Tomorrow is a National Holiday called Thanksgiving Day. For most people, the purpose of Thanksgiving is to celebrate family, food, football, and to scope out the best deals for “Black Friday” shopping. But is that the real purpose of the Holiday? To discover the “historical roots” of Thanksgiving, we would have to go back 300 … Thanksgiving and “Thanks Living . . .”
No. A COLA is not a relative of Pepsi-Cola. It refers to a special Cost of Living Adjustment (COLA) for those receiving Social Security Benefits. Once a person starts receiving Social Security Benefits, the benefit amount tends to stay the same except for COLAs. For tax year 2020 the COLA will be 1.6%. For a … What’s a COLA? Is it related to PEPSI?
If you’re a homeowner and selling your principal residence two questions: Did you live in it as your only home (principal residence) for at least two years? Was the time period lived there end within five years of the home sale date? If you answered both of the above questions as Yes and you did … Selling a Home . . .There May be a Tax Break for That. . .
As a high school student discovered in the Conyers case. A car dealership held a competition for high school seniors who had perfect attendance and/or good grades. Schools submitted names of qualifying students and the dealership held a drawing for a new car. The student accepted the new vehicle, but didn’t report the income on … Prizes Are Taxable?
Partially correct. Most retirement distributions (withdrawals) are taxable. However, the distribution might qualify for exception to the Early Distribution Penalty (no additional 10% tax) if: Taxpayer is under age 59 ½ and no other early distribution tax penalty exceptions apply Distribution is from an Individual Retirement Account (IRA) Taxpayer qualifies under the IRS rules as … Retirement Withdraw for Home Downpayment is Tax Free? Right?
Are you one of the “lucky” people that can still deduct Meal and Travel Expenses on their tax return? . . . First a few questions: Is the travel and meal expense related to your job as an employee (taxes taken out of paycheck)? Is the travel expense (e.g. hotel) incurred in the same city … Can I Claim Meal & Travel Expenses for 2019 Tax year?
Virtual Currency may not be as private as previously thought. The IRS is reviewing Virtual Currency holders (e. g. Bitcoin and related currencies) tax returns because these taxpayers may not have reported income (or paid taxes) when the currency was redeemed (used to buy goods and services), traded or sold. The IRS is sending a … BitCoin/Virtual Currency Owners BEWARE IRS Has Its EYE on You . .
Moving to the United States does not stop a foreign country from collecting a tax debt as Dr. Retfalvi found out (Retfalvi, 4thCircuit). Dr. Retfalvi was a Canadian citizen. He moved to the US under a Work Visa and later became a US Citizen. The IRS initiated collection procedures on Taxpayer on behalf of Canada. … IRS Collects Tax for Foreign Countries Too?
Are you over age 65? Congress and the IRS are thinking of you . . . They’re developing a new Tax Form just for you for 2019 Tax year. It’s called Form 1040SR. It is styled much like the discontinued Form 1040EZ. The differences: It’s 2 pages It’s for Seniors age 65 and older No … IRS Loves Seniors—Form 1040SR
The short answer is No. The numbers are different. Federal and most State tax returns subtract for fringe benefits (e. g. 401K), adjustments (e. g. student loan interest) and/or a standard deduction before calculating total taxable income also known as Adjusted Gross Income or AGI. However, Cities usually base their taxable income on the Box … Doesn’t City Income Tax Use the Same Numbers as Federal Taxes?