Why Shohei Ohtani’s 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 he’ll take in roughly $2 million of salary each year for the duration of the contract that will run through 2033.
Is it time to switch to paying quarterly taxes? Here’s when to decide, and how to get it done
There’s 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.
3 ways to handle unemployment benefits when it comes to income taxes
For those who turned to unemployment benefits last year, with tax season upon us, you might be wondering how it’s all going to shake out when it comes to filing your income taxes. But here’s the thing: You still have to pay federal taxes on said unemployment benefits. It ensures you won’t have that burden later, giving you a head start when tax season approaches. Pay quarterlyIf you didn’t have your taxes withheld, another option is to send quarterly estimated taxes on that money to the IRS. When quarterly taxes are due:When you get paid Tax due date Jan. 1–March 31 April 15 April 1–May 31 June 15 June 1–Aug.
The IRS has made changes to the tax bracket -- here’s 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.
Here’s how the top tax preparation softwares stack up against each other
The clock’s winding down on the extended tax season, and for those who might have procrastinated, we’re 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, we’ve 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.
Havent done your taxes? Here are links to free tools to meet July 15 deadline
MIAMI The July 15 deadline to file and pay taxes or to request an Oct. 15 extension or a payment plan is in a week and two days. EARNING $69,000 OR LESSFor those whose 2019 adjusted gross income was $36,000 or less, the IRS is providing the Free File program by TurboTax, or the Free Tax USA tool. For those whose income was $69,000 to $14,000, the IRS provides the free OLT service. For those whose income was $69,000 to $9,000 and they are 65 years old or younger, there is this free tool. EARNING $69,000 OR MOREThe IRS recommends the use of commercial software or accounting businesses that qualify as e-File providers.
Income tax filing deadline moved to July 15: What does it all mean?
WASHINGTON – 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 Trump’s direction, “We 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.
Goodwill Industries offers free tax preparation
MIAMI – The 17th largest employer in South Florida is providing qualifying individuals with free tax preparation. The last day to take advantage of this free service is Saturday, March 28. Senior student volunteers from the University of Miami, who have been trained and certified by the IRS, are carrying out this service made possible through the IRS-sponsored Volunteer Income Tax Assistance (VITA) program. It is offered on a first-come-first-serve basis at the Goodwill South Florida headquarters, located at 2121 NW 21st St. in Miami. Goodwill South Florida expects to help an estimated 150 families this tax season.
Waiting for a tax refund? Here’s when you can expect to get it
But listen, if you’re thinking you might be getting a refund, that’s 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?
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.
3 Money-Saving Tax Tips for Homeowners
If you have not yet filed your taxes - here are three tips for homeowners that will save money, headaches, and more! This is the mortgage interest statement that will get you tax breaks due to mortgage interest and property taxes. If you make under $64,000/year, you likely qualify for free tax prep software from the IRS. Even if you are making over this, a good accountant can save you money by spotting deductions you might not know to look for. Be sure to keep your eye out for other tax breaks as you do maintenance, upgrades, or renovations on your home throughout the year, too!
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.
Avoid tax preparer fraud by picking a qualified preparer
If your preparer commits fraud, the tax payer is responsible. Follow these tips from the IRS to select a qualified preparer:- Avoid preparers who claim they can get you a larger refund than someone else. - Choose a professional who signs your tax return and gives you a copy for your records. - Choose a preparer or a firm who will be around potentially years down the road to answer questions about your tax return – especially if you get audited. - Check the preparer’s credentials.