Florida CFO joins financial officers in 18 states to urge IRS to drop Direct File online tax program
Floridaโs chief financial officer has co-signed a letter with financial officers from 18 states urging the U.S. Treasury secretary and IRS commissioner to โshut downโ the IRS Direct File online tax preparation pilot program.
Why Shohei Ohtaniโs heavily-deferred contract could be model pro athletes ask for going forward
Ohtani has decided to defer $680 million of the contract until after his playing days are over, meaning heโll take in roughly $2 million of salary each year for the duration of the contract that will run through 2033.
Results 2022: Hereโs what to know about Flagler Countyโs half-cent school tax renewal proposal
Flagler County residents voting in the November election will be determining whether to approve the continuation of a half-cent school tax referendum which aims to help fund school improvement projects within the district.
Freedom Week begins in Florida. Hereโs what you can buy without paying sales tax
Starting Thursday, in what lawmakers dubbed โFreedom Week,โ people will receive sales-tax breaks when they make a wide range of purchases that could help spur them to be more active after being limited by the coronavirus pandemic.
File your taxes yet? IRS says face masks and PPE are tax-deductible
ORLANDO, Fla. โ The purchases of face masks and personal protective equipment to help prevent the spread of the coronavirus will be tax-deductible, according to the IRS. These items will fall under deductible medical expenses. The IRS said the purchases must be itemized. This has to be attached to your tax return, according to the IRS. The IRS has set up this questionnaire to help you determine if a purchase you have made is tax-deductible.
IRS to delay tax filing deadline to mid-May
The IRS plans to delay the tax filing deadline until May 17, according to an official. Along with @IRSnews, weโre announcing today that the federal income tax filing due date for the 2020 tax year will be automatically extended fromApril 15, 2021, to May 17, 2021. AdThe service is still processing millions 2020 tax returns. But keep in mind, even if the IRS gives you more time, state taxes in most cases are still due by April 15. If youโre filing in Hawaii, Delaware, Iowa, Virginia, Louisiana, or Maryland, you have more time for state taxes as well.
Top 20 money-saving tips for stay-at-home moms and dads
Comparison shop everything to get the best deals - homeownerโs insurance, car insurance, prescription drug prices, groceries, customer rewards programs and credit card rewards. Use rewards points before they expire. AwardWallet is a site offering a free online service -- and it will track points from more than 700 loyalty programs. And, donโt forget to sign up the kids (and yourself) for birthday rewards where free gifts, free treats, free drinks and discount coupons are typically offered. AdAdopt all (or just a few) of the money-saving tips listed above that other stay-at-home parents find helpful in budgeting their finances.
How do you adjust your job search in a pandemic?
(AP Photo/John Minchillo, File)When a pandemic strikes, itโs possible that employers will have to turn to layoffs and furloughs. Here are some tips on how to navigate the job application process during a pandemic. If you can put your job search on hold without too much inconvenience, waiting out the pandemic makes sense, simply because it can be hard to attract the attention of a hiring manager at such a time. If you donโt have a job right now, your aim shouldnโt be to hold out for the perfect job, which is likely to be difficult. When the job market slows down amid a pandemic, it can be the perfect opportunity to gain new skills and qualifications.
Is it time to switch to paying quarterly taxes? Hereโs when to decide, and how to get it done
Thereโs one day each year that sticks out to American taxpayers everywhere, and this year is April 18: Tax Day. But to another group of people -- the ones who make quarterly payments -- there are three other times a year to pay up.
Hereโs what you need to know to file your 2020 taxes
Certified public accountant Jeff Lareau, with Lareau and Lareau CPAs in Apopka, said they have been helping clients receive assistance. If you lost your job last year and received unemployment benefits, that money is taxable. Lareau said you do not owe taxes on the two rounds of stimulus payments you received. Another great option for taxpayers this year is, Lareau said, people can use their earned income from 2019 to qualify for earned income credit. AdโMy suggestion is, if youโre an earned income credit recipient, that you should look at it both ways.
IRS delays tax filing season -- hereโs what you need to know
The IRS announced on Friday that tax filing season, which typically begins in late January, will not start until Feb. 12, when the IRS will begin accepting and processing 2020 tax returns. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. IRS officials said tax filing season always requires a significant amount of planning and that thatโs even more true with the coronavirus pandemic adding extra responsibilities to the agencyโs plate this year. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners,โ the IRS wrote in the release. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12.
The IRS has made changes to the tax bracket -- hereโs what it will mean for you
Earlier this week, the IRS announced the 2021 tax year annual inflation adjustments for more than 60 tax previsions. Those include tax rate schedules and other tax changes. The following are the 2021 tax rates, which will be used when filing taxes in 2022 for the previous year of income. Taxpayers with lower incomes with have lower federal tax rates. Click or tap here to learn about more changes that have come with tax inflation adjustments for tax year 2021.
Hereโs how the top tax preparation softwares stack up against each other
The clockโs winding down on the extended tax season, and for those who might have procrastinated, weโre here to fill you in on your options, so you can decide for yourself which tax preparation service is best for you. With the help of Consumers Advocate, weโve provided a comprehensive list for you. Click on the following company names to learn more about how the services they provide stack up: Jackson Hewitt | TaxPoint | Taxbrain | OnePriceTaxes.
Want your stimulus payment via direct deposit? Wednesday is the deadline to give the IRS your info
Wednesday at noon is the deadline to provide the IRS with your direct deposit information, otherwise, you will have to wait for the physical paper copy of the check to be mailed to you. According to the IRS, about 130 million payments have been sent out thus far, but the agency said it will transition to sending primarily paper checks to deliver the remaining stimulus payments later this month. [RELATED: Will people on Social Security receive coronavirus stimulus money?] If you receive Social Security retirement benefits, Social Security Disability Insurance benefits, or Railroad Retirement and Survivor Benefits you should not fill out the aforementioned form, according to the IRS. The IRS must print and mail paper checks to Americans who did not file taxes electronically.
