The tax deadline (May 17, 2021) is fast approaching. If you had cryptocurrency transactions during 2020, here's exactly what you should do to file your taxes accurately on time.
Representation of Bitcoin cryptocurrency is seen in this illustration photo taken in Krakow, Poland ... [+] on April 27, 2021. (Photo Illustration by Jakub Porzycki/NurPhoto via Getty Images)
First, see if you had any taxable transactions during 2020. Below is a non-exhaustive list of taxable and non-taxable cryptocurrency transactions.
Higher Corporate Taxes Affect Everyone
Small Businesses Scrambling To Figure Out New State Vaping Rules And Taxes
Flavored vaping products containing nicotine are seen in a store in Los Angeles, California, ... [+] September 17, 2019. (Photo by Robyn Beck/AFP via Getty Images)
"For the vape industry, this was the worst Christmas present ever," said Avalara excise tax expert John Beaty.
The provision added vaping products sold online and in vape shops to the Prevent All Cigarette Trafficking ("PACT") Act, which regulates the sale of tobacco products. It means that anyone who sells, transfers, or ships e-cigarettes must comply with various complex registrations in every state they sell to, comply with various reporting requirements, and collect excise and/or sales tax in those states.
One third of Americans file taxes last minute. It might be a bad idea
As many as 33% of Americans procrastinate doing their taxes and wait until the last minute, according to a recent survey by IPX 1031 . The reasons taxpayers put it off vary — 40% say filing is too time-consuming, 22% said it's too stressful and another 22% want to make sure they're filing correctly.
Others just aren't in a rush — 10% of respondents said they aren't in a hurry to file because they aren't getting a refund. Six percent are worried they'll owe money.
President Biden Set To Announce Higher Capital Gains Taxes For Wealthier Americans : NPR
President Biden is set to announce higher capital gains taxes — the taxes owed to the U.S. government from profits made after the sale of an asset like stocks — for wealthier Americans.
The stock market continues to set records, and that has made many wealthy Americans even wealthier. Now, President Biden wants rich investors to pay more in taxes to help cover the cost of a massive spending bill he's planning to talk about tomorrow night. NPR's David Gura joins us now.
Big Fraud vs. Your Taxes! - Legal Talk Network
Laurence Colletti serves as the producer at Legal Talk Network where he combines his passion for web-based media with...
Unemployment insurance fraud has been on the rise since the start of the pandemic and it may be showing up on your tax returns! Don't pay the taxes of a criminal enterprise or let them utilize your personal identification information. Steve Swirsky from Epstein Becker & Green stops by to tell us how to spot this fraud and report it to the proper authorities.
Many lower- and middle-income households could pay zero in taxes
A large swath of American households may pay nothing in income taxes for 2021, a new congressional report suggests.
Taxpayers with income of less than $75,000 are projected to have, on average, no tax liability after deductions and credits when they file their 2021 returns next spring. They will also will get money back from the IRS, according to recent estimates from the nonpartisan Joint Committee on Taxation.
The Day - More Connecticut taxes, on top of Biden tax agenda, a big mistake - News from
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The Biden administration is on a massive spending spree. Connecticut progressives want to follow suit. Last week, Biden released a “trial balloon” proposing how to pay for his spree. Unsurprisingly, the idea is massive tax increases for corporations and upper income individuals, including a near doubling of the top capital gains tax rate from 23.8% to 43.8%.
The Case for Progressive Green Taxes | Barron's
For that we are going to have to find more ways of curbing our profligate use of resources. A smart start would be to introduce progressive green taxes.
But to do this while also reducing inequality—to "Build Back Better"—will require governments to find new sources of revenue that are fair as well as efficient. This will be politically tricky.
This is where progressive consumption taxes, which bear more heavily on the rich, come in. Surprisingly, this idea, which is hardly new, has so far been largely overlooked. By levying taxes on consumers, governments would avoid jeopardizing the competitiveness of their domestic producers, which is the challenge raised by producer focused alternatives such as carbon emissions taxes.
How higher taxes on the rich could affect your investment goals and home prices surge 12% in
Congratulations on finishing our first-ever money challenge! We want to know what you thought. You can reach us at mlamagna@marketwatch.com and esnow@marketwatch.com .
Consider tax-advantaged investments and other ways to make your portfolio more tax efficient. Read More
'She is the power of attorney for my parents and will be executor of their will. She is getting a payment from Veterans Affairs to take care of them.' Read More
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