kohei_hara | E+ | Getty Images There’s a good reason many people want to claim head-of-household filing status with the IRS: It’s a great deal. The head of household can claim a 50% larger standard deduction than single filers can ($18,650 vs. $12,400). They also benefit from wider tax brackets on lower income levels. For
A Social Security Administration office in San Francisco. Getty Images When the Covid-19 pandemic set in last year, one of the unintentional effects from the deep economic downturn included a potential reduction in Social Security benefits for one group of people. And now, as the U.S. economy is beginning to repair itself, signs point to
In this article PYPL EBAY Getty Images All that money you make selling stuff online? Don’t overlook the taxman. Depending on your situation, it’s possible that you’re generating income that the IRS wants to know about. And if you’re an ongoing seller, be aware that it could become harder after this year to avoid income-reporting
Me in my new living room. Source: Janna McPartland When I was 25, and knew nothing about pandemics, I made a list in a small notebook of the things I hoped to achieve in my life. One of those goals was, “To live in my own apartment by 37.” Some people may wonder: Why did
Student loan borrowers may see more relief still in the pandemic. ViT Postman | iStock | Getty Images Many people with federal student loans won’t be able to claim a popular deduction on their taxes this year. Around 12 million taxpayers take advantage of the break known as the student loan interest deduction, which allows
elenaleonova | E+ | Getty Images A quirk in eligibility rules for a new unemployment tax break may lead some married couples to wonder whether they should file separate returns, even if they typically file jointly. The short answer: Filing separately may make sense in some cases, especially when each spouse can get the maximum
In this article IRSA3-AR Luis Alvarez | DigitalVision | Getty Images Americans can get a tax break this filing season for masks, hand sanitizer, sanitizing wipes and other personal protective equipment to prevent the spread of Covid-19, the IRS announced Friday. The tax code lets taxpayers deduct medical costs that exceed 7.5% of their adjusted
Luis Alvarez/ Getty Images. Corporate America is in need of a reboot. That’s what advocates are calling for as working parents — especially women — are looking for more flexibility and other changes to help them juggle work and family life. “This pandemic has turned the workplace upside down,” said Amber Clayton, director of the
Grace Cary Washington has issued stimulus checks to about 127 million households over the past two weeks. Some payments went to those who didn’t need the money. But that’s not necessarily bad — the answer largely depends on one’s view of check targeting and how easily that can be achieved. The concept of trying to
zimmytws | iStock | Getty Images The Social Security Administration has sent information to the IRS that will help clear the way for almost 30 million people to receive their $1,400 stimulus checks, lawmakers said on Thursday. The development comes after Democratic leaders on the House Ways and Means Committee gave the agency 24 hours
RgStudio | E+ | Getty Images A second batch of $1,400 stimulus payments has been sent, bringing the total number of checks issued so far to about 127 million for a total of about $325 billion, according to the Treasury Department, IRS and Bureau of the Fiscal Service. Additional tranches will be issued in the
Wednesday is Equal Pay Day, a reminder of the persistent income inequality between men and women. Currently, women earn just 82 cents for every dollar earned by men, according to an analysis of U.S. Census Bureau data by the National Women’s Law Center. As a result, March 24 marks just how far into the new year full-time
A small business owner in Chinatown, San Francisco Source: CNBC Beginning April 6, small businesses and non-profits can apply for up to 24 months of relief, with a maximum loan amount of $500,000, the Small Business Administration announced Wednesday. The previous limit for such businesses was six months, with a maximum loan amount of $150,000.
ozgurcankaya The IRS recently extended the filing deadline for individual tax returns to May 17 from April 15. You may still want to file by the original date. That’s because the extension only applies to individual returns, from taxpayers who file an IRS Form 1040. For people who make estimated tax payments, including the self-employed
Seniors, who are 65 and over, wait in line at the Department of Health Sarasota COVID-19 vaccination clinic in Sarasota, Florida, U.S. January 4, 2021. Octavio Jones | Reuters As $1,400 stimulus checks go out, some lawmakers are expressing concern that recipients of Social Security and other federal benefits have yet to get the money
Samuel Corum/Bloomberg via Getty Images The IRS issued guidance Tuesday on a new unemployment tax break that makes more people eligible for the benefit. The American Rescue Plan waives federal tax on up to $10,200 of unemployment benefits collected last year, per person. But the $1.9 trillion Covid relief measure, which President Joe Biden signed
Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May in Philadelphia, Pennsylvania. Jeff Fusco | Getty Images A second batch of $1,400 stimulus checks is scheduled to land in people’s bank accounts on Wednesday, March 24. Those checks began processing on Friday and may be available in some accounts even earlier,
An H&R Block office in San Francisco, Calif. David Paul Morris/Bloomberg via Getty Images TurboTax and H&R Block updated their online software to account for a new tax break on unemployment benefits received last year, according to company officials. However, state tax returns may still be a source of trouble for some taxpayers filing electronically.
Getty Images New $1,400 stimulus checks could be landing in your mailbox soon. Government agencies including the Treasury Department, IRS and Bureau of the Fiscal Service on Monday announced a second batch of payments will be sent this week. While that includes more direct deposit payments, it also includes a large number of mailed paper
Jamie Grill | The Image Bank | Getty Images The financial uncertainty created by the global pandemic has made an impact on Americans of all generations and income levels. Even as the economy starts to show signs of recovery, too many Americans are still unemployed, and the uncertainty over the shape of economic recovery lingers.