If your income falls below $75,000 for 2021, there's a chance you'll end up paying no income taxes on it.
On average, taxpayers in that category will have no tax liability after accounting for deductions and credits when they file their 2021 tax returns next spring, according to recent estimates from the nonpartisan Joint Committee on Taxation. Those households also may get money back from the IRS.
What Digital Nomads Need to Know About Taxes Abroad - The New York Times
Yes, but plan carefully. If your trip is just for a few weeks, you will probably be OK, accountants say. A general rule of thumb is that you should leave before six months if you want to avoid having to file a tax return in a second country, but there are exceptions.
If your trip is longer than a few months, consider a destination that offers digital nomad visas that will exempt you from local taxes, as long as your employer is based outside of that country.
Grocery taxes put low-income families at risk for food insecurity | EurekAlert! Science News
"An increase of 1% to 4% may sound small, but after several trips to the grocery store, the extra costs can create serious burdens for the lowest-income families," said co-author Harry Kaiser, professor of applied economics and management in the Charles H. Dyson School of Applied Economics and Management. "We found that even the slightest increase in tax rate correlated to an increased likelihood of food insecurity.
The study focused on sales taxes on foods at retail outlets such as grocery and convenience stores. Kaiser and his co-authors found that, across 14 states, the average grocery tax is just over 4%.
Taxes — Not So Certain After All?
The size of the UK's 'legal interpretation tax gap' is a matter of increasing concern to the government, so much so that it has now published its second consultation on the topic. A 'legal interpretation tax gap' arises where a tax authority (in the UK, Her Majesty's Revenue and Customs (HMRC)) and a taxpayer take a different view of the meaning of the tax law as it applies in a particular case.
To this end, the government proposes to introduce a system that requires large businesses to notify HMRC of uncertain tax treatments as described in its second consultation document. The proposed notification regime aims to encourage large businesses to engage with HMRC from the outset on areas of legal interpretation uncertainty. The USA and Australia already have systems like this in place, so the government may be looking to these jurisdictions for inspiration.
S.F.'s higher taxes on sales of more-expensive buildings is OK, state Supreme Court rules
The state Supreme Court allowed San Francisco on Wednesday to keep collecting its property transfer tax, an assessment on real estate transactions that charges higher rates to owners who sell more expensive properties.
The court unanimously denied review of an appeal by a former hotel owner who said the tax discriminated against wealthy property owners.
The transfer tax, approved by San Francisco voters, charges sellers $2.50 for each $500 of the sale price for properties worth up to $250,000, but increases rates for more expensive sales. Sellers of properties worth more than $25 million are charged $15 for every $500 of the price.
Soaring home prices in Plano and elsewhere foreshadow higher property taxes and appraisals
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Amazon clearly paid federal taxes | News, Sports, Jobs - Times Republican
I’d like to comment on Jim Hightower’s column in the Tuesday Times-Republican, “We need to talk about Jeff Bezos’s boat.”
It might be entertaining to poke fun at the very wealthy, but that is still no excuse to make derogatory statements that are proving untrue. Hightower states in his last paragraph “Not coincidentally, Amazon paid no federal taxes in 2019. . . .”
Saving For College And On Your Taxes: Understanding 529 Plans
Any adult may open a 529 Plan for any named beneficiary—you do not have to be the parent or ... [+] grandparent of the person named.
May 29 is National 529 College Savings Plan Day! Do you know what a 529 plan is? Do you know how to use it?
529 College Plans were initially created to help families save money for higher education expenses for children, grandchildren, or others. They are named after Section 529 of the Internal Revenue Code (IRC) which created these types of savings plans in 1996. While many people use these plans for that purpose, there are other considerations that can make them fantastic vehicles for avoiding different types of taxes.
Accusations over unpaid taxes, political attacks dominate three open Dallas City Council races
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Happening on Twitter
Earn less than $75,000? You may pay nothing in federal income taxes for 2021 https://t.co/1oe9nJoKyZ CNBC (from Englewood Cliffs, NJ) Wed May 26 19:29:03 +0000 2021
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