Tuesday, June 29, 2021

Fact Check-Americans do not pay a percentage of their taxes to Queen of England | Reuters

Social media posts which state that U.S. taxpayers pay a percentage of their taxes to the Queen of England and that the Internal Revenue Service (IRS) is not actually an agency of the Federal government are false.

The text in the posts read: "Americans pay a percentage of their taxes to the Queen of England via the IRS. The IRS is not an agency of the Federal Government. It is an agency of the International Monetary Fund which is an agency of the United Nations.

Publisher: U.S.
Date: 2021-06-29T18:46:34Z
Author: Reuters Fact Check
Twitter: @Reuters
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She paid taxes for years on pine barrens land she may not own, can't sell | Newsday

Addie Mattei said she recently learned from an attorney that she may not own the 1.1-acre expanse in Westhampton at all — a problem that arises when old tax maps conflict — and wants a refund for the thousands of dollars in taxes she has paid for the parcel in the pine

Publisher: Newsday
Date: AC41EB10D1EC6B5358F0ECA0E861CCAA
Author: Vera Chinese
Twitter: @Newsday
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Will the new child tax credit affect your taxes in 2022? What to know - CNET

Unlike with stimulus money, households that receive too much advance child tax credit money may have to pay it back to the IRS.

But what does that mean when you file your income taxes next year? The IRS bases eligibility and the credit amount on your household's 2019 or 2020 tax return, and we know plenty can change between tax seasons -- for instance, a pay increase.

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Publisher: CNET
Author: Clifford Colby
Twitter: @CNET
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Taxes target your estate: And yes, you have one! | Federal News Network
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Publisher: Federal News Network
Date: 2021-06-29T17:00-04:00
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Wisconsin Republican legislators to pass budget that cuts taxes

MADISON - Assembly Republicans were poised Tuesday to pass a state budget that would cut taxes by more than $3 billion over two years, clear the way for an expansion of I-94 in Milwaukee and end the 8-year-old freeze on in-state tuition at University of Wisconsin schools.

Publisher: Milwaukee Journal Sentinel
Author: Patrick Marley and Hope Karnopp
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Biden Targets Two Weapons the Richest 0.1% Use to Avoid Taxes (1)

An unpleasant surprise for wealthy Americans was lurking halfway through a 114-page document released by the U.S. Treasury late last month.

Technical provisions in the proposal — not mentioned when President Joe Biden presented his plans to raise taxes on the rich in April — could disrupt or dismantle some of the most popular ways super wealthy people have legally avoided taxes for decades.

Twitter: @tax
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Taxes pay for the things we care about - Million Bazillion from Marketplace

Take a minute to recap the episode and review the key points. Here are some questions to get the kids going:

And now it’s time to hear from your kids! We’re still looking for their answers to a couple of not-so-random questions for upcoming “Million Bazillion” episodes:

Publisher: Marketplace
Twitter: @Marketplace
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Do I have to pay taxes on my savings account? | Fox Business

The interest you earn on the money in your savings account is considered taxable income in the year the interest was earned. The tax you pay is determined by your overall taxable income for that same year. ( iStock )

This interest is taxed at your earned income tax rate. And, it doesn’t matter if you keep the money in the account, withdraw it, or transfer it to another account altogether – it’s still taxed.

Publisher: Fox Business
Date: 2021-05-14
Twitter: @FoxBusiness
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U.S. rejects state's challenge to work-from-home taxes

The U.S. Supreme Court rejected a New Hampshire challenge to Massachusetts' practice of taxing people who once worked in that state but started telecommuting from elsewhere during the pandemic.

Turning away a case that could have put billions of dollars at stake, the justices, without explanation, denied New Hampshire permission to sue Massachusetts directly at the high court.

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Publisher: The Mercury News
Date: 2021-06-28T14:09:27 00:00
Twitter: @mercnews
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Should N.H residents pay Mass. income taxes? Tell us what you think.

The Supreme Court has handed down bad news for New Hampshire residents who’ve been telecommuting for work since the start of the COVID-19 pandemic. 

In an attempt to settle the ongoing dispute between New Hampshire and Massachusetts over whether Granite State residents working remotely for Mass. companies should be charged income tax, the state took the case directly to the Supreme Court.

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Publisher: Boston.com
Date: 2021-06-29T15:04:40 00:00
Twitter: @BostonDotCom
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