Saturday, October 3, 2020

Taxes Are Due Oct. 15 if You Received an Extension - The New York Times

In a year when normal tax filing deadlines were postponed because of the pandemic, there is one more important date to note: Oct. 15.

That's the deadline for filing your 2019 income tax return if you got an automatic filing extension this year. The regular April filing deadline was extended to July 15 because of the coronavirus. As usual, though, tax filers could still get extra time, until mid-October, simply by submitting a form.

The Internal Revenue Service didn't have statistics immediately available on the number of extensions filed this year. A spokesman said there might have been fewer because regular filing was delayed until July.

Date: 2020-10-02T13:00:08.000Z
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In case you are keeping track:

Why These Millionaires Are Staying Put Despite a New Tax on Them - The New York Times

New Jersey recently decided to impose a so-called millionaires tax — effectively increasing state taxes 20 percent on people earning more than $1 million.

Critics had an immediate, and unsurprising, reaction, arguing that such taxes will push the wealthy to move to lower- or no-tax states. But is that true?

While some wealthy people will move, proponents of these taxes argue, few will make good on the threat to move to Florida (with no state income tax) or, in New Jersey's case, to Pennsylvania (where the state tax rate is one-third its neighbor's rate). They argue that high earners and entrepreneurs have family and community ties that keep them from moving away.

Date: 2020-10-02T13:00:09.000Z
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What does a stimulus check have to do with taxes? Everything. Here's what to know - CNET

If you filed your 2019 federal tax return before April 15, 2020, the IRS used your reported AGI to set the amount of your first payment. If you didn't file in 2019 but did in 2018, that's the year the IRS used. It's likely a second check would follow the same protocol, if and when it happens.

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The deadline to use that tool expired mid-May, but the IRS would likely open it up again in the event a second stimulus check goes through.

If you get a payment this year it won't reduce your future tax refund or increase what you owe when you file your 2020 tax return next year. The payment also does not count as income to determine if you're eligible for federal government assistance or benefit programs.

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Publisher: CNET
Author: Clifford Colby
Twitter: @CNET
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The president's taxes: A story to 'Trump' all the others? | US & Canada | Al Jazeera

Biden leads the polls, but they got it wrong in 2016. The man who's picked every president since '84 weighs in.

We examine the role of Chinese and American media industries in the contest of COVID-19 narratives.

Author: data reactroot
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And here's another article:

Why Biden Would Start Tax Increases at $400,000 a Year - WSJ

Households earning less than that in adjusted gross income won't pay a nickel more in direct taxes, the Democratic presidential nominee promises. Higher-earning households will pay more—in some cases, much more.

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Publisher: WSJ
Date: 2020-10-03T13:00:00.000Z
Author: Richard Rubin
Twitter: @WSJ
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Opinion | The I.R.S. Is Outgunned - The New York Times

The president of the United States paid less in federal taxes than all but the poorest Americans the year he was elected. This is in large part because he lost more money than nearly anybody else in this country for years, a troubling fact given his promise to "run America like his business."

But the responsibility for his meager $750 tax bill does not lie with President Trump alone, nor with his tax advisers. Instead, the newest revelations put a very famous face on a problem that has long existed: The wealthy aren't paying what they owe, and our tax system allows it.

Date: 2020-10-02T09:00:49.000Z
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This is not the time to propose more tax increases – Orange County Register

This is a year most Californians would like to forget. Plans have been scrapped, the new "normal" is anything but normal, and we all know a coffee shop, deli, bar or restaurant that has closed permanently or may not survive the next six months.

With 2.5 million Californians unemployed, many families across this state do not know when they will receive their next paycheck. For those who are still working, salary cuts are a very real possibility.

With so much uncertainty and so many families struggling, now is the worst possible time to raise taxes. But that hasn't stopped lawmakers in Sacramento from proposing $82.8 billion in new taxes and fees, and special interests are trying to effectively gut Proposition 13 with a massive $11.5 billion commercial and industrial property tax increase.

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Publisher: Orange County Register
Date: 2020-10-03T16:09:09 00:00
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A Week Overview: Trump's Taxes, Presidential Debate, Positive Coronavirus Test : NPR

Between The New York Times' report on President Trump's tax returns, the contentious first presidential debate and the president's positive coronavirus test, it's been quite the week in U.S. politics.

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PRESIDENT DONALD TRUMP: I stand before you today to fulfill one of my highest and most important duties under the United States Constitution - the nomination of a Supreme Court justice.

UNIDENTIFIED REPORTER #2: ...His tax returns. A New York Times investigation says Trump paid only $750...

Publisher: NPR.org
Date: 2020-10-02
Twitter: @NPR
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