Mother Using Laptop. (Photo by: marka/Universal Images Group via Getty Images) Universal Images Group via Getty Images As the pandemic rages on, there’s speculation about how Covid-19 is changing work, with many claims of a massive, permanent shift to working at home. But don’t sell your second car or turn in your commuter rail pass just yet.
Taxes
The IRS has given victims of the California wildfires that began Aug. 14 until Dec. 15, 2020 to file various individual and business tax returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. Currently this includes Lake,
Food delivery on bicycle. Panning technique, blued motion Getty Tax Notes senior reporter Paul Jones talks with Richard C. Auxier, senior policy associate at the Urban-Brookings Tax Policy Center, about tax issues raised by the gig economy and how policymakers are working to address them. Note: This episode was recorded before a California court decision mandating
The IRS announced that you can now amend your tax return by filing Form 1040-X electronically. All commercial tax-filing software accommodates this, the IRS notes. As IRS e-filing has grown during the past 30 years, the 1040-X, Amended U.S. Individual Income Tax Return, has been one of the last major individual tax forms that needed
Oddsmakers’ favorite for the White House Getty Images Accelerate capital gains and bonuses. Defer deductions and buying a Tesla. Here’s what to do by year-end if a big tax law change looks imminent. Per betting markets, it’s a 50-50 tossup whether the Democrats get both the White House and the Senate. If they do, taxes
Economic Security Planning, Inc. Today’s column addresses questions about potential effects of years of lower income before filing, taking spousal benefits before survivor benefits, potential strategies for a married couple ten years apart and taking survivor benefits while delaying retirement benefits till 70. Larry Kotlikoff is a Professor of Economics at Boston University and the
Paying to much in taxes in retirement is for the dogs. Getty Assuming you still have some form of income, tax planning does not end once you retire. The Internal Revenue Service (IRS) will always expect you to pay taxes on your retirement income. For those who are well prepared to maintain their standard of
Savvy crypto users are always looking for ways to minimize taxes on cryptocurrency transactions. Since cryptocurrencies like bitcoin are treated as property per IRS Notice 2014-21, every time you sell, trade or exchange tokens into USD or other cryptocurrencies there is a taxable event where you have to pay taxes on, if there is a
Brad Ruoho, owner of the Legacy Toys in Bloomington, Minnesota. The store has used its PPP loan to … [+] build out an e-commerce business from its seven locations in Minnesota and North Dakota. (Photo by Kerem Yucel / AFP) (Photo by KEREM YUCEL/AFP via Getty Images) AFP via Getty Images Cities in California, Florida,
On August 18, 2020, the IRS released the draft Form 1040 for the 2020 tax year. As you can see in the snippet below, the controversial virtual currency question (At any time during 2019, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?) the IRS first introduced for
getty Feeling overwhelmed and not sure how to handle those overdue notices from the Internal Revenue Service (IRS)? You aren’t the only one. Taxpayers have been complaining about the receipt of notices showing a balance due with impossible deadlines. How many notices went out? According to the Taxpayer Advocate, during the pandemic-related shutdown, the IRS generated
Rendering of a red elephant in a spotlight representing the Republican Political Party in front of … [+] the American Flag. getty President Trump’s sagging poll numbers have prompted some eager speculation about the future of the Republican Party. If Trump loses, will the GOP rethink its political strategy? Recast its policy agenda? Or will it double down on both
Economic Security Planning, Inc. Today’s column addresses questions about earning delayed retirement credits (DRCs) while not working or claiming benefits, potential strategies for a married couple to maximize their benefits and potentially available survivor benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc,
Draft 1040 for 2020 IRS The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. And… postcard-sized, it’s not. Let’s dive right in. Virtual currency. At first blush,
You can bypass capital gain taxes and generate a tax deduction by donating cryptocurrency such as bitcoin to qualified charities. However, if you don’t do careful tax planning, it is highly likely that you will reduce or in some cases completely eliminate the full tax benefit you can get from crypto donations. To understand how
MILWAUKEE, WI – AUGUST 18: Democratic presidential nominee Joe Biden has a virtual conference call … [+] at the party’s convention. (Photo by DNCC via Getty Images) DNCC via Getty Images Democratic presidential nominee Joe Biden would raise taxes by about $4 trillion over the next decade, nearly all on businesses and high-income households. While
Most tax refund interest payments will be made by direct deposit, but some will be by paper check. getty If you get a tiny surprise payment from the Internal Revenue Service and you’re wondering what it is, it’s probably an interest payment and not a mistake. The IRS announced it’s starting to send out interest
The words “tax credits” with hundred dollar bills in background. getty Tax incentives, whether credits, cash grants, or some other form, are ultimately a matter of spending other people’s money — the taxpayers’. Each dollar a state spends on tax incentives means there is a dollar less in the coffer to provide needed services to
The S&P 500 hits a new all time intra-day high on August 18, but the volatile market took its toll … [+] on public pension plans this year. STRF/STAR MAX/IPx The S&P 500 hit a new all time intra-day high on Tuesday, highlighting a dramatic rebound — but the volatile market has left a scar
Economic Security Planning, Inc. Today’s column addresses questions about exactly when to file to get the full age 70 benefit rate, whether income from the current year is counted when calculating benefit amounts and ways to ensure larger benefits for a surviving spouse. Larry Kotlikoff is a Professor of Economics at Boston University and the