Your stimulus check could be delayed if you used tax preparation company, reports say
Millions of Americans started receiving their government stimulus checks this week, but some found out their money had been deposited into the wrong account. For individuals who used a tax preparation company to file their taxes, their money was likely deposited into that companyโs bank account instead of the individualโs account, according to Fox 5. Customers have flocked to tax preparation company offices around the county, according to Fox 5, but those companies say the problem rests with the IRS. News 6 has received several messages from viewers complaining their money was put into the wrong account and each one responded they too had used a tax preparation company to file their taxes and are likely facing this same scenario. Itโs unclear when the stimulus checks will be redistributed to people who used tax preparation companies and are facing this issue of missing money.
Didnโt file taxes? Hereโs how you can get your stimulus check faster and electronically
Direct deposit is the preferred method for the government to issue the money, but paper checks will be mailed eventually as well. Many Americans do not file taxes or havenโt updated their banking information since the last time they filed. [RELATED: Will people on Social Security receive coronavirus stimulus money?] The IRS must print and mail paper checks to Americans who did not file taxes electronically. They should start receiving their checks after April 24, when about $30 million in paper checks are scheduled to be mailed out.
Income tax filing deadline moved to July 15: What does it all mean?
WASHINGTON โ The income tax filing date has been pushed back from April 15, to July 15, Treasury Secretary Steven Mnuchin said late last week. Mnuchin announced the decision in a tweet Friday, saying that at President Donald Trumpโs direction, โWe are moving Tax Day from April 15 to July 15. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less. It is expected that many states will follow the lead of the federal government and delay their tax filing deadlines as well but that will be a state by state decision. The administration is working with Congress to develop a $1 trillion support package and Mnuchin has said the IRS payment delay will add $300 billion to that effort.
For some, credit cards are a major part of tax season, survey finds
Tax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.
Waiting for a tax refund? Hereโs when you can expect to get it
But listen, if youโre thinking you might be getting a refund, thatโs pretty good incentive to get it taken care of. If IRS accepts return by: Direct deposit sent (or paper check mailed one week later): Feb. 3 Feb. 14 (Feb 21) Feb. 10 Feb. 21 (Feb 28) Feb. 18 Feb. 28 (Mar. 6) Feb. 24 Mar. 10) March 29 Apr. Are you currently waiting on a refund?
8 unusual tips to help you make, save more money
There are many maxims on how to make and save money, but media mogul Edward W. Scripps has some that are a little unorthodox. Scripps was very keen on ethics and keeping his money, business and life in balanced perspective. In his life, he followed a 23-point code of conduct which he detailed in his essay "Some Outlandish Rules for Making Money." You may even find the things that are not worth doing today are not worth doing at all. There is always a better way of doing something.
Social Security & Tax Breaks
Figuring out what you owe can be complicated, here is some information to understand what is taxable under Social Security. Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status. This is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income. These breakpoints are the same if your filing status is Married Filing Separately and the couple does not live together during the tax year. If your Provisional Income (defined above) is less than the first breakpoint based on your filing status, then none of your Social Security is taxable.
How to prepare for next year's taxes now
To avoid the chaos that can come with filing taxes, use these tips to start preparing for next year's return. Start filing: Dedicate a box to all of your documents that you will need to file next year's taxes. When it's time to do your taxes all of your materials will already be gathered. Find a tax specialist: If you are in the need of a tax specialist for next year, now is the time to look. Keep a list of questions: If you have questions throughout the year about your taxes, keep a running list so you can ask your tax professional when it is time to file.
Million-dollar ideas that paid off
Many Americans are fascinated with the concept of the "million-dollar idea." Many of the big million-dollar (or billion-dollar) ideas of this generation are related to technology, from Apple and Microsoft to Google, from MySpace and YouTube to Facebook. Here's a small sampling of million-dollar ideas, past and present. Great Depression Basic: Spic and Span The problem with economic hard times is that even if an inventor comes up with a million-dollar idea, who's going to buy it? Ron Popeil wasn't a man with just one million-dollar idea.
Can't pay your taxes? There are options
By Kevin Hagen, Contributing writerIf you can't pay your taxes, you should file your return anyway to avoid a late filing penalty. If after preparing your tax return you find that you owe taxes and don't have the money to pay, you have some options. File Your Return When you can't pay your taxes, you should file your return anyway. If you don't, you will be charged a late filing penalty in addition to late payment penalties and interest. There is a fee for requesting an installment agreement, and late payment penalties and interest accrue on the balance.
5 ways to make yourself invaluable at work
Some people are fairly safe due to the particular type of work that they do or their position within an organization. Nothing is guaranteed when it comes to work and some people need to keep working on their marketability even though they have a job. With that in mind, here are a few ways to make yourself invaluable at work. Granted, work is also about connections so that there is the potential for other opportunities should a need arise ...No. Still, the reality is that none of this will work unless the person displays a particular personality ...No.
How to build the perfect resume
When creating an effective resume itโs important to use the right language and the right format. According to Forbes.com and ZipRecruiter, make sure to include these words in your resume:ExperienceManagementProjectDevelopmentBusinessSkillProfessionalKnowledgeLeadershipForbes.com and ZipRecruiter also suggest avoiding these words:NeedMeMyselfChanceDevelopHardFirstLearningWhen creating a resume itโs also important to know what to include in it. You should include areas focused on your objective, a summary, your work history, training and references. You should avoid listing your personal interests and hobbies.