While working remotely in another state may seem of little consequence, many people don't realize they're actually supposed to pay and file taxes in that state. For example, if you moved from Indiana to New York to stay with family, any money you earn there (even if you're working remotely) is considered taxable income for that state.
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The same rule applies to people who move to a state that does tax personal income. For example, if you moved from Florida to California (and established a domicile), you would need to pay California taxes, starting from the time you moved there.
And here's another article:
More checks, unemployment aid, tax breaks: Here’s what’s in the COVID-19 relief bill
The Senate approved a sweeping pandemic relief package over Republican opposition on Saturday, moving President Joe Biden closer to a milestone political victory that would provide $1,400 checks for most American and direct billions of dollars to schools, state and local governments, and businesses.
The bill cleared by a party-line vote of 50-49 after a marathon overnight voting session and now heads back to the House for final passage, which could come early next week.
Day 15 Of Tax Filing Season: 28 Million Tax Refunds, $3,021 On Average
Given the number of days the Internal Revenue Service has been open for processing 2020 tax returns, the number of returns taxpayers have filed is up 14% compared to last year. That's the rosy way to look at the numbers.
But consider this: Based on the calendar, as of February 26, 2021 (Day 15), compared to February 28, 2020 (Day 33), the number of returns received is down almost 25%, with the number of returns processed down 31%.
The IRS is making steady progress: As of February 26, 45.3 million returns had been received, with 39.4 million processed. The IRS had issued 28.3 million refunds. The average refund was $3,021.
It's The Season For Tax Planning, Preparation, And Rectifying Past Mistakes With Tax Attorney,
Choose your tax preparer wisely. When selecting a tax preparer, distinguish between someone who is simply going to take whatever forms they have and move the numbers around to generate a tax return versus someone who will show you where you can be more strategic and point you in the direction of savings for both the current year and the previous year.
Each year, review the last three years of returns. This is especially important if you're meeting with a new tax preparer with fresh eyes. Many people don't know that they have three years to go back and correct their past federal tax filings. This means that they can rectify a mistake or take advantage of benefits they did not know they had three years ago.
And here's another article:
Here's How You Can Still Save on 2020 Taxes - WSJ
The arrival of 2021, as welcome as it was, put a hard stop on most moves by Americans to lower their 2020 tax bills. The window for things like making charitable donations or taking capital losses to offset gains slammed shut on December 31.
But there are still a few things people can do now to cut last year's taxes. Several involve contributions to retirement accounts, with deadlines as late as Oct. 15. Another could reduce penalties for filers behind on last year's tax payments.
VERIFY: What do I need to know about filing taxes this year? | khou.com
HOUSTON — The way you file taxes this year could be different if you got a federal stimulus check or collected unemployment. The VERIFY team has gotten a lot of questions about the process. We got answers from Michael Devine, a spokesman for the Internal Revenue Service.
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TRUE. "The President signed a declaration that says everyone in Texas has until June 15 to file their tax return if they need that time. But the sooner you file your returns, the quicker you get your refund," Devine said.
Suze Orman: Something's 'radically wrong' if you're getting a tax refund
In a new interview, taped on Wednesday, Orman said the apparent government windfall indicates "something's radically wrong," since filers could otherwise have invested the money over the period it stood in the government's possession. She urged tax filers to adjust withholdings so they can retain such funds and place them in a retirement account or other investment vehicle.
"If you really look forward to that refund, every single year is like, 'Oh my God, I have all this money.' Now, that also says to me that you needed that money during the year," she added.
Filing taxes on your own or with an accountant? Tax expert weighs both options
NORFOLK, Va. - There are six more weeks until April 15, the deadline to file your taxes for the 2020 tax year.
You may have already done them, but for those who haven't, you might be asking yourself how you'll file -- virtually with tax software, on your own or with an accountant?
"You know, there are different pros and cons for tax filing by using professional tax preparers or DIY (do-it-yourself)," Xiaoli Yuan, a business and economics professor at Elizabeth City State University, said.
Happening on Twitter
"The alternative is unthinkable. It's a coastal Louisiana that doesn't exist. " The state just moved a step closer… https://t.co/7KyLi7TExx jswatz (from New York, NY) Fri Mar 05 17:24:43 +0000 2021
New York state lawmakers on Friday moved to curtail management powers granted to Gov. Andrew Cuomo during the coron… https://t.co/WXKdEhUkex WSJ (from New York, NY) Fri Mar 05 22:15:02 +0000 2021
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