret of its support for electric vehicles. President Joe Biden emphasized that commitment, as well as his general love of motoring, when he took the wheel of Ford's new electric pickup truck at the Michigan plant on May 18. Now Congress is following up on the White House electric auto initiative. $5,000 EV credit hike: Part of the Clean Energy for America TURNING IN U.S. TAX CHEATS AND GETTING PAID FOR IT Tax revenue is critical. It's even more important during a global pandemic when governments worldwide are facing shortfalls due to COVID-19 economic effects. So it's no surprise that tax officials are taking closer looks at possible tax scofflaws. And in many instances, they're getting help from their citizenry. Recent cases in point come from across the pond. SUMMER JOB SEARCH AND TAX TIPS FOR TEENAGERS It's a good summer for young people looking for jobs. (Photo by Andrea Piacquadio from Pexels) Before COVID-19, one of the traditional rites of passage for young people was getting a summer job. After literally being locked out last summer due to business pandemic precautions, young workers are returning. In fact, for American teenagers looking for work, this may be the best summer in years. GOOD, BAD & UNBELIEVABLE REASONS FOR NOT FILING YOUR TAXES You didn't file your taxes by the April deadline but you had a really good reason. Or did you? Excuses people make for not filing their taxes are right up there with rationalizations for claiming weird deductions. Both are creative exercises par excellence. And both will get you in bit trouble with the Internal Revenue Service. What won't fly: The Internal Revenue Code as we know it has been IRS UPDATES 2021 EITC AMOUNTS CHANGED BY COVID RELIEF LAW The American Rescue Plan Act (ARPA) that became law in March gets most attention for creating a third round of COVID-19 economic impact payments. But it also made changes to some tax laws to help put more money into families' hands. One of those changes was bulking up the Earned Income Tax Credit, or EITC, for tax year 2021. Quick EITC history: The EITC has been in the tax code REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
TAX GAP LIKELY $1 TRILLION, THANKS LARGELY TO Rather than heavy equipment, the IRS needs legislative and fiscal help to close its $1 trillion Tax Gap. If you've thought the $441 million figure that the Internal Revenue Service has for years cited as the Tax Gap is too low, you are not alone. None other than the IRS commissioner agrees that there is more tax money that's owed than the agency has been able to collect. 1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
MARRIED? FILING A JOINT RETURN? THEN MAKE SURE BOTH Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
EMERGENCY SAVINGS ACCOUNTS: THE NEXT HOT WORKPLACE BENEFIT It's open season at workplaces across the United States this month. Nope, I'm not talking about team building hunting trips. I'm talking about hunting for the best employer-provided benefits for you and your family. Last year, the big new benefit that bosses were offering was a tax-favored ways to pay off student loan debt. That's still a big draw, with more companies eyeing this option to 7 STATES THAT REGULATE PAID TAX PREPARERS The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. CATASTROPHE SAVINGS ACCOUNTS COULD HELP AL, MS & SC Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal TAX FILING CHECKLIST 2014 Your annual tax statements are trickling in, so now it's time to make sure you have all the other info you'll need to file your 1040 when the 2014 season opens on Jan. 31. Today's Daily Tax Tip offers a checklist of what to round up, regardless of whether you will do your taxes yourself or hand them over to a tax professional. Documents for all: Along with your W-2s, 1099s and other documents IRS UPDATES 2021 EITC AMOUNTS CHANGED BY COVID RELIEF LAW The American Rescue Plan Act (ARPA) that became law in March gets most attention for creating a third round of COVID-19 economic impact payments. But it also made changes to some tax laws to help put more money into families' hands. One of those changes was bulking up the Earned Income Tax Credit, or EITC, for tax year 2021. Quick EITC history: The EITC has been in the tax code REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
TAX GAP LIKELY $1 TRILLION, THANKS LARGELY TO Rather than heavy equipment, the IRS needs legislative and fiscal help to close its $1 trillion Tax Gap. If you've thought the $441 million figure that the Internal Revenue Service has for years cited as the Tax Gap is too low, you are not alone. None other than the IRS commissioner agrees that there is more tax money that's owed than the agency has been able to collect. 1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
MARRIED? FILING A JOINT RETURN? THEN MAKE SURE BOTH Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
EMERGENCY SAVINGS ACCOUNTS: THE NEXT HOT WORKPLACE BENEFIT It's open season at workplaces across the United States this month. Nope, I'm not talking about team building hunting trips. I'm talking about hunting for the best employer-provided benefits for you and your family. Last year, the big new benefit that bosses were offering was a tax-favored ways to pay off student loan debt. That's still a big draw, with more companies eyeing this option to 7 STATES THAT REGULATE PAID TAX PREPARERS The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. CATASTROPHE SAVINGS ACCOUNTS COULD HELP AL, MS & SC Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal TAX FILING CHECKLIST 2014 Your annual tax statements are trickling in, so now it's time to make sure you have all the other info you'll need to file your 1040 when the 2014 season opens on Jan. 31. Today's Daily Tax Tip offers a checklist of what to round up, regardless of whether you will do your taxes yourself or hand them over to a tax professional. Documents for all: Along with your W-2s, 1099s and other documents TAX TO-DO'S AFTER YOU SAY 'I DO' Photo by Min An from Pexels Among the many welcome events that are returning as we continue to move beyond complete COVID-19 lockdown are weddings. Congratulations and best wishes to all the brides and grooms out there who finally are enjoying their long-planned celebrations. My gift to all y'all newlyweds is a few words of marital tax advice. With apologies for the spare gift wrapping, here JUNE 15 IS TAX DAY, TAKE TWO, FOR MILLIONS OF FILERS Are you ready for Tax Day take two? It's June 15 and it's almost here. That mid-June day is the annual deadline for millions of U.S. taxpayers who are living outside the country. That includes members of the armed forces stationed abroad. It's also the due date for the current year's second estimated tax payment. And this year, even more taxpayers will participate. SUMMER JOB SEARCH AND TAX TIPS FOR TEENAGERS It's a good summer for young people looking for jobs. (Photo by Andrea Piacquadio from Pexels) Before COVID-19, one of the traditional rites of passage for young people was getting a summer job. After literally being locked out last summer due to business pandemic precautions, young workers are returning. In fact, for American teenagers looking for work, this may be the best summer in years. CONGRESS DEMANDS IRS ANSWERS ON TAXPAYER DATA BREACH ProPublica's recent article on how little — sometimes nothing — that rich people pay in taxes was not a revelation. It's long been known that the tax code is full of loopholes, which aren't necessarily illegal. Equally acknowledged is that the super wealthy can afford high-dollar tax professionals to find and put these tax breaks to work. Still, the trove of Internal Revenue Service ADVANCE CHILD TAX CREDIT LETTER GOING TO 36 MILLION; MONEY A letter from the Internal Revenue Service can be scary. But for 36 million families who soon will find such correspondence in their mail boxes, the news could be good. Very good. The document will have information on the Child Tax Credit (CTC), which was expanded under American Rescue Plan Act (ARPA) provisions that became law back in March. The $2,000 tax break was hiked for the 2021 tax TURNING IN U.S. TAX CHEATS AND GETTING PAID FOR IT Tax revenue is critical. It's even more important during a global pandemic when governments worldwide are facing shortfalls due to COVID-19 economic effects. So it's no surprise that tax officials are taking closer looks at possible tax scofflaws. And in many instances, they're getting help from their citizenry. Recent cases in point come from across the pond. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. 