Taxes

Brad Ruoho, owner of the Legacy Toys in Bloomington, Minnesota. The store has used its PPP loan to … [+] build out an e-commerce business from its seven locations in Minnesota and North Dakota. (Photo by Kerem Yucel / AFP) (Photo by KEREM YUCEL/AFP via Getty Images) AFP via Getty Images Cities in California, Florida,

On August 18, 2020, the IRS released the draft Form 1040 for the 2020 tax year. As you can see in the snippet below, the controversial virtual currency question (At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?) the IRS first introduced for

getty Feeling overwhelmed and not sure how to handle those overdue notices from the Internal Revenue Service (IRS)? You aren’t the only one. Taxpayers have been complaining about the receipt of notices showing a balance due with impossible deadlines. How many notices went out? According to the Taxpayer Advocate, during the pandemic-related shutdown, the IRS generated

Rendering of a red elephant in a spotlight representing the Republican Political Party in front of … [+] the American Flag. getty President Trump’s sagging poll numbers have prompted some eager speculation about the future of the Republican Party. If Trump loses, will the GOP rethink its political strategy? Recast its policy agenda? Or will it double down on both

Economic Security Planning, Inc. Today’s column addresses questions about earning delayed retirement credits (DRCs) while not working or claiming benefits, potential strategies for a married couple to maximize their benefits and potentially available survivor benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,

Draft 1040 for 2020 IRS The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. And… postcard-sized, it’s not. Let’s dive right in. Virtual currency. At first blush,

You can bypass capital gain taxes and generate a tax deduction by donating cryptocurrency such as bitcoin to qualified charities. However, if you don’t do careful tax planning, it is highly likely that you will reduce or in some cases completely eliminate the full tax benefit you can get from crypto donations. To understand how

MILWAUKEE, WI – AUGUST 18: Democratic presidential nominee Joe Biden has a virtual conference call … [+] at the party’s convention. (Photo by DNCC via Getty Images) DNCC via Getty Images Democratic presidential nominee Joe Biden would raise taxes by about $4 trillion over the next decade, nearly all on businesses and high-income households. While

Most tax refund interest payments will be made by direct deposit, but some will be by paper check. getty If you get a tiny surprise payment from the Internal Revenue Service and you’re wondering what it is, it’s probably an interest payment and not a mistake. The IRS announced it’s starting to send out interest

The words “tax credits” with hundred dollar bills in background. getty Tax incentives, whether credits, cash grants, or some other form, are ultimately a matter of spending other people’s money — the taxpayers’. Each dollar a state spends on tax incentives means there is a dollar less in the coffer to provide needed services to

The S&P 500 hits a new all time intra-day high on August 18, but the volatile market took its toll … [+] on public pension plans this year. STRF/STAR MAX/IPx The S&P 500 hit a new all time intra-day high on Tuesday, highlighting a dramatic rebound — but the volatile market has left a scar

Economic Security Planning, Inc. Today’s column addresses questions about exactly when to file to get the full age 70 benefit rate, whether income from the current year is counted when calculating benefit amounts and ways to ensure larger benefits for a surviving spouse. Larry Kotlikoff is a Professor of Economics at Boston University and the

getty After weeks of waiting, tax professionals and taxpayers finally got the word from the Internal Revenue Service (IRS): amended returns can now be electronically filed. In May, the IRS had given notice that later this summer, taxpayers would be able to file Form 1040-X, Amended U.S Individual Income Tax Return electronically. Before this year, you could only amend

getty The Fed is printing vast sums of money to lend to borrowers who may not be able to repay. This may lead to very high inflation, which would wipe out the real values of retirees’ fixed nominal pension or annuity payments. Taking out a larger mortgage can hedge this risk since inflation will water

Most people these days are still reeling from the pandemic. The IRS and state governments are feeling the revenue pain too. California proposed to increase it’s already stratospheric top 13.3% tax rate, raising it to 16.8%. Not shocked yet? The newest tax some golden state legislators want to collect is a .4% wealth tax. The

getty Still missing your $500 per child stimulus check? You’re not the only one. In response to complaints that check recipients are still missing out, the Internal Revenue Service (IRS) is reopening the registration period for some folks who didn’t receive those $500 per child payments earlier this year.  In March of this year, the CARES Act was signed

Office vacancies are on the rise and hit nearly 16% this summer. In downtown Chicago, its 13.7%, … [+] while while the rate in the suburbs has topped 24%. (Photo by Scott Olson/Getty Images) Getty Images Cities and counties are predicting a drop in their property tax revenues over the next year, a phenomenon that’s

Economic Security Planning, Inc. Today’s column addresses questions about when earned delayed retirement credits (DRCs) are applied to retirement benefits, effects on benefits of selling a home, spousal benefits’ effects on retroactive retirement benefits and options after working while on disability. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

2020 has already seen a big uptick in the number of Americans giving up their citizenship. So says the U.S. government’s 2020 second quarter list of published expatriates, the second highest number ever. Every three months, the U.S. Treasury Department publishes the names of individuals who renounced their U.S. citizenship or handed in a long-term green card. For

getty Some TurboTax users are reporting that they have yet to receive a stimulus check due to a single checked box in the popular tax preparation software. The checked box asks if the taxpayer’s spouse can be claimed as a dependent by someone else. The issue first surfaced in a TurboTax support forum on April 24th. The