Figuring out what you owe can be especially tricky if you just started doing gig work, if you haven't kept good records or if you haven't set aside money during the year to cover your annual tax bill.
These tips from the Internal Revenue Service (IRS) can help you complete your taxes if you're a gig worker and if you earn income from work that may not provide you with a W-2 or 1099 tax form at the end of the year.
Many things are taking place:
AGI, stimulus checks, taxes, CTC: Why your AGI number is the key to everything and where to find
Your AGI number makes all the difference when it comes to your stimulus check, child tax credit and your taxes too. We'll show you where to find it.
Since it's a rough estimate of how much money you're bringing in after deductions from all your streams of income, the IRS uses your AGI to calculate how much you get in a stimulus check, the amount of your tax refund (or how much you might owe), and your upcoming 2021 child tax credit (if applicable).
Possible amendment on personal property taxes moves to full Senate - WV MetroNews
The full Senate will soon consider a resolution that could allow lawmakers to lower personal property taxes, including on vehicles.
“Any time we have an opportunity to let the people say and have a vote, I don't know why we wouldn't give them that opportunity,” said Senator Mike Maroney, R-Marshall.
“We need to let the people decide it, and future legislatures can decide how to handle it depending on the economy of those days.”
AP fact check: Biden skews figures on border and taxes | PBS NewsHour
WASHINGTON (AP) — President Joe Biden on Thursday misstated the reality at the U.S.-Mexico border when he asserted that "nothing has changed" when it comes to the number of children coming to the United States since his predecessor, Donald Trump, was in office. The numbers are up since Biden became president on Jan. 20.
In his first presidential news conference, Biden also offered a misleading account of who’s getting the most benefits from the Trump tax cuts.
In case you are keeping track:
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An Unexpected $10,200 Unemployment Tax Break: What to Know - WSJ
In the massive stimulus package enacted earlier this month, lawmakers inserted a last-minute exemption for many taxpayers with up to $10,200 of unemployment payments for 2020. Normally this income is fully taxable on federal returns, so the change could save many filers $1,000 or more.
The brain twister, for the agency and affected taxpayers, is how to apply a retroactive tax break in the middle of filing season when millions have already submitted returns.
Retirees who pay the most in taxes make only $36,000 a year on average, study finds
Those in the highest quintile are mostly married couples with average combined Social Security benefits of $50,900, 401(k)/IRA balances of $325,400, and financial wealth of $441,400. When annuitized, those assets and retirement accounts earn account holders roughly $3,000 per month — or $36,000 per year — ostensibly making them middle-income earners, Chen said.
"That's some money but not a ton of money," Chen said, "and these households will have to pay about 11% [in taxes]."
Doing Your Taxes? Download the WSJ Tax Guide 2021 - WSJ
Now, with the tax-filing season for 2020 underway, comes a flood of new questions: How do I file for a stimulus payment through my tax return, and is it taxable? What if I took an emergency withdrawal from my retirement plan? If I worked remotely, could I owe taxes to two states? Does the March 2021 relief law affect me?
In addition to pandemic tax changes, this year's guide discusses what changed as a result of the relief law passed in March as well as other key tax changes, such as for cryptocurrency enforcement, medical-expense deductions, and education benefits, plus the annual inflation adjustments that affect some tax benchmarks but not others. It also includes rates, brackets and many other tax benchmarks for 2020 and 2021.
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