American flag pair and 2020 on a chess board. Horizontal composition with copy space and selective … [+] focus. 2020 presidential elections concept. getty During the 2020 election campaign, President Biden made a number of promises involving changes to the tax code, including expanding the 12.4% Social Security Tax; increasing the top marginal income tax
Taxes
New Tax Things To Know This Year by Nicole Lapin getty There have been a lot of personal changes the past year because of the pandemic. Some of us have moved states and taken on more freelance work. People have had gaps in employment. This all affects what happens with how you file your taxes.
The latest Covid relief bill just blew some minds. getty Congress just put another twist in the never-ending saga that is the 2021 filing season. Democrats are considering a deal to reduce the federal supplemental unemployment benefits in the next Covid relief bill from $400 to $300 per week in return for a slightly longer
KATWIJK, NETHERLANDS – FEBRUARY 20: Cryptocurrency and other currency and capital assets Getty Images The IRS really wants to know about your cryptocurrency. For tax year 2020 the IRS moved the cryptocurrency question from Schedule 1 of the Form 1040, where it was in 2019, to the much more prominent position of Page 1 of
Connecticut passed a Covid-19-relief tax law to help commuters working from home during the … [+] pandemic, just in time for them to file their 2020 tax returns. getty Some 110,000 Connecticut telecommuters will be spared from double taxation on their wage income for 2020, thanks to a Covid-19-relief tax bill that Governor Ned Lamont
When winter gives way to spring in the mountains, my garage pays the price. It’s the rare time of years when both bikes and skis are regularly in service, and that leads to one giant mass of boots and poles and pumps and wheels. WASHINGTON, DC – MARCH 04: President Joe Biden, Vice President Kamala
Tax Deductions and great tax planning is one of the best ways to make your small business more … [+] profitable. getty One of the easiest ways to make your business more profitable (without working any harder) is to identify all of your expenses and those that are tax-deductible for your small business. These rules
On its face, eligibility for claiming the Employee Retention Credit (“ERC”) seems straightforward – I had to shutdown my business due to a government order so I can claim an ERC. We have all learned over the last few weeks that the devil is in the detail. Essential businesses have an additional hurdle to jump through if
Chess, Globe – Man Made Object, Strategy, Earth, Global Business getty [Editor’s Note: This article originally appeared in the February 1, 2021, issue of Tax Notes International.] There are two ways to lose a chess match. Under the preferred approach, the player resigns with dignity upon realizing that defeat is inevitable. Checkmate is lurking a few moves
Cryptocurrency purchases made in fiat currencies are not subject to any type of IRS tax reporting according to the IRS FAQs on cryptocurrency (Q5) updated as of March 2, 2021. Updated Q5 on IRS FAQs on virtual currency IRS FAQs on virtual currency For example, say Sam purchased 1 bitcoin (BTC) in 2020 for $1,000
On March 2, the IRS updated the Frequently Asked Questions (FAQs) on Virtual Currency Transactions. The new FAQ provides that taxpayers whose only crypto transactions include the purchase of virtual currency with real currency need not answer yes to the question on the front page of the 2020 IRS Form 1040. This instruction is directly
Ask Larry Economic Security Planning, Inc. Today’s column addresses questions about whether taking Social Security survivor’s benefits now would reduce retirement benefits taken as late as 70, whether and when Social Security recalculates benefits based on income and retirement benefits before divorced spousal benefits. Larry Kotlikoff is a Professor of Economics at Boston University and
Time is running out to pass Covid-19 relief legislation to extend unemployment benefits and provide … [+] other needed aid. getty Even as they digest the bad news that a simple minimum wage increase can’t be included in President Biden’s $1.9 trillion relief package, Congressional Democrats are moving rapidly to pass the overall legislation. They are doing the
Frustrated shocked man having problems, feel confused looking at laptop screen at office getty It’s the beginning of every American’s favorite time of the year … to hate: tax season. Starting on Feb 12th, the IRS started accepting tax returns for the 2020 tax year. Here are three of the most common tax season mistakes
paper bag with groceries handed to needy elderly person in vehicle getty In this episode of Tax Notes Talk, Rebecca Thompson of Prosperity Now, a nonprofit based in Washington, D.C., discusses how the COVID-19 pandemic has affected low-income communities and families of color in the United States, and what tax policy tools could help them. The post
In a recent bankruptcy case, the court considered whether the recapture (repayment) obligation of the first-time homebuyer credit is a “tax” as applied to the non-discharge provisions of the bankruptcy code. The Housing and Economic Recovery Act of 2008 provided a tax credit for first-time homebuyers. The credit, which was for certain purchases between 2008
UNITED STATES – FEBRUARY 25: Activists call on Congress to pass the $15 federal minimum wage hike. … [+] But Republican opposition and Senate rulings make it unlikely in Biden’s relief package. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images Bad news this week for low income workers. This
Protective face mask and tax income documents for 2020. Concept for personal finances during … [+] Coronavirus pandemic getty Divorced and never married co-parents have the chance to pick up an extra $1,100 per dependent child when they file their 2020 returns. It requires trust, cooperation and running multiple versions of their 2020 returns. It is probably
Calculating taxes in filing season 2021 may come with some surprises. getty Taxpayers who received unemployment benefits in 2020 are facing an unexpected reckoning in the 2021 filing season. Many are just now becoming aware that income from unemployment is taxable and that while states typically withhold for federal income taxes, most do not withhold
Men and women meet to discuss new product development. getty It’s tax season, let the sales pitches begin! Tax return preparation companies and do-it-yourself software providers are hard at work convincing individual taxpayers that their services and products are the way to maximize a tax refund or pay the lowest amount of tax. And, judging