Thankfully, the IRS extended the deadline for paying 2020 taxes from April 15 to May 17, so people have a bit of extra time to get their paperwork in order.
But after that extended May 17 deadline, it will be business as usual: Late filings or payments could result in penalties and/or interest. Here's what to expect if you're running behind, and what you can do to mitigate the damage.
If you file taxes late, the penalty is usually 5% of the tax you owe for each month your return is late (up to five months). For a return that's more than 60 days late, the minimum penalty is $435 or the tax you owe, whichever is smaller. If you're getting a refund from the IRS, on the other hand, then there's no penalty for filing your return after the deadline (though that may not be true for state taxes). That said, you won't receive the refund until you file.
How to file your taxes for free online - Los Angeles Times
In many other countries, the government does the math for you and tells you how much to pay, at no cost to you (beyond the taxes you are paying in the first place). In America, the Internal Revenue Service asks you to guess how much to pay, then punishes you if you are wrong. You also have the option to pay third-party companies for software that helps you make a better guess at the number that the IRS could calculate on its own.
Column: Carbon pricing - markets, taxes or regulation? | Reuters
The lignite (brown coal) power plant complex of German energy supplier and utility RWE is reflected in a puddle in Neurath, north-west of Cologne, Germany, February 5, 2020. REUTERS/Wolfgang Rattay
The cost of EU emissions allowances has doubled over the last two years, which is likely to renew debate over the relative merits of market-based and tax-based approaches to pricing carbon dioxide emissions.
Prices for allowances expiring in December 2023 (CFI2Z3) have risen this month to more than 51 euros per metric tonne of carbon dioxide (CO2) up from less than 26 euros in the same month two years ago.
Opinion: The rich already pay a lot in taxes
The proposal is premised on the idea that the rich don't pay their "fair share" of taxes. However, high-income Americans already pay the large majority of taxes, and the U.S. tax system is highly progressive when compared to those of other countries around the world. (With progressive generally meaning tax burdens rise as income increases.)
The latest government data show that in 2018, the top 1% of income earners — those who earned more than $540,000 — earned 21% of all U.S. income while paying 40% of all federal income taxes. The top 10% earned 48% of the income and paid 71% of federal income taxes.
Caitlyn Jenner slams California's 'sky-high' taxes in 'Hannity'
Former Olympian and gubernatorial candidate Caitlyn Jenner outlines how she would attempt to relieve California's tax burden if she were elected in "Hannity" exclusive.
JENNER: We have the highest sales tax, 7.25%. We've got the gas tax right now is a little over 50 cents a gallon. We're taxed everywhere we go. A lot of people who think they're, 'oh, I don't pay taxes, I don't make enough money.' You're paying taxes as soon as you walk out that door all day long. You know, anything, you go to the grocery store, you buy a car, we're paying taxes all the time. We take, first of all, we, on taxes, we stop everything, hold it.
Taxes and Cryptocurrencies: The Ultimate Guide - TheStreet
Cryptocurrencies have become a common part of our vernacular these days, so it shouldn’t come as a surprise that there is IRS guidance on their taxability.
The IRS put guidance out in 2019 stating that cryptocurrency is taxable, so make sure you include them on your 2020 tax returns. So it's important to keep track of your digital currency trades, your income, and the people you pay using this stuff. Because it is all reportable to Uncle Sam.
Lake Placid school budget holds taxes level | Local News | pressrepublican.com
LAKE PLACID – The proposed Lake Placid Central School District budget has a flat tax levy over the current spending plan.
The total budget is $20.7 million, a 3.7 percent increase over last year, but the tax levy, the amount to be raised by property taxes, stayed the same at $16.7 million.
That means the tentative tax rates for Lake Placid, North Elba and Wilmington remain at $7.25 per $1,000 of assessment, the same as before. The budget is within the adjusted state tax cap of 1.68 percent for the district.
Washington Has No Authority to Dictate State Taxes - WSJ
Not surprisingly, some states would still like to set their own policies. Twenty-one have sued the Treasury Department, asking federal courts to enjoin this unprecedented congressional power grab. Ohio stood up for itself immediately; its attorney general filed the first lawsuit against the tax mandate within a week of President Biden's signing the law. The Buckeye Institute agrees with Ohio that the mandate exceeds congressional authority and filed a brief to the same effect.
Managing Director Georgieva's Opening Remarks, "Virtual Book Launch–Corporate Income Taxes Under
Thank you, Vitor, for the kind introduction. And congratulations on this great achievement to Ruud, Alex, Vicki, and all the contributors in our Fiscal Affairs and Legal Departments, and beyond.
“ Corporate Income Taxes Under Pressure ” is an illuminating, comprehensive, and timely contribution to a vital global debate. I am thrilled to help launch it.
Taxes are as old as civilization… as are efforts to escape them. Put a tax on windows and people will brick them in. Tax imports too heavily and you get smugglers. Tax corporate income, and companies will shift profits, invert, or otherwise scheme to avoid paying. But well-designed taxes can minimize this behavior.
Happening on Twitter
Haven't filed your taxes yet? Maybe you just need a SNICKERS. SNICKERS Fri May 07 16:37:46 +0000 2021
If you haven't filed yet, it's not too late! #COVID19 benefit applicants are encouraged to file their tax return to… https://t.co/CwInZHccaR CanRevAgency (from Canada) Fri May 07 13:10:07 +0000 2021
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