It may be obvious to everyday taxpayers that they must report their wages, but few likely realize the feds also expect a cut of their profits from more under-the-radar ways of accruing income.
It’s unlikely that lawmakers will decide to let those collecting jobless benefits in 2021 forego paying taxes. Anyone receiving those benefits now should plan to pay the IRS a portion of that money. CLICK ON THE HEADLINE FOR MORE
Many taxpayers had already filed their tax returns before the American Rescue Plan Act was excluded from taxable income. For taxpayers who overpaid due to the exclusion, the IRS will either refund the overpayment or apply it to any other outstanding taxes. CLICK ON THE HEADLINE FOR MORE
Looking back in the past year for any chances of deductions? A principal tax research analyst gives some advice on what to expect. CLICK ON THE HEADLINE FOR MORE
Always complicated for freelancers and business owners, tax time this year is especially swampy. Pandemic relief programs that helped small companies and self-employed individuals created new tax challenges. CLICK ON THE HEADLINE FOR MORE
Extemded unemployment benefits provided much-needed relief to 40 million people in 2020, But Americans could be facing hefty tax bills in April if they didn’t realize unemployment benefits are taxable by the federal government and by some states. CLICK ON THE HEADLINE FOR MORE
If you worked from home, received a relief payment, took on some gig work or filed unemployment benefits — or someone filed a fake claim in your name — there are things you need to be aware of. Likewise if you normally receive certain tax credits. CLICK ON THE HEADLINE FOR MORE
People who did not and are not withholding taxes from their unemployment checks could be in for a big surprise when they file taxes this year. You could be paying the IRS as much as 25% of your total unemployment payments. CLICK ON THE HEADLINE FOR MORE
While efforts to combat the coronavirus pandemic’s physical toll continues in research labs, lawmakers believed that tossing an extraordinary amount of cash at the problem early on would be the best solution to the United States’ financial woes. Thus was born the Coronavirus Aid, Relief, and Economic Security (CARES) Act. CLICK ON THE HEADLINE FOR MORE
If you’ve faced job loss because of the coronavirus, here are 13 steps you should consider taking to help lessen the financial blow and prepare you to bounce back once the economy recovers. CLICK ON THE HEADLINE FOR MORE