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PODCAST22: How do dividends work?
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Read MoreRetirees Beware: These States Tax Your Social Security
Social Security benefits are meager enough, yet these states take some of that money away. Though it can be skimpy, Social Security is a major source of money for retired Americans: The Social Security Administratration says about 1 in 5 older married couples and nearly half of single seniors rely on their benefits for 90%…
Read MoreStimulus check: Who counts as a dependent for your taxes and how much money could you get?
If a second round of stimulus payments gets approved, you could be eligible for more money based on your dependents. Here’s how to find out. If you claimed dependents on your 2019 tax return, you should have received $500 per dependent in the first round of stimulus checks. The rules for who qualified as a…
Read MoreIRS updates cryptocurrency tax guidance
Virtual currency received for small tasks on a crowdsourcing platform is taxable Watch the latest video at foxnews.com The IRS issued new guidance clarifying how cryptocurrencies are treated for tax purposes when they are received in exchange for certain services. The tax agency recently released a memorandum stating that an individual who receives digital currency through a crowdsourcing platform…
Read MoreTax Changes and Key Amounts for the 2020 Tax Year
Between deepening Washington gridlock and election year politics, just a few months ago we were expecting 2020 to be a quiet year in terms of tax law changes. But, boy, were we ever wrong! The government funding bills signed by President Trump in December 2019 included a lot of tax provisions. The economic stimulus packages…
Read MoreWhat a Payroll Tax Holiday Could Mean for Your Wallet
A lifetime ago (in March), President Trump signed the $2 trillion CARES Act into law. Fast forward to August: some parts have expired, unemployment is still scary-high, and Americans want an update. On Saturday, Trump signed a few executive orders he thinks can help. Including one that says Americans earning less than about $100K can…
Read MoreIRS retirement plan distribution repayment deadline approaching
Rolling over plan distributions can help defer tax payments Retirement savers looking to take advantage of a provision that relieves certain people of taking required minimum distributions this year need to take action by the end of the month. The CARES Act allowed individuals to skip taking their required minimum distribution in 2020, but some people may have…
Read MoreIRS to adjust stimulus payment errors for eligible individuals
Some individuals who did not receive their economic impact payment – or received less than they were eligible for – may not have to wait until next year to see the amount corrected. The Taxpayer Advocate Service will help the IRS resolve stimulus check issues beginning on August 10 – and the IRS will start correcting payment…
Read MorePODCAST11: How is Social Security Taxed?
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Read MoreJuly 15 tax filing deadline: A look at IRS penalties
Even if you request an extension, you are not exempt from paying your tax tab Watch the latest video at foxnews.comWatch the latest video at foxnews.com The postponed tax season deadline is July 15, which means some last-minute filers need to take action in order to avoid being penalized by the IRS. This year has been an unusual…
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