Tag: Income Tax

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Social Security: What age do recipients no longer pay taxes on benefits?

Social security benefits are designed to help pay for a retirees life. Sometimes people still need to pay taxes on them because the payments are considered income. The magic age for retiring to not have to pay taxes on your benefits is ... MORE
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Stimulus check: Are you one of the thousands of Americans eligible for a surprise tax refund?

Some states are changing how their taxes work this year, with many residents getting surprise refunds before the holidays. The Department of Revenue for Pennsylvania announced letters will be going out to thousands of residents soon. The letters are going to low ... MORE
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Tax brackets are being raised thanks to the impact of inflation across the nation

The massive surge in consumer pricing has caused inflation adjustments for the 2022 tax year. This applies to federal income brackets and the standard deduction. Tax bracket thresholds are now rising and tax bracket cut off points increased around 3%. This is ... MORE
Income Tax, IRS, News, Tax Return
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These 13 states decrease the size of your social security checks

Social security is a major way for people to survive when retiring, and the checks are already subject to federal taxes. Many states don’t take out state taxes on top of that, effectively minimizing the actual amount people are able to collect ... MORE
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I forgot to file my taxes on time, what happens now?

The extension for taxpayers was May 17. They had until then to file an extension if they needed more time to complete their taxes. If you forgot to file or simply did not ask for an extension, do not ignore it because ... MORE
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File your taxes for free with IRS’s Free File before Friday’s final deadline

Free File is software that the IRS offers for people who are below a certain income so they can file their taxes for free. Anyone who has an adjusted gross income of $72,000 or less can file with Free File. The IRS ... MORE
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There’s only one week left until the federal tax deadline, don’t forget or it’ll cost hundreds in penalties

Deadlines for 2020 taxes this year were in May, but many opted to file for the extension which is up Oct. 15. The deadline, which is normally in April, was extended to May 17. Taxes still needed to be paid in May, ... MORE
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People who make an income using sites like Etsy and eBay will now need to pay taxes for making over $600

Beginning in 2022, anyone selling anything online will be required to claim it on their taxes as income. People who sell $600 worth of goods or more on sites like eBay or Etsy will now receive a 1099-K form with the transactions ... MORE