Lisa Greene-Lewis:Yes, that is one of the ones I wanted to highlight. So inflation adjustments were increased the most we've seen in decades, about 7%. And inflation adjustments are the deductions, like Standard Deduction, income brackets, as well as the earned income tax credit. So the ...
Tax Guide for Individuals with Income from U.S. Possessions, courtesy of eFile.com. When youearn incomein any of these territories, you may be required to file a U.S. Tax Return, a Territory Tax Return, or both, depending on if you are considered abona fide residentof the territory in...
In addition to federal income taxes, U.S. citizens are liable for various state taxes as well. While some states do not levy a state income tax, all states assess some form of tax, such as sales or use taxes. And some of these taxes will require you to submit a separate state tax ...
the more complex your finances are the more tax forms you may need to fill out. Each state and city also creates their own tax forms, but oftentimes they are modeled after the federal ones.
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig workers or fr...
Venmo users are responsible for ensuring that all taxable transactions are accurately reported on their tax return, even if they do not receive a Form 1099-K. To calculate Venmo income, users should review the Form 1099-K, examine each payment received, distinguish between pay...
a1031 exchange) or a provision in a U.S. tax treaty. The buyer must send a copy of the notice to the IRS within 20 days after the sale. Withholding is required if only part of the seller’s gain qualifies for nonrecognition, or you know (or have reason to know) that the seller’...
The penalties began in the 2015 tax year; however, employers with fewer than 100 workers were able to apply for "transitional relief," in which case the penalties didn't take effect until 2016. Paperwork requirements for ALEs Starting with the 2015 tax year, ALEs are re...
Does MAGI appear on your tax return? Your modified adjusted gross income doesn’t appear on your tax return forms that are filed with the IRS, but it is used on certain IRS worksheets for calculating amounts that are used on your tax forms. For instance, you’ll be ...
the population that is Hispanic are positively correlated with the number of outlets that cover a municipality, and are therefore significant indicators of local news provision. I further identify certain local news providers as “local news originators,” and map the number of LNOs for the 565 ...