The Internal Revenue Service starts accepting income tax returns on Friday, against the backdrop of Capitol Hill negotiations on a $1.9 trillion stimulus package geared at families and businesses struggling under the pandemic's economic toll.
So just as people are getting ready to submit their returns, the potential for new waivers on portions of income tax, more generous tax credits and a third batch of stimulus checks might make some people wait to see what any legislative deal means for them, according to some financial planners and tax experts.
While you're here, how about this:
Maryland Approves Country's First Tax on Big Tech's Ad Revenue - The New York Times
State politicians, struggling with yawning budget gaps from the pandemic, have made no secret about their interest in getting a bigger piece of the tech industry's riches.
Now, Maryland's lawmakers are taking a new slice, with the nation's first tax on the revenue from digital advertisements sold by companies like Facebook, Google and Amazon.
The State Senate voted on Friday to override the governor's veto of the measure, following in the footsteps of the state's House of Delegates, which gave its approval on Thursday. The tax will generate as much as an estimated $250 million in the first year after enactment, with the money going to schools.
Covid-19 relief money could affect your taxes and what to do about it
Tax-filing season is here, and you may be wondering how the pandemic will affect your return. Many filers have a lot more questions about their taxes this year than in the past.
"For this specific tax season, it's all about organization, especially because of what was provided last year for Covid relief," said Sheneya Wilson, a CPA and founder of Fola Financial.
We talked to several tax experts to get answers to common questions and tips on what you should do before filing your 2020 federal income tax return.
Tax-Aide: Get Free Help With Your 2020 Tax Return
Tax-Aide's 3,600 volunteers are certified by the IRS. In 2020, despite limitations on in-person assistance due to the coronavirus, the 1.5 million taxpayers who used AARP Foundation Tax-Aide received more than $1 billion in income tax refunds.
In response to the pandemic, Tax-Aide will offer four options to help taxpayers fill out and file their tax returns:
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This may worth something:
Coronavirus Could Impact Tax Season, Which Starts Friday
The first day to file taxes for 2020 is Friday, February 12, unlike previous years where taxes could be filed around mid to late January.
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"Don't ignore it if you do owe taxes," said Steve Ribble with Guardian Accounting Group in Tampa. "Talk to the IRS. They are willing to make the arrangements."
New tax rule could mean bigger tax refunds for some families, but only if they're savvy
In November, a nonprofit group called Commonwealth raised the alarm that a quirk in the tax system meant that many families facing unemployment during the pandemic might have an unpleasant surprise awaiting them come tax season.
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On Dec. 27, then-President Trump signed the massive COVID relief bill into law, which included a work-around: a "lookback rule" that allows filers to use either their 2019 or 2020 income for tax purposes.
The fix should allow many working families to avoid the problem, but only if they're savvy about how they file this year.
Americans could owe $50B in taxes on unemployment benefits this year | Fox Business
Millions of out-of-work Americans who collected unemployment benefits last year as a result of the coronavirus pandemic could be in for an unpleasant surprise with tax season officially open.
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That's because the federal government and most states count unemployment benefits, including the extra money distributed through federal aid programs, as taxable income. California, New Jersey, Oregon, Pennsylvania and Virginia are the only ones to completely exempt it.
Happening on Twitter
Fun with vaccinations: I received jab 1 via the NJ system, was told to expect 2nd shot schedule within 3 days. That… https://t.co/SEtaYrJfJo paulkrugman (from New York City) Fri Feb 12 16:28:28 +0000 2021
Whether this finding has anything to do w/ #LongCovid brain fog is unclear, as the authors allude to. There's still… https://t.co/lLrBk9W6rI EricTopol (from La Jolla, CA) Fri Feb 12 16:49:50 +0000 2021
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