How gambling impacts your taxes this year
(NEXSTAR) — Tax season is back. That means it’s time to report your previous year’s income again. This includes all income, including W-2s, side gigs, illegal activities (yes, you have to report them), and gambling winnings, which is a potential new source of income for some. . It looks like 2023 was a strong year […]
Dear Abby: Husband keeps dragging his feet on filing our taxes, costing us penalties – MLive.com
Dear Abby: My husband and I have been married for 46 years. For the past five years, he has deferred paying our income taxes to the point where we are charged penalties. He continues to say he’s going to work on it, but everything else takes precedence. I gathered all the necessary documents and printed […]
IRS going after Americans who earn up to $1M but don’t file taxes
The Internal Revenue Service is investigating 125,000 high-income Americans who earned more than $400,000 a year but failed to file tax returns between 2017 and 2021. Starting this week, about 25,000 people who earn more than $1 million a year in tax evasion will receive notices of noncompliance from the Internal Revenue Service. The IRS […]
Gov. Murphy $55.9B budget features spending hikes, new business taxes
New Jersey Gov. Phil Murphy, a Democrat, announced a $55.9 billion state budget on Tuesday. Among the major agenda items is increasing public education spending by nearly $1 billion. “Our budget will ensure New Jersey maintains its proud reputation as a great place to raise a family,” Murphy said of the proposal. New Jersey Gov. […]
Do I have to pay taxes on my Venmo, Cash App or PayPal transactions?
(NEXSTAR) – How the IRS treats payment apps like Venmo and Cash App has been anything but straightforward in recent years, leaving some taxpayers wondering what they will need to report in 2024. You may be thinking. For most people, how they use the app is the deciding factor. “The bottom line is that if […]
Taxes: Remote and hybrid workers could face double taxation on state taxes – AOL
If your employer is located outside of the state where you performed remote work in 2023, you could face double taxation. Being a hybrid worker can also leave you feeling stuck. With the onset of the pandemic, many employees worked remotely for the first time. Post-pandemic, hybrid work schedules have become more prominent and have […]
Two plans to cut income taxes advance at the Iowa statehouse – KCCI Des Moines
The Iowa Senate Ways and Means Committee advanced Gov. Kim Reynolds’ bill Thursday that would lower the state’s income tax rate. Her proposal would accelerate the tax cuts she signed into law in 2022. Senate Review Bill 3038 would reduce Iowa’s current personal income tax rate of 5.7% to 3.65% in 2024. The reduction will […]
GA bill would keep state aid for school districts that lower property taxes
Some Georgia school districts could see their property tax rates reduced under a House bill that would allow school districts with fewer real estate assets to continue receiving state aid even if their property tax rates are lowered. The House passed House Bill 987 161-12 on Tuesday, sending it to the Senate for further discussion. […]
Ashley Biden pays off thousands owed in taxes, latest filing shows
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The Top 6 Reasons You're Going To Owe Money In Taxes This Year – BuzzFeed
according to To the IRS18.6 million Americans reportedly owe government agencies a total of $360 billion in delinquent taxes in 2022. Ideally, you should not receive a large bill or large check from the IRS. “The goal with taxes is to never overpay or underpay,” CEO Tiffany Watson said. All Aboard Financial, a virtual accounting […]