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.
Lynchburg City Council to consider real estate tax increase at next meeting
LYNCHBURG, Va. โ Lynchburg residents have the chance to attend a public hearing on March 30 and express their thoughts over the cityโs budget. One major item is a possible increase in real estate taxes. Preston said his valuation went up 16%, and heโs already paying about $1,100 a year. This comes as the city council considers raising real estate taxes because Lynchburgโs total assessment went up to $428 million. โFor the city government to now come in and say, โokay, weโre going to add an extra burden, another $4.2 million of tax increase on these citizens and businesses?
IRS extends tax filing deadline to May 17
On Tuesday, more than 100 lawmakers, including four representatives from Virginia, signed a letter asking the IRS to extend the deadline to July 15. With the IRS handling a third-round of stimulus checks and fewer tax service aides available because of the coronavirus pandemic, agencies are feeling the pressure. AdEvery year, Total Action for Progress (TAP) offers free tax filing services. โWith a pandemic still hanging over our heads, I would love to get some more time.โTo meet in the middle, the IRS set the new deadline date for May 17. But more than 150 million tax returns are expected to be filed this year and with the new deadline, tax refund checks may not arrive until 6 to 8 weeks after filing.
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.
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 itโs all going to shake out when it comes to filing your income taxes. But hereโs the thing: You still have to pay federal taxes on said unemployment benefits. It ensures you wonโt have that burden later, giving you a head start when tax season approaches. Pay quarterlyIf you didnโt 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. 1โMarch 31 April 15 April 1โMay 31 June 15 June 1โAug.
2021 brings new tax identity theft threats, BBB advises to file early
Tax filings start Friday, Feb. 12 and the Better Business Bureau recommends you file sooner rather than later. Thereโs a risk that comes with waiting and the BBB calls it tax identity theft. Someone could use your social security number to file a phony tax return and collect your refund. You wonโt know the identity theft happened until you file and the IRS rejects it as a duplicate filing. Another way someone can fall victim to tax identity theft is IRS impersonation scams.
Coronavirus stimulus checks add new complication to tax return season
ROANOKE, Va. โ Americans are preparing to receive money from the government, but not just in the form of $600 stimulus checks. Tax return filing season will likely begin by the end of January and tax return preparer David Kembel anticipates the process will have an additional significance this year because of the stimulus payments. Kembel said thatโs because of the IRS, not because of individual tax return preparers. โJust give everyone some money and donโt worry about it, but they did tie it to taxes.โKembel expects many Americans to file early because of the stimulus checks, but tax return preparers are used to an early flood of customers every tax season. โEverything in between is just a blur.โThe IRS has not yet set the first day for filing tax returns.
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.
Say hello to a higher gas tax in Virginia
One law most people wont be happy about is the increase in Virginias gasoline tax. Since January 2015, Virginians have been paying a tax of 16.2 cents per gallon on regular gas. Part TwoThe other part of this tax is a regional gas tax of 7.6 cents per gallon that will now be charged everywhere in Virginia. For those along the Interstate 81 corridor, in Northern Virginia or in the Hampton Roads area, this regional tax is nothing new. So this represents a 3.6 to 5.4-cent per gallon increase on the previous tax.
Here are Virginiaโs new taxes that go into effect on July 1
Those taxes go into effect on July 1. Hereโs a look at some of the new taxes:Cigarette and Tobacco Products Tax Increase: The tax rate will double for cigarettes and other tobacco products currently subject to the tax. Halifax County Local Tax Increase: Beginning July 1, a new 1% retail sales and use tax raises the tax rate in Halifax County to 6.3%. This includes the 4.3% state tax, the 1% local option tax and the 1% Halifax additional tax. You can see the a complete list of the new 2020 state and local tax laws here.
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?
Lower taxes on diapers, tampons part of Jan. 1 tax changes
ROANOKE, Va. โ With the new year comes a few new laws in Virginia. Some personal hygiene products will cost less beginning Jan. 1. Tax changes will lower the price of some items, including feminine hygiene products, disposable diapers and disposable bed sheets. There will also be an increase to the standard deduction when filing income taxes ahead of the 2020 deadline. Click here for more on the tax changes.
Tips for decreasing your tax bill
Here are some tips to help whittle down your tax bill:-Keep track of gifts to charity. All these could be a tax deductable item. An individual retirement account or health savings account can be a place to shelter tax refunds. -In place of an I.R.A, simplified employee pension plan. self-employed people can especially find areas to deduct, such as health insurance costs.
Letting your credit cards work for you
Managing credit cards wisely can drive up your credit score and save you a lot of money on loans and lines of credit. Credit Cards Show Good ManagementAnyone who hopes to qualify for a loan has to have a credit history, and that includes any money you've ever borrowed. The first step to managing your credit score is knowing what's in your credit report. Fifteen percent of the score looks at how long your credit history reaches back and 10 percent figures in how many inquiries you've had on your credit history. Open Accounts With DiscretionKrejci said store credit cards are a good way to build a credit history, but don't go overboard.
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.
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 these 5 common tax mistakes
The growing popularity of tax preparation software and websites has managed to cut down on many mistakes. But whether you are filing an e-form or a traditional paper form, mistakes are still all-too common. Keep that in mind as you try to avoid these five common tax mistakes ...No. That may explain why, according to the IRS, simple math mistakes are one of the most common missteps made on tax returns each year. 4: Screwing up personal informationIt's amazing how simply transposing a couple digits on your tax return can end up indefinitely delaying your tax return.
Let your credit cards work for you
Managing credit cards wisely can drive up your credit score and save you a lot of money on loans and lines of credit. Credit Cards Show Good ManagementAnyone who hopes to qualify for a loan has to have a credit history, and that includes any money you've ever borrowed. The first step to managing your credit score is knowing what's in your credit report. Fifteen percent of the score looks at how long your credit history reaches back and 10 percent figures in how many inquiries you've had on your credit history. Open Accounts With DiscretionKrejci said store credit cards are a good way to build a credit history, but don't go overboard.