A Patagonia store signage is seen on Greene Street on September 14, 2022 in New York City. Yvon Chouinard, founder of Patagonia, his spouