By Paul Shafer and Katherine Gutierrez, The Conversation The big idea The discontinuation of the Biden administration’s monthly payments of the child tax credit could leave millions of American families without enough food on the table, according to our new study in JAMA Network Open. The first missed payment on Jan. 15, 2022, left families […]
By Erin Bass, The Conversation Some of the U.S.‘s wealthiest individuals reportedly pay just a tiny fraction of the billions of dollars added annually to their fortunes in federal income tax – sometimes they pay nothing at all. Investigative journalism outlet ProPublica says it has obtained a “vast cache” of information from the Internal Revenue […]
A new ProPublica analysis of a trove of IRS documents revealed that the richest 25 Americans pay a tiny fraction of their wealth in taxes. But even if you use the most conventional yardstick — income — the wealthiest still pay low rates.
By Paul Kiel, Jeff Ernsthausen and Jesse Eisinger, ProPublica The very richest Americans win at the tax game no matter which measure you use. ProPublica has published an article, based on a vast trove of never-before-seen IRS information, that reveals the pittance in taxes the ultrawealthy pay compared with their massive wealth accumulation. But that […]
By IRS WASHINGTON — The Internal Revenue Service issued frequently asked questions today on how students and higher education institutions should report pandemic-related emergency financial aid grants. Students Emergency financial aid grants made by a federal agency, state, Indian tribe, higher education institution or scholarship-granting organization (including a tribal organization) to a student because of […]
WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. “This continues to be a tough […]
United States Treasury Economic Impact Payment stimulus check for Coronavirus COVID-19 relief. Close up with check sticking out of envelope. – LOS ANGELES, April 28th, 2020 (Shutterstock) WASHINGTON — The IRS and Treasury have successfully delivered nearly 130 million Economic Impact Payments to Americans in less than a month, and more are on the way. […]
Many taxpayers forgo worthwhile tax credits and deductions because they have neglected to keep proper receipts or records.
By FALAW If you want to save money on your tax bill, consider using one or more of these tax-saving strategies that reduce your income, lower your tax bracket, and minimize your tax bill. Max out your 401(k) or Contribute to an IRA You’ve heard it before, but it’s worth repeating because it’s one of the […]