Doing your taxes never winds up being as simple as you'd like. But this year, take extra time to make sure you're taking advantage of all the different credits that could help you save on your taxes — and potentially score a bigger refund.
Below, CNBC Select explains the difference between a tax credit and a tax deduction, and what credits you should look out for this year.
Tax credits and tax deductions have a similar impact on how much you pay in taxes, but they are different.
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AICPA requests tax deadline postponements until June 15 - Journal of Accountancy
In the letter, the AICPA "urgently request[s] that the 2020 Federal income tax, information returns, and payments (e.g., extension and estimated payments) originally due April 15, 2021 be granted additional time to file and pay until June 15, 2021."
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This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.
Lawmakers vote down two Wyoming bills increasing taxes on renewable energy | Energy Journal |
Trucks drive along a road through Rocky Mountain Power's Ekola Flats Wind Energy Project outside Medicine Bow on Oct. 20. Wyoming lawmakers voted down two bills that would increase taxes on renewable energy.
Members of the Legislature's House Revenue Committee voted to not advance two renewable energy tax bills to the House floor on Thursday.
Public testimony provided over two days showed the tricky balance between collecting enough revenue from big industry for state services while not driving companies away.
Woman sues to recoup thousands overpaid in taxes to Bladen County
BLADEN COUNTY, N.C. (WECT) - She overpaid her property taxes by more than $7,000, due to a mistake made by the Bladen County Tax Department. But Regina Whitted says the county is refusing to give her a full refund, even though they admit the error was theirs.
"We have corrected the records and made the adjustments to the 2012-2017 tax bills... Tomorrow I will post any refund to your outstanding balance and send you the remaining balance," Davis wrote Whitted. Whitted responded, thanking her for catching the error, but asking for a full refund to include all overpaid taxes dating back to 1993.
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Bloomberg - Are you a robot?
Hamilton: Use surplus to protect Main Street from tax hikes | The Globe
14 States Don't Tax Retirement Pension Payouts
Retirement income comes in all forms, and pension payouts are just one of them. To the federal government, most pension payouts are fully taxable as income. To the 50 states and the District of Columbia, the tax picture for pension payouts is a bit more complicated.
Eight states – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax income at all. A ninth state, New Hampshire, only taxes capital gains and dividend income. (Tennessee taxes capital gains and dividends for the 2020 tax year, but not for 2021 and thereafter.) And five states – Alabama, Illinois, Hawaii, Mississippi and Pennsylvania – exclude pension income from state taxes.
5 Sneaky Things COVID-19 Might Do to Your Tax Bill | Personal-finance | tulsaworld.com
Staying home for months on end has taken a toll on everyone, but it can also take a toll on your tax return. Here are five unexpected ways the pandemic could affect your taxes — and what tax pros say you can do about it.
"I honestly think that people are going to try to do that," Pyron says, referring to claiming the deduction. "And that will bring a lot of kickback potentially on a return."
Stimulus checks aren't taxable, but unemployment income is. That information alone may startle many taxpayers, but the surprises don't stop there, warns Ryan Losi, a certified public accountant and executive vice president at Piascik Certified Public Accountants in Glen Allen, Virginia.
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