3 TIPS TO HELP SPOT THE TAX-RELATED PROPERTY LIEN SCAM Photo by creditdebitpro Voluntary compliance is the backbone of the U.S. tax system. But when that doesn't work out as Uncle Sam hopes, he knows the Internal Revenue Service has ways to get the money. One of the most drastic ramifications of unpaid tax is the loss of other property. In extreme unpaid tax cases, the federal government places a lien on delinquent taxpayers' other assets. SODA SIN TAXES RE-EMERGE IN D.C., R.I. AND CONGRESS No diet drinks in our pantry! (Photo by Kay Bell) Today we celebrate the sweet, iced or glazed, and often decorated treat we know as doughnuts. The first Friday of June each year is National Doughnut Day. On the other 364 days, though, many of us try to avoid calorie-heavy foods and beverages. And many lawmakers want to help us resist our collective sweet tooth by making such items more RETIREMENT THREATS: OLDER AMERICANS' GROWING DEBT, TAXES More older Americans are going into debt. For many, it seriously undermines their ability to save for a comfortable retirement. (Photo by Tima Miroshnichenko via Pexels) It's no secret why personal finance folks urge us to save early and often. It takes a lot to live like you want when you retire. If you don't have enough stashed after you're done with the 9-to-5 grind, it could be because you IRS UPDATES 2021 EITC AMOUNTS CHANGED BY COVID RELIEF LAW The American Rescue Plan Act (ARPA) that became law in March gets most attention for creating a third round of COVID-19 economic impact payments. But it also made changes to some tax laws to help put more money into families' hands. One of those changes was bulking up the Earned Income Tax Credit, or EITC, for tax year 2021. Quick EITC history: The EITC has been in the tax code REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
TAX GAP LIKELY $1 TRILLION, THANKS LARGELY TO Rather than heavy equipment, the IRS needs legislative and fiscal help to close its $1 trillion Tax Gap. If you've thought the $441 million figure that the Internal Revenue Service has for years cited as the Tax Gap is too low, you are not alone. None other than the IRS commissioner agrees that there is more tax money that's owed than the agency has been able to collect. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
MARRIED? FILING A JOINT RETURN? THEN MAKE SURE BOTH Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. WHAT TO DO IF YOUR TAX REFUND IS WRONG Tax law change confusion and paycheck withholding miscalculations have led to a lot of grumbling by many filers about the size of their tax refund checks. But there are other reasons why refunds sometimes are not what filers expect. Here's what to do if you think your tax refund is wrong. The many changes of the Tax Cuts and Jobs Act (TCJA) have thrown a wrench into the 2019 tax filing 5 MAILING OR DELIVERY SERVICE TIPS FOR PAPER TAX RETURN It's been years since U.S. Post Office branches in Austin have stayed open for Tax Day. I suspect that's the case across much of the United States. Most of us e-file our 1040s. Through April 6, the Internal Revenue Service had received almost 96 million electronically filed returns. It's expecting millions more electronically delivered returns as we rush to make today's filing deadline. So the 7 STATES THAT REGULATE PAID TAX PREPARERS The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. IRS UPDATES 2021 EITC AMOUNTS CHANGED BY COVID RELIEF LAW The American Rescue Plan Act (ARPA) that became law in March gets most attention for creating a third round of COVID-19 economic impact payments. But it also made changes to some tax laws to help put more money into families' hands. One of those changes was bulking up the Earned Income Tax Credit, or EITC, for tax year 2021. Quick EITC history: The EITC has been in the tax code REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
TAX GAP LIKELY $1 TRILLION, THANKS LARGELY TO Rather than heavy equipment, the IRS needs legislative and fiscal help to close its $1 trillion Tax Gap. If you've thought the $441 million figure that the Internal Revenue Service has for years cited as the Tax Gap is too low, you are not alone. None other than the IRS commissioner agrees that there is more tax money that's owed than the agency has been able to collect. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
MARRIED? FILING A JOINT RETURN? THEN MAKE SURE BOTH Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. WHAT TO DO IF YOUR TAX REFUND IS WRONG Tax law change confusion and paycheck withholding miscalculations have led to a lot of grumbling by many filers about the size of their tax refund checks. But there are other reasons why refunds sometimes are not what filers expect. Here's what to do if you think your tax refund is wrong. The many changes of the Tax Cuts and Jobs Act (TCJA) have thrown a wrench into the 2019 tax filing 5 MAILING OR DELIVERY SERVICE TIPS FOR PAPER TAX RETURN It's been years since U.S. Post Office branches in Austin have stayed open for Tax Day. I suspect that's the case across much of the United States. Most of us e-file our 1040s. Through April 6, the Internal Revenue Service had received almost 96 million electronically filed returns. It's expecting millions more electronically delivered returns as we rush to make today's filing deadline. So the 7 STATES THAT REGULATE PAID TAX PREPARERS The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. 2.8 MILLION IN UNEMPLOYMENT TAX REFUNDS HAVE BEEN ISSUED Unemployment benefits were a lifesaver for many Americans who saw their jobs eliminated during the height of coronavirus pandemic. Now some of those unemployment insurance (UI) recipients are getting another boost from the benefits thanks to a change in how the COVID-related funds are taxed. The American Rescue Plan Act of 2021 (ARPA) deemed up to $10,200 per taxpayer in unemployment TAX TO-DO'S AFTER YOU SAY 'I DO' Photo by Min An from Pexels Among the many welcome events that are returning as we continue to move beyond complete COVID-19 lockdown are weddings. Congratulations and best wishes to all the brides and grooms out there who finally are enjoying their long-planned celebrations. My gift to all y'all newlyweds is a few words of marital tax advice. With apologies for the spare gift wrapping, here SUMMER JOB SEARCH AND TAX TIPS FOR TEENAGERS It's a good summer for young people looking for jobs. (Photo by Andrea Piacquadio from Pexels) Before COVID-19, one of the traditional rites of passage for young people was getting a summer job. After literally being locked out last summer due to business pandemic precautions, young workers are returning. In fact, for American teenagers looking for work, this may be the best summer in years. ADVANCE CHILD TAX CREDIT LETTER GOING TO 36 MILLION; MONEY A letter from the Internal Revenue Service can be scary. But for 36 million families who soon will find such correspondence in their mail boxes, the news could be good. Very good. The document will have information on the Child Tax Credit (CTC), which was expanded under American Rescue Plan Act (ARPA) provisions that became law back in March. The $2,000 tax break was hiked for the 2021 tax JUNE 15 IS TAX DAY, TAKE TWO, FOR MILLIONS OF FILERS Are you ready for Tax Day take two? It's June 15 and it's almost here. That mid-June day is the annual deadline for millions of U.S. taxpayers who are living outside the country. That includes members of the armed forces stationed abroad. It's also the due date for the current year's second estimated tax payment. And this year, even more taxpayers will participate. TURNING IN U.S. TAX CHEATS AND GETTING PAID FOR IT Tax revenue is critical. It's even more important during a global pandemic when governments worldwide are facing shortfalls due to COVID-19 economic effects. So it's no surprise that tax officials are taking closer looks at possible tax scofflaws. And in many instances, they're getting help from their citizenry. Recent cases in point come from across the pond. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. SODA SIN TAXES RE-EMERGE IN D.C., R.I. AND CONGRESS No diet drinks in our pantry! (Photo by Kay Bell) Today we celebrate the sweet, iced or glazed, and often decorated treat we know as doughnuts. The first Friday of June each year is National Doughnut Day. On the other 364 days, though, many of us try to avoid calorie-heavy foods and beverages. And many lawmakers want to help us resist our collective sweet tooth by making such items more 3 TIPS TO HELP SPOT THE TAX-RELATED PROPERTY LIEN SCAM Photo by creditdebitpro Voluntary compliance is the backbone of the U.S. tax system. But when that doesn't work out as Uncle Sam hopes, he knows the Internal Revenue Service has ways to get the money. One of the most drastic ramifications of unpaid tax is the loss of other property. In extreme unpaid tax cases, the federal government places a lien on delinquent taxpayers' other assets. RETIREMENT THREATS: OLDER AMERICANS' GROWING DEBT, TAXES More older Americans are going into debt. For many, it seriously undermines their ability to save for a comfortable retirement. (Photo by Tima Miroshnichenko via Pexels) It's no secret why personal finance folks urge us to save early and often. It takes a lot to live like you want when you retire. If you don't have enough stashed after you're done with the 9-to-5 grind, it could be because you IRS UPDATES 2021 EITC AMOUNTS CHANGED BY COVID RELIEF LAW The American Rescue Plan Act (ARPA) that became law in March gets most attention for creating a third round of COVID-19 economic impact payments. But it also made changes to some tax laws to help put more money into families' hands. One of those changes was bulking up the Earned Income Tax Credit, or EITC, for tax year 2021. Quick EITC history: The EITC has been in the tax code REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
TAX GAP LIKELY $1 TRILLION, THANKS LARGELY TO Rather than heavy equipment, the IRS needs legislative and fiscal help to close its $1 trillion Tax Gap. If you've thought the $441 million figure that the Internal Revenue Service has for years cited as the Tax Gap is too low, you are not alone. None other than the IRS commissioner agrees that there is more tax money that's owed than the agency has been able to collect. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
MARRIED? FILING A JOINT RETURN? THEN MAKE SURE BOTH Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. WHAT TO DO IF YOUR TAX REFUND IS WRONG Tax law change confusion and paycheck withholding miscalculations have led to a lot of grumbling by many filers about the size of their tax refund checks. But there are other reasons why refunds sometimes are not what filers expect. Here's what to do if you think your tax refund is wrong. The many changes of the Tax Cuts and Jobs Act (TCJA) have thrown a wrench into the 2019 tax filing 5 MAILING OR DELIVERY SERVICE TIPS FOR PAPER TAX RETURN It's been years since U.S. Post Office branches in Austin have stayed open for Tax Day. I suspect that's the case across much of the United States. Most of us e-file our 1040s. Through April 6, the Internal Revenue Service had received almost 96 million electronically filed returns. It's expecting millions more electronically delivered returns as we rush to make today's filing deadline. So the 7 STATES THAT REGULATE PAID TAX PREPARERS The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. IRS UPDATES 2021 EITC AMOUNTS CHANGED BY COVID RELIEF LAW The American Rescue Plan Act (ARPA) that became law in March gets most attention for creating a third round of COVID-19 economic impact payments. But it also made changes to some tax laws to help put more money into families' hands. One of those changes was bulking up the Earned Income Tax Credit, or EITC, for tax year 2021. Quick EITC history: The EITC has been in the tax code REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
TAX GAP LIKELY $1 TRILLION, THANKS LARGELY TO Rather than heavy equipment, the IRS needs legislative and fiscal help to close its $1 trillion Tax Gap. If you've thought the $441 million figure that the Internal Revenue Service has for years cited as the Tax Gap is too low, you are not alone. None other than the IRS commissioner agrees that there is more tax money that's owed than the agency has been able to collect. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
MARRIED? FILING A JOINT RETURN? THEN MAKE SURE BOTH Marriage means doing things together, even things you hate, like visiting the in-laws, cleaning out the garage and filing taxes. You might be able to let those first two slide, but when it comes to taxes, no such luck. Most couples file a joint tax return. That single Form 1040 is a legal document and if you ignore filing it or mess it up, you'll face consequences worse than your spouse's wrath. WHAT TO DO IF YOUR TAX REFUND IS WRONG Tax law change confusion and paycheck withholding miscalculations have led to a lot of grumbling by many filers about the size of their tax refund checks. But there are other reasons why refunds sometimes are not what filers expect. Here's what to do if you think your tax refund is wrong. The many changes of the Tax Cuts and Jobs Act (TCJA) have thrown a wrench into the 2019 tax filing 5 MAILING OR DELIVERY SERVICE TIPS FOR PAPER TAX RETURN It's been years since U.S. Post Office branches in Austin have stayed open for Tax Day. I suspect that's the case across much of the United States. Most of us e-file our 1040s. Through April 6, the Internal Revenue Service had received almost 96 million electronically filed returns. It's expecting millions more electronically delivered returns as we rush to make today's filing deadline. So the 7 STATES THAT REGULATE PAID TAX PREPARERS The role of Supreme Court nominee Brett Kavanaugh in preventing the Internal Revenue Service from aggressively regulating tax preparers has prompted some questions about such oversight. Currently, the IRS uses a voluntary tax professional oversight system, but is expected to continue to push for Congressional authority to implement more stringent tax preparer regulations. 2.8 MILLION IN UNEMPLOYMENT TAX REFUNDS HAVE BEEN ISSUED Unemployment benefits were a lifesaver for many Americans who saw their jobs eliminated during the height of coronavirus pandemic. Now some of those unemployment insurance (UI) recipients are getting another boost from the benefits thanks to a change in how the COVID-related funds are taxed. The American Rescue Plan Act of 2021 (ARPA) deemed up to $10,200 per taxpayer in unemployment TAX TO-DO'S AFTER YOU SAY 'I DO' Photo by Min An from Pexels Among the many welcome events that are returning as we continue to move beyond complete COVID-19 lockdown are weddings. Congratulations and best wishes to all the brides and grooms out there who finally are enjoying their long-planned celebrations. My gift to all y'all newlyweds is a few words of marital tax advice. With apologies for the spare gift wrapping, here SUMMER JOB SEARCH AND TAX TIPS FOR TEENAGERS It's a good summer for young people looking for jobs. (Photo by Andrea Piacquadio from Pexels) Before COVID-19, one of the traditional rites of passage for young people was getting a summer job. After literally being locked out last summer due to business pandemic precautions, young workers are returning. In fact, for American teenagers looking for work, this may be the best summer in years. ADVANCE CHILD TAX CREDIT LETTER GOING TO 36 MILLION; MONEY A letter from the Internal Revenue Service can be scary. But for 36 million families who soon will find such correspondence in their mail boxes, the news could be good. Very good. The document will have information on the Child Tax Credit (CTC), which was expanded under American Rescue Plan Act (ARPA) provisions that became law back in March. The $2,000 tax break was hiked for the 2021 tax JUNE 15 IS TAX DAY, TAKE TWO, FOR MILLIONS OF FILERS Are you ready for Tax Day take two? It's June 15 and it's almost here. That mid-June day is the annual deadline for millions of U.S. taxpayers who are living outside the country. That includes members of the armed forces stationed abroad. It's also the due date for the current year's second estimated tax payment. And this year, even more taxpayers will participate. TURNING IN U.S. TAX CHEATS AND GETTING PAID FOR IT Tax revenue is critical. It's even more important during a global pandemic when governments worldwide are facing shortfalls due to COVID-19 economic effects. So it's no surprise that tax officials are taking closer looks at possible tax scofflaws. And in many instances, they're getting help from their citizenry. Recent cases in point come from across the pond. HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. SODA SIN TAXES RE-EMERGE IN D.C., R.I. AND CONGRESS No diet drinks in our pantry! (Photo by Kay Bell) Today we celebrate the sweet, iced or glazed, and often decorated treat we know as doughnuts. The first Friday of June each year is National Doughnut Day. On the other 364 days, though, many of us try to avoid calorie-heavy foods and beverages. And many lawmakers want to help us resist our collective sweet tooth by making such items more 3 TIPS TO HELP SPOT THE TAX-RELATED PROPERTY LIEN SCAM Photo by creditdebitpro Voluntary compliance is the backbone of the U.S. tax system. But when that doesn't work out as Uncle Sam hopes, he knows the Internal Revenue Service has ways to get the money. One of the most drastic ramifications of unpaid tax is the loss of other property. In extreme unpaid tax cases, the federal government places a lien on delinquent taxpayers' other assets. RETIREMENT THREATS: OLDER AMERICANS' GROWING DEBT, TAXES More older Americans are going into debt. For many, it seriously undermines their ability to save for a comfortable retirement. (Photo by Tima Miroshnichenko via Pexels) It's no secret why personal finance folks urge us to save early and often. It takes a lot to live like you want when you retire. If you don't have enough stashed after you're done with the 9-to-5 grind, it could be because you 3 TIPS TO HELP SPOT THE TAX-RELATED PROPERTY LIEN SCAM Photo by creditdebitpro Voluntary compliance is the backbone of the U.S. tax system. But when that doesn't work out as Uncle Sam hopes, he knows the Internal Revenue Service has ways to get the money. One of the most drastic ramifications of unpaid tax is the loss of other property. In extreme unpaid tax cases, the federal government places a lien on delinquent taxpayers' other assets. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
DEDUCTING BUSINESS MEALS & OTHER EXPENSES ON SCHEDULE C Millions of Americans are self-employed. In the Internal Revenue Service's Statistics of Income count for tax year 2017, more than 26 million of U.S. nonfarm taxpayers filed as sole proprietors, submitting Schedule C along with their annual Form 1040 individual tax returns. The great thing about Schedule C is that is offers lots of ways sole proprietors, of which I'm one, can reduce our gross TAX PREPARERS FILING SEASON PREP: A WRITTEN SECURITY PLAN Tax preparers filing season prep: A written security plan. Tuesday, January 07, 2020. The tax world is atwitter, literally on social media and figuratively for those not addicted to the sociability component of their electronic devices, now that the Internal Revenue Service is already accepting business tax returns and will start taking 2019 GOOD, BAD & UNBELIEVABLE REASONS FOR NOT FILING YOUR TAXES You didn't file your taxes by the April deadline but you had a really good reason. Or did you? Excuses people make for not filing their taxes are right up there with rationalizations for claiming weird deductions. Both are creative exercises par excellence. And both will get you in bit trouble with the Internal Revenue Service. What won't fly: The Internal Revenue Code as we know it has been TAX DIFFERENCES BETWEEN HOME REPAIRS & HOME IMPROVEMENTS Your profit is $300,000; that's $375,000 sales price minus your basis of $75,000. You owe capital gains tax on $50,000. But if you made at least $50,000 in capital improvements to the property, you increased your home's basis to $125,000. That means your profit is CATASTROPHE SAVINGS ACCOUNTS COULD HELP AL, MS & SC Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal TAX FILING CHECKLIST 2014 Your annual tax statements are trickling in, so now it's time to make sure you have all the other info you'll need to file your 1040 when the 2014 season opens on Jan. 31. Today's Daily Tax Tip offers a checklist of what to round up, regardless of whether you will do your taxes yourself or hand them over to a tax professional. Documents for all: Along with your W-2s, 1099s and other documents 3 TIPS TO HELP SPOT THE TAX-RELATED PROPERTY LIEN SCAM Photo by creditdebitpro Voluntary compliance is the backbone of the U.S. tax system. But when that doesn't work out as Uncle Sam hopes, he knows the Internal Revenue Service has ways to get the money. One of the most drastic ramifications of unpaid tax is the loss of other property. In extreme unpaid tax cases, the federal government places a lien on delinquent taxpayers' other assets. LET THE IRS DO YOUR TAXES FOR YOU To avoid interest or the penalty for late payment, you must pay the bill within 30 days of the date of the bill or by the due date for your return, whichever is later." You can get a preview of this service from the IRS' TeleTax Topics; just call 1-800-829-4477 and punch in 552. Complete details on letting the IRS figure your tax (andcertain
REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
1.3 MILLION PEOPLE MUST FILE 2017 RETURNS BY MAY 17, 2021 May 17 is the deadline this year to file your 2020 tax return and pay any tax you owe. It's also the last day that 1.3 million people can claim their portion of more than $1.3 billion in taxes they overpaid during 2017 but never collected as tax refunds. If you're one of those non-filers, you need to file that 2017 return and claim your refund byMay 17.
DEDUCTING BUSINESS MEALS & OTHER EXPENSES ON SCHEDULE C Millions of Americans are self-employed. In the Internal Revenue Service's Statistics of Income count for tax year 2017, more than 26 million of U.S. nonfarm taxpayers filed as sole proprietors, submitting Schedule C along with their annual Form 1040 individual tax returns. The great thing about Schedule C is that is offers lots of ways sole proprietors, of which I'm one, can reduce our gross GOOD, BAD & UNBELIEVABLE REASONS FOR NOT FILING YOUR TAXES You didn't file your taxes by the April deadline but you had a really good reason. Or did you? Excuses people make for not filing their taxes are right up there with rationalizations for claiming weird deductions. Both are creative exercises par excellence. And both will get you in bit trouble with the Internal Revenue Service. What won't fly: The Internal Revenue Code as we know it has been TAX PREPARERS FILING SEASON PREP: A WRITTEN SECURITY PLAN Tax preparers filing season prep: A written security plan. Tuesday, January 07, 2020. The tax world is atwitter, literally on social media and figuratively for those not addicted to the sociability component of their electronic devices, now that the Internal Revenue Service is already accepting business tax returns and will start taking 2019 TAX DIFFERENCES BETWEEN HOME REPAIRS & HOME IMPROVEMENTS Your profit is $300,000; that's $375,000 sales price minus your basis of $75,000. You owe capital gains tax on $50,000. But if you made at least $50,000 in capital improvements to the property, you increased your home's basis to $125,000. That means your profit is CATASTROPHE SAVINGS ACCOUNTS COULD HELP AL, MS & SC Tropical Storm Storm Cindy is now officially churning in the Gulf of Mexico, with a predicted landfall in a few days along the Texas-Louisiana border. That track could, of course change. And as meteorologists on the Weather Channel note, "it's not the name, but the rain." Tropical system precipitation typically reaches beyond the actual low pressure system, often well inland of coastal TAX FILING CHECKLIST 2014 Your annual tax statements are trickling in, so now it's time to make sure you have all the other info you'll need to file your 1040 when the 2014 season opens on Jan. 31. Today's Daily Tax Tip offers a checklist of what to round up, regardless of whether you will do your taxes yourself or hand them over to a tax professional. Documents for all: Along with your W-2s, 1099s and other documents 2.8 MILLION IN UNEMPLOYMENT TAX REFUNDS HAVE BEEN ISSUED Unemployment benefits were a lifesaver for many Americans who saw their jobs eliminated during the height of coronavirus pandemic. Now some of those unemployment insurance (UI) recipients are getting another boost from the benefits thanks to a change in how the COVID-related funds are taxed. The American Rescue Plan Act of 2021 (ARPA) deemed up to $10,200 per taxpayer in unemployment TAX TO-DO'S AFTER YOU SAY 'I DO' Photo by Min An from Pexels Among the many welcome events that are returning as we continue to move beyond complete COVID-19 lockdown are weddings. Congratulations and best wishes to all the brides and grooms out there who finally are enjoying their long-planned celebrations. My gift to all y'all newlyweds is a few words of marital tax advice. With apologies for the spare gift wrapping, here JUNE 15 IS TAX DAY, TAKE TWO, FOR MILLIONS OF FILERS Are you ready for Tax Day take two? It's June 15 and it's almost here. That mid-June day is the annual deadline for millions of U.S. taxpayers who are living outside the country. That includes members of the armed forces stationed abroad. It's also the due date for the current year's second estimated tax payment. And this year, even more taxpayers will participate. ADVANCE CHILD TAX CREDIT LETTER GOING TO 36 MILLION; MONEY A letter from the Internal Revenue Service can be scary. But for 36 million families who soon will find such correspondence in their mail boxes, the news could be good. Very good. The document will have information on the Child Tax Credit (CTC), which was expanded under American Rescue Plan Act (ARPA) provisions that became law back in March. The $2,000 tax break was hiked for the 2021 tax HIGHER EARNERS FACE MORE PAYROLL TAXES IN 2021 AS SOCIAL The Social Security Administration (SSA) just gave retirees and other recipients of the program's payments some good news with the announcement of a small hike in their benefits year. Some higher earners, however, aren't so happy. In the same benefits raise announcement, the SSA noted that the amount of income subject to the Social Security payroll withholding also is going up in 2021. REQUIRED MINIMUM DISTRIBUTIONS UNIFORM LIFETIME TABLE UPDATE, Nov. 9, 2020: This RMD table is in effect through tax year 2021. There were no RMDs in 2020. Effective Jan. 1, 2022, a later RMD trigger age of 72 takes effect. And for tax year 2022, there will be new life expectancy tables, including the most commonly used Uniform Lifetime Table, created in November 2020 to reflect our actuariallylonger life spans.
SUMMER JOB SEARCH AND TAX TIPS FOR TEENAGERS It's a good summer for young people looking for jobs. (Photo by Andrea Piacquadio from Pexels) Before COVID-19, one of the traditional rites of passage for young people was getting a summer job. After literally being locked out last summer due to business pandemic precautions, young workers are returning. In fact, for American teenagers looking for work, this may be the best summer in years. SODA SIN TAXES RE-EMERGE IN D.C., R.I. AND CONGRESS No diet drinks in our pantry! (Photo by Kay Bell) Today we celebrate the sweet, iced or glazed, and often decorated treat we know as doughnuts. The first Friday of June each year is National Doughnut Day. On the other 364 days, though, many of us try to avoid calorie-heavy foods and beverages. And many lawmakers want to help us resist our collective sweet tooth by making such items more RETIREMENT THREATS: OLDER AMERICANS' GROWING DEBT, TAXES More older Americans are going into debt. For many, it seriously undermines their ability to save for a comfortable retirement. (Photo by Tima Miroshnichenko via Pexels) It's no secret why personal finance folks urge us to save early and often. It takes a lot to live like you want when you retire. If you don't have enough stashed after you're done with the 9-to-5 grind, it could be because you TAX DIFFERENCES BETWEEN HOME REPAIRS & HOME IMPROVEMENTS Your profit is $300,000; that's $375,000 sales price minus your basis of $75,000. You owe capital gains tax on $50,000. But if you made at least $50,000 in capital improvements to the property, you increased your home's basis to $125,000. That means your profit is__
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Classic TV turkey episode offers much-needed 2020 laughter CLASSIC TV TURKEY EPISODE OFFERS MUCH-NEEDED 2020 LAUGHTER THURSDAY, NOVEMBER 26, 2020 For those of us of a certain age, and with a skewed sense of humor, one of the best Thanksgiving-themed programs ever was the 1978 "Turkeys Away" episode of WKRP in Cincinnati. The sitcom that brought us memorable characters like radio DJs Dr. Johnny Fever and Venus Flytrap, good-intentioned but inept newsman Les Nessman and 1970s fashion plate sales manager Herb Tarlek, also gave us, in the episode's words, the greatest turkey event in Thanksgiving history. No turkeys were harmed in the making of the show. In fact, we never see what happened outside the Ohio shopping center. Instead, in... Readmore →
------------------------- Posted on Thursday, November 26, 2020 at 11:35 AM in Current Affairs, Family
, Food and Drink
, Humor
, Pop Culture
, Taxes
, Television
, U.S. Holiday
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Tags: 2020, comedy, flightless bird, Les Nessman, radio, tax, taxes, television, Thanksgiving, turkey, WKRP in Cincinnati__
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Animal food banks can help with pets' Thanksgiving feasts ANIMAL FOOD BANKS CAN HELP WITH PETS' THANKSGIVING FEASTS WEDNESDAY, NOVEMBER 25, 2020 It's said that dogs have owners, while cats have staff. It looks that way for this tabby, even though he doesn't seem too interested in this particular breakfast in bed. (Photo by Milda Puga via Pexels.com) I'm not really a big Thanksgiving fan. The holiday, that is. Which is kind of odd given that I enjoyed Turkey Day as a kid. We lived in the same small West Texas town as my Mom's parents, so all her sisters' families showed up there twice a year for the holidays. It was fun to see my cousins. And the food was good.... Read more → ------------------------- Posted on Wednesday, November 25, 2020 at 01:47 PM in Charity , Coronavirus COVID-19, Deductions
, Family
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, U.S. Holiday
, West Texas
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Tags: cats, charity, dogs, donations, family, food banks, pets, tax, tax breaks, tax deduction, taxes, Thanksgiving__ | __ | __
Use Form 8915-E to report, repay COVID-related retirement accountdistributions
USE FORM 8915-E TO REPORT, REPAY COVID-RELATED RETIREMENT ACCOUNTDISTRIBUTIONS
TUESDAY, NOVEMBER 24, 2020 Have coronavirus money troubles forced you to break into some of your next eggs? COVID-19 legislation made getting to retirement money easier, but you probably will still owe tax on the early withdrawals and must deal with a new form to report your distributions (or paybacks) to the IRS at filing time. With the holidays here and no additional immediate COVID-19 economic relief payment in sight, some folks likely have or are considering tapping their retirement accounts. That option was made easier as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act enacted on March 27. It provides... Read more → ------------------------- Posted on Tuesday, November 24, 2020 at 04:14 PM in CoronavirusCOVID-19 ,
Filing , Finances
, Forms
, Politics
, Retirement
, Tax planning
, Tax Tip
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Tags: 401(k), amended return, coronavirus, COVID-19, early distributions, finances, Form 1040-X, Form 8915-E, IRA, nest egg, retirement, rollover, tax, tax penalty, taxes, workplace retirementplan
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IRS seeking VITA & TCE volunteers for 2021 tax season IRS SEEKING VITA & TCE VOLUNTEERS FOR 2021 TAX SEASON MONDAY, NOVEMBER 23, 2020 A VITA volunteer talks with a taxpayer. Check out the IRS' video on VITA and TCE programs for more on them and how you can participate. Every November, millions of Americans take time around Thanksgiving to acknowledge all the things in their lives for which they are grateful. This year, the coronavirus pandemic is affecting not only how we celebrate Turkey Day, but our assessments of our blessings. It's also reshaped how many of us look at ways we can share our good fortunes. One option is donating to charitable groups that can help out those who have fewer thanks... Read more → ------------------------- Posted on Monday, November 23, 2020 at 05:45 PM in Charity , Coronavirus COVID-19, Deductions
, Elderly
, Filing
, Finances
, IRS
, Retirement
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Tags: AARP, e-filing, IRS, tax, Tax Counseling for the Elderly, tax filing, tax help, tax preparation, taxes, TCE, VITA, Volunteer Income Tax Assistance, volunteers__
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A few tax penalties nudged up in 2021 by inflation A FEW TAX PENALTIES NUDGED UP IN 2021 BY INFLATION SUNDAY, NOVEMBER 22, 2020 Welcome to Part 9 of the ol' blog's series on 2021 tax inflation adjustments. We started with a look at next year's income tax brackets and rates. That first item also has a directory, at the end of the post, of all of next year's tax-related inflation updates. In today's post, we look at taxpayer penalties for filing (and paying) late, assessments on tax pros and how unpaid taxes could limit international travel. Note: The 2021 figures in this post apply to that tax year's returns to be filed in 2022. For comparison purposes, you'll also find 2020 amounts that... Read more → ------------------------- Posted on Sunday, November 22, 2020 at 04:33 PM in Business , Coronavirus COVID-19, Filing
, Inflation
, IRS
, Penalties
, Tax numbers
, Tax preparers
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Tags: deadlines, delinquent taxes, failure to file, failure to pay, first-time penalty abatement, inflation, late-filing penalty, late-payment penalty, passport, tax, tax filing, tax penalties, tax preparers, taxes, travel__
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IRS won't provide blanket tax relief for penalties assessed duringCOVID-19
IRS WON'T PROVIDE BLANKET TAX RELIEF FOR PENALTIES ASSESSED DURINGCOVID-19
SATURDAY, NOVEMBER 21, 2020 It's no secret that COVID-19 wreaked havoc on the 2020 tax filing season. In addition to law changes and a delayed mid-summer filing deadline, previously implemented Internal Revenue Service precautions like shutting down offices are continuing to cause problems. Those closures likely helped prevent coronavirus infections among IRS personnel, but they also produced a massive mail backlog, estimated at one point by none other than the agency's commissioner at more than 12 million pieces of U.S. Postal Service material. Those snail mail envelopes included tax payments. But since they weren't opened, the IRS didn't account for them and its automated... Read more → ------------------------- Posted on Saturday, November 21, 2020 at 03:37 PM in CoronavirusCOVID-19 ,
IRS , Paying taxes
, Penalties
, Shout Out
, Tax Tip
, Taxes
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Tags: IRS, IRS Commissioner Chuck Rettig, IRS mail backlog, overdue taxes, payment due notices, penalty relief, tax, tax collection, taxnotices, taxes
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Louisiana shoppers get 2-day post-hurricane tax holiday LOUISIANA SHOPPERS GET 2-DAY POST-HURRICANE TAX HOLIDAY FRIDAY, NOVEMBER 20, 2020 Soldiers from the Louisiana National Guard responding after Hurricane Laura destroyed much of Lake Charles. The Capital One Tower was among the properties severely damaged by the category 4 storm. (Photo by Josiah Pugh via Flickr/Wikipedia Commons) Hurricane season 2020 is almost over and Nov. 30 cannot get here soon enough for Louisiana residents. The Pelican State was pummeled by five storms this record-breaking year, including a category 4 which produced the strongest cyclonic wind speeds ever recorded in the state. So state officials are giving folks who are still trying to rebuild in the storms' wakes a chance to... Read more → ------------------------- Posted on Friday, November 20, 2020 at 02:23 PM in CoronavirusCOVID-19 ,
Disaster , Sales tax, State/Local
, Tax help
, Tax holiday
, Taxes
, Weather
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Tags: 2020, coronavirus, COVID-19, Cristobal, disaster loss claims, flooding, hurricane, Iota, Laura, Louisiana, major disaster, NOAA, taxes, Theta, tropical storm__
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Americans in Paris and elsewhere abroad get inflation and housing adjustments to help with U.S. tax bills AMERICANS IN PARIS AND ELSEWHERE ABROAD GET INFLATION AND HOUSING ADJUSTMENTS TO HELP WITH U.S. TAX BILLS THURSDAY, NOVEMBER 19, 2020 Welcome to Part 8 of the ol' blog's series on 2021 tax inflation adjustments. We started with a look at next year's income tax brackets and rates. That first item also has a directory, at the end of the post, of all of next year's tax-related inflation updates. In today's post, we look at the tax considerations of U.S. taxpayers living and working abroad. Note: The 2021 figures in this post apply to that tax year's returns to be filed in 2022. For comparison purposes, you'll also find 2020 amounts that apply to this year's taxes, due April 15, 2021.... Read more → ------------------------- Posted on Thursday, November 19, 2020 at 07:26 PM in CoronavirusCOVID-19 ,
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Tags: coronavirus, COVID-19, Donald J. Trump, expatriates, FEIE, foreign earned income exclusion, foreign housing exclusion, global, global workers, high housing costs, inflation, InterNation, international, IRS, pandemic, State Department, Taipei Taiwan, tax, taxes, worldwide tax system__
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Didn't get COVID-19 stimulus money? Nov. 21 is the last day toregister for it
DIDN'T GET COVID-19 STIMULUS MONEY? NOV. 21 IS THE LAST DAY TOREGISTER FOR IT
WEDNESDAY, NOVEMBER 18, 2020 Among those who need to pay particular attention to this coronavirus money deadline are some college students, families who get government benefits and homeless individuals. If you didn't get a COVID-19 economic relief payment or didn't get all to which you were entitled, you can still apply for the financial help this year. But act soon. Really soon. The deadline to let the Internal Revenue Service know you're due some of the relief money is 3 p.m. this coming Saturday, Nov. 21. Note not only the date but also the time. That's 3 p.m. Eastern Standard Time, not your local... Read more → ------------------------- Posted on Wednesday, November 18, 2020 at 03:20 PM in CoronavirusCOVID-19 ,
Credits , Economy
, Education
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Tags: college students, coronavirus, COVID-19, economic impact payment, economy, EIP, financial trouble, government benefits, government benefits, homeless, IRS, IRS, non-filer online tool, Nov. 21, November 21, Recovery Rebate Credit, Social Security, stimulus, tax, taxes, Veterans Affairs__ | __ | __
IRS allows more truncated tax ID numbers IRS ALLOWS MORE TRUNCATED TAX ID NUMBERS TUESDAY, NOVEMBER 17, 2020 As we continue to deal with the coronavirus pandemic, everyone is thinking about masks. The Internal Revenue Service, however, has been working on masking rules for a while and, coincidentally in this year of COVID-19, has taken steps to offer added protection for taxpayers. The IRS masks are not literal covers. In fact, they lessen, not add. But the reductions will mask — that is, make it more difficult to see — personal and business identification numbers and information on common tax documents. And that should help reduce tax identity theft. Last four Social Security digits: This summer, the IRS... Readmore →
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, Forms
, Identity Theft
, IRS
, Taxes
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Tags: identity theft, security, Social Security number, tax, tax data masking, tax transcripts, taxes, truncated taxpayer identificationnumber, TTIN
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IRS' law enforcement unit successes: COVID crimes, traditional taxinvestigations
IRS' LAW ENFORCEMENT UNIT SUCCESSES: COVID CRIMES, TRADITIONAL TAXINVESTIGATIONS
MONDAY, NOVEMBER 16, 2020 The coronavirus pandemic has created challenges for Internal Revenue Service's law enforcement branch, but also was part of its successes during the last fiscal year. During the 2020 accounting period, which started Oct. 1, 2019, and ran through Sept. 30, 2020, the IRS' Criminal Investigation (CI) Division initiated nearly 1,598 investigations and identified $2.3 billion in tax fraud schemes. Some of those investigations were into COVID-19 related illegal activity. "Unfortunately, criminals don’t stop committing crimes just because there is a national health emergency. In fact, some criminals pounce on the opportunity to take advantage of others as well as government... Read more → ------------------------- Posted on Monday, November 16, 2020 at 05:34 PM in CoronavirusCOVID-19 ,
IRS , Law
, Tax crimes
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, Tax fraud
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Tags: coronavirus, COVID-19, Criminal Investigation, cryptocurrency, Don Fort, fiscal year 2020, FY20, IRS, J5, Jim Lee, Joint Chiefs of Global Tax Enforcement, Nationally Coordinated Investigations Unit, NCIU, tax, tax fraud, taxes__ | __ | __
Watch out for continuing COVID-19 tax (and more) scams WATCH OUT FOR CONTINUING COVID-19 TAX (AND MORE) SCAMS SUNDAY, NOVEMBER 15, 2020 It's no surprise that bad people take advantage of bad situations. That's why as we continue to cope with COVID-19, pandemic-related scams — tax and otherwise — proliferate. The latest coronavirus tax scam arrives via a text message. COVID-19 text scam warning: It was created by thieves who are trying to trick people into disclosing bank account information under the guise of receiving the $1,200 COVID-19 Economic Impact Payment (EIP), according to the Internal Revenue Service and its Security Summit partners. This scam's text message tells recipients: "You have received a direct deposit of $1,200 from COVID-19 TREAS FUND. Further... Read more → ------------------------- Posted on Sunday, November 15, 2020 at 03:48 PM in CoronavirusCOVID-19 ,
Healthcare Medical ,Identity Theft ,
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, Scams
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, Stimulus plan
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Tags: Advertising, Bureau of Consumer Protection, Consumer Protection, Coronavirus, COVID-19, COVID-19 scams, economic impact statement, Federal Trade Commission, FTC, Health Claims, identity theft, IRS, Marketing, scam, stimulus, tax, tax scam, taxes, text scam__
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Working from home is an advantage that should be taxed, says report WORKING FROM HOME IS AN ADVANTAGE THAT SHOULD BE TAXED, SAYS REPORT SATURDAY, NOVEMBER 14, 2020 Remote work has been among the many COVID-related challenges of 2020. Many employees have appreciated the added flexibility and no commute. Those who aren't that social say they've been more productive since they haven't had to spend time schmoozing with coworkers and bosses. The experience has many workers and companies exploring whether widespread working from home will — or should — continue once the coronavirus pandemic is under control. It's also raised tax questions, including an intriguing and unexpected one. A major European bank says that employees who work from home (WFH) should pay for the opportunity via a new... Read more → ------------------------- Posted on Saturday, November 14, 2020 at 02:02 PM in Business , Coronavirus COVID-19, Economy
, Global
, Shout Out
, Taxes
, Work-job-career
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Tags: coronavirus, COVID-19, Deutsche Bank, essential workers, Germany, tax, taxes, WFH, work, work from home, work from home tax,workplace benefits
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13 good luck tax breaks for 2020's second Friday the 13th 13 GOOD LUCK TAX BREAKS FOR 2020'S SECOND FRIDAY THE 13TH FRIDAY, NOVEMBER 13, 2020 Of course 2020 has multiple Fridays that fall on the 13th of the month. The year's first was on March 13, right when as a nation we were realizing that COVID-19 would define everything about this year, and beyond. Back then, I offered 13 good luck tax breaks. Today, Friday, November 13, 2020, arrives as we're dealing with a resurgence of the coronavirus. So it seem appropriate to revisit that first list of 13 tax opportunities that could ease some of your tax fears on this traditional day of superstitions, while we're in the midst of a pandemic and beyond.... Read more → ------------------------- Posted on Friday, November 13, 2020 at 11:21 AM in Charity , Coronavirus COVID-19, Credits
, Deductions
, Dependents
, Education
, Elderly
, Family
, Finances
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Tags: coronavirus, COVID-19, economic relief payment children, education, elderly, Friday the 13th, pandemic, retirement, stimulus check, tax, tax breaks, tax credit, tax deduction, tax tip, taxes,work
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Inflation effects on 2021's alternative, payroll & nanny taxes INFLATION EFFECTS ON 2021'S ALTERNATIVE, PAYROLL & NANNY TAXES THURSDAY, NOVEMBER 12, 2020 Welcome to Part 7 of the ol' blog's series on 2021 tax inflation adjustments. We started with a look at next year's income tax brackets and rates. That first item also has a directory, at the end of the post, of all of next year's tax-related inflation updates. Today's post looks at next year's changes to Alternative Minimum Tax (AMT) calculations, as well as Social Security and nanny tax changes. Note: The 2021 figures in this post apply to that tax year's returns to be filed in 2022. For comparison purposes, you'll also find 2020 amounts that apply to this... Read more → ------------------------- Posted on Thursday, November 12, 2020 at 05:46 PM in Deductions, Family
, Finances
, Inflation
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, Rich Wealthy
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Tags: alternative minimum tax, AMT, Federal Insurance Contributions Act, FICA, health care, household workers, inflation, nanny tax, self-employment tax, Social Security, Social Security Administration, tax, taxes, wage base__ | __ | __
Honoring veterans with help beyond Nov. 11 ceremonies HONORING VETERANS WITH HELP BEYOND NOV. 11 CEREMONIES WEDNESDAY, NOVEMBER 11, 2020 Photo by Wyatt via Pexels.com When the clock struck 11 a.m. on Nov. 11, 1918, it marked the armistice between World War I's Allied forces and Germany, ending the fighting on the Western Front. The commemoration to honor the 4.7 million Americans who served — and the 116,500 who died — in what then was called the Great War originally was celebrated as Armistice Day. That name and the annual ceremonies continued in the United States until 1954. That year the Nov. 11 commemoration was to Veterans Day and its scope widened to honor veterans from all eras. But even... Read more → ------------------------- Posted on Wednesday, November 11, 2020 at 09:41 AM in Charity, Deductions
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Tags: Armistice Day, charity, itemized deduction, military, nonprofits, Nov. 11, service personnel, standard deduction, tax, tax deductions, taxes, veterans, Veterans Day__
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Getting the tax info needed to complete FAFSA GETTING THE TAX INFO NEEDED TO COMPLETE FAFSA TUESDAY, NOVEMBER 10, 2020 Students at all levels are facing COVID-19 classroom challenges. Older students (and their parents) also are facing college costs, which can be covered in part with financial aid. (Photo by Julia M Cameron via Pexels.com) 2020 has been challenging year for all students and their parents. Moms and Dads with K-12 kiddos have been doing double (or more) duty as teachers where schools have shifted to full or hybrid remote classes as a coronavirus pandemic precaution. It's not much easier when the youngsters are older. Many young adults who've been away at college or were looking forward to going are... Read more → ------------------------- Posted on Tuesday, November 10, 2020 at 04:06 PM in CoronavirusCOVID-19 ,
Education , Family
, Finances
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Tags: college, education, FAFSA, financial aid, Free Application for Federal Student Aid, Internal Revenue Service, IRS Data Retrieval Tool, tax forms, tax return copy, tax transcript__
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IRS updates life expectancy tables that determine RMDs IRS UPDATES LIFE EXPECTANCY TABLES THAT DETERMINE RMDS MONDAY, NOVEMBER 09, 2020 To spend your retirement the way you want, you need to build your nest egg. The IRS has made changes to required withdrawal amounts that should help those Golden Years funds grow more and for longer. If you've been saving for retirement, then you likely are as jazzed as I am about a provision of the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act. This law, which took effect this year, gives all us owners of tax-deferred retirement savings accounts an extra year and a half before we must start taking out some of the... Read more → ------------------------- Posted on Monday, November 09, 2020 at 02:20 PM in CoronavirusCOVID-19 ,
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Tags: 401(k), age 72, coronavirus, COVID-19, IRA, IRS, life expectancy tables, required minimum distribution, retirement, retirement savings, RMD, tax, tax-deferred retirement savings, taxes, workplace retirementplan
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IRS offers tax help to those facing COVID money troubles IRS OFFERS TAX HELP TO THOSE FACING COVID MONEY TROUBLES SUNDAY, NOVEMBER 08, 2020 Millions of Americans still are without jobs. Money from the first COVID-19 economic relief package is long gone. And there's no telling when (or if) Congress might approve more pandemic stimulus. And on top of paying rent or feeding families, some people are facing an added and intimidating bill. They owe taxes to Uncle Sam. The Internal Revenue Service has long heard cries of poverty from folks with large tax bills. In response, the tax agency has instituted systems to work with financially strapped taxpayers. When the pandemic complicated every aspect of everyone's lives earlier this year, the IRS created...Read more →
------------------------- Posted on Sunday, November 08, 2020 at 01:57 PM in CoronavirusCOVID-19 ,
Finances , IRS
, Paying taxes
, Penalties
, Politics
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Tags: bills, coronavirus, COVID-19, economy, financial trouble, IRS, job, money, People First Initiative, stimulus, tax, tax bill, tax owed, taxes, Taxpayer Relief Initiative, TRI__
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Tax ballot issues 2020 results TAX BALLOT ISSUES 2020 RESULTS SATURDAY, NOVEMBER 07, 2020 Voters' voices literally matter each election when initiatives are on ballots. Here are results of some tax questions that were decided by the 2020 electorate. Vice President Joseph R. Biden today was declared president-elect of the United States. It took longer than usual, but that part of Nov. 3 (Donald J. Trump legal challenges notwithstanding) is over. Decisions on the myriad ballot questions that also went before voters across the county on the first Tuesday of November came a bit sooner. Here's a quick look at the results of the tax initiatives in the order they were featured in my... Read more → ------------------------- Posted on Saturday, November 07, 2020 at 02:49 PM in Ballotinitiatives ,
Current Affairs ,
Education , Elections, Gambling
, Politics
, Real Estate Housing, Sales tax
, Shout Out
, State/Local
, Taxes
, Transportation
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Tags: ballot measures, ballot questions, Ballotpedia, education, infrastructure, property taxes, real estate, referenda, sales taxes, state taxes, tax, Tax Foundation, taxes, transportation__
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WEEKLY TAX TIP
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FILLING OUT THE FAFSA — Education has been dramatically altered during the coronavirus pandemic. One thing hasn't changed, though, when it comes to higher education. College costs a lot. Financial aid can help cover those expenses. The FAFSA, as the Free Application for Federal Student Aid is popularly known, is the best way to find money to cover the costs. Here's how to get the tax information you need to fill out FAFSA.
(Nov. 20, 2020)
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Check out all the latest post-Tax Day tax advice in the 2020 edition of Weekly Tax Tips. Many of
these once-a-week tips will focus on planning moves to cut your 2020tax bill.
If, however, you got an extension and are still working on your 2019 return, you can get a refresher of the 2020 Filing Season Tax Tips at their respective monthly pages:January
,
February
,
March
,
April
,
May
,
June
and July
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COVID-19 & TAXES
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Coronavirus has wreaked havoc on the 2020 tax season. This CORONAVIRUS (COVID-19) & TAXESpage has details.
ALL ABOUT KAY
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OK, SOME ABOUT KAY
KAY BELL
— Native Texan (the blog title totally makes sense now, right?). Professional journalist. Tax geek.
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TAX YEAR 2020 COUNTDOWN It's over! We cleared the final 2019 tax year extended filing deadline, unless you get more time because your filing was affected by a major natural disaster;
you can find those delayed due dates in #7 of this final filing tipspost
.
For most of us, though, the passage of Oct. 15 means it's time to focus on the Form 1040 that we'll file next year. In most cases, that means we have until Dec. 31 to make moves that will reduce our already accruing 2020 tax bill. The countdown clock below will make sure you don't miss out making important tax-saving moves the rest of this year. And the Tax Tasks below the counter will list tax actions to take in each of these final 2½ months of the year. _Note: I'm in the Central Time Zone, so adjust accordingly for whereyou live. _
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TIME FOR TAX TASKS
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It's November! Finally, some cooler weather and fall festivities, although many will be modified at least a bit this year to accommodate COVID-19. Still, whether you celebrate Thanksgiving with the group with whom you've been self-isolating for months or Zoom in the full family or decide to safely travel to a gathering, enjoy your Turkey Day and be thankful. Also, don't forget to take advantage of this month's cornucopia of tax tasks that could help lower your 2020 taxbill.
NOV. 1: This 11th month of 2020 starts with an extra hour to work on our taxes. Yes, most of the United States early this morning fell back to Standard Time. Standard Time.via GIPHY
Sure, you can spend the extra 60Â minutes sleeping. Or you use the time to review and adjust your payroll withholding.
The goal is to avoid owing a lot or getting a refund next filing season. A paycheck check-up is an especially good idea if you have a side hustle or other freelance earnings.
NOV. 3: It's Election Day! As we're constantly reminded, the choices we make at our polling places have consequences. Be sure to check out the differences in Donald J. Trump's and Joe Biden's tax proposals.
And don't forget about the tax-related ballot measures in several states. Image by Element5 Digital via Pexels.com Find out how to vote where you live. NOV. 10: Some restaurants that closed earlier this year as part of pandemic precautions across the country have reopened. Other eateries stuck with take-out meals and deliveries. Whether you're able to dine in or still getting food brought to your house, remember to tip your server or delivery person. _If a tip isn't included in your food delivery charge, click the image above to calculate how much to tip the person who brought it to you._ As for servers who now are back on the job, remember that your tips are taxable income. If you worked at least some of October at a job where you got gratuities, you need to account for them today if they came to at least $20 last month. Use Form 4070 to report your tips todayto your employer.
NOV. 11: Veterans Day is Nov. 11. That date marks the official, formal end of World War I at the 11th hour of the 11th day of the 11th month of 1918. It eventually evolved into a day to recognize veterans of allarmed conflicts.
On this federal holiday, honor veterans however you feel is appropriate. If you're a business owner, consider hiring a veteran. Adding a new military-trained worker by year's end also might provide your firm a tax benefit thanks to the Work Opportunity Tax Credit(WOTC)
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NOV. 16: It's been a tough earnings year for many. If you're looking for or have already landed a seasonal job to make up income you've missed due to the coronavirus pandemic closures or to pick up a little extra holiday spending cash, pay attention to how you're paid. It makes a difference in your taxes.
If you're an independent contractor instead of an employee, you're responsible for paying self-employment taxes,
as well as the income taxes that are usually withheld from employees' paychecks. If you're unsure about your employment status, the Internal Revenue Service has some guidelines on when each work status applies. NOV. 23: Yes, it's Thanksgiving week. It sure got here quickly. And it will be difficult for many who've lost loved ones or their jobs in this difficult COVID-19 year. If you are able to be with your family, enjoy. Also think about those who can't and if you can afford it, consider giving to the many charities, both national and those in your own neighborhood, that help the less fortunate. Your donation options range from food banks to homeless shelters to educational programs that could help make sure all students have remote learning access. As long as the group is anIRS-approved
501(c)(3) nonprofit, if you itemize you can claim your gift as a tax deduction on Schedule A. NOV. 26: Happy Thanksgiving!via GIPHY
Take a break from taxes for turkey, football and time with your family. If you also happen to have a little cash on some fantasy or, thanks to the Supreme Court,
real games, remember that wagering wins on sporting events, like all bet payoffs, are taxable income.
NOV. 30: Finally! The Atlantic (and more active this year Gulf of Mexico) hurricane season officially ends today. Traditionally, the storms this month are less severe as the oceans cool down. Still, any tropical system can cause lots of damage, so stay ready. The countdown clock below can help you mark off these final official days in the 2020 hurricane season. But remember, the end of one storm season is the beginning of another. Mother Nature can throw many types of dangerous fits at any time, anywhere. So we can't let down our storm guards. Uncle Sam has several online storm resources.
You also can find tips on getting ready, physically and financially, for all types of natural disasters, as well as tax help for recovery efforts and tax deductions for donations to those who are hit by such catastrophes at the ol' blog's special Storm Warningspages.
SMALL BUSINESS TAX CALENDAR: Important filing, deposit and record keeping dates throughout the year that your company needs to know. You can get more tax calendar information at the IRS' online calendar page and view the full year's important business and individual tax datesin IRS Pub. 509 .
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STATE TAX HELP
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DON'T FORGET YOUR STATE TAXES! Forty-three states and D.C. collect personal income taxes. But even if you live in of the seven states without an income levy, you still face other state (and local) taxes. State Tax Departments provides links to your state's Web page. The companion page, TaxTidbits
,
is the compilation of blurbs about each state's tax laws. And for more state tax news, check out all our state tax bloggings.
TAX FORMS
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Thanks to our increased use of tax preparers and computer software, many of us don't see our tax forms until we sign and file them. But knowing what's on these documents, either in paper or digital form, and why the IRS wants it is key to understanding our tax system. And knowledge definitely is power, especially when it comes to tax savings. Find this valuable information in the ol' blog's special TAXFORM TUESDAY
page.
MAPPING YOUR TAX ROUTE*
Do you get lost doing your taxes? Check out the Taxpayer Advocate Service's Taxpayer Roadmap.
This publication, designed along the lines of a subway map, shows the many routes and detours of a taxpayer's journey through our elaborate Internal Revenue Code and the Internal Revenue Service's enforcement of our tax collection system.ADVERTISEMENTS
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The Truth
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Are you a tax geek? Got tax geek friends? Do you or they just want to make sure you don't overpay the IRS? Then my book, "THE TRUTH ABOUT PAYING FEWER TAXES," is for all y'all. Look for it on bookstore shelves or order a copy (or two!) fromAmazon
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Find out more about my book and excerpted chapters at the FT PressTruth About Paying
Fewer Taxes Web page.*
You can read more
of Kay's tax insights in ...*
Kay Bell helps you build a solid tax foundation in "Personal Finance: An Encyclopedia of Modern Money Management" Kay Bell breaks down taxes and estate planning for millennials in "FUTURE MILLIONAIRES' GUIDEBOOK" A collection of Kay Bell storiesis included in
"The Gambler's Guide to Taxes:How to Keep More
of What You Win"
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TAX READING ROOM
You also might enjoy these other tax tips from some of my tax-writingcolleagues:
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KUDOS ET CETERA
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_National Association for Women in Communications Winner, Best Personal Blog2012, 2014 & 2017_
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_Plutus Financial Bloggers Awards Celebrating the Bestin Personal Finance
Winner, Best Tax Blog2011 and 2013
Lifetime Achievement Nominee 2020_*
I GOTTA TELL YA ...
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AKA DISCLAIMER:
I am a professional journalist who has been covering tax issues since1999.
I am not a professional tax preparer. The content on _Don't Mess With Taxes_is my
personal opinion based on my study and understanding of tax laws, policies and regulations. It is provided for your private, noncommercial, educational and informational purposes only. It is not a recommendation of any specific tax action(s) you should or should not take. Similarly, mentions of products or services are not endorsements. In other words, my ramblings on the ol' blog are free advice and you know what they say about getting what you pay for. That's why when it comes to filing your taxes, I urge you to get additional, professional, paid-for guidance from an accountant, Enrolled Agent or other qualified tax preparer who is familiar with your individual tax circumstances. ©Â©Â©Â©Â© & ®®®®®*
Don't Mess With Taxes ® is a registered trademarkof S. Kay Bell.
All content on this site is © 2005-2020 S. Kay Bell dba WRITE HERE, a division of SKB Editorial Services, LLC*
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AND A BIT OF HOUSEKEEPING.*
NOTE 1: Some of the links on this site are affiliate links. That means that if you click through from a Don't Mess With Taxes link and then buy the product, I receive a commission. NOTE 2: Links to outside content might become inactive due to changes at the copy's originating website. If you discover dead links, please e-mail me the details. Thanks. NOTE 3: The banner art for the ol' blog is courtesy Pictures of Money via Flickr Creative Commons.PRIVACY POLICY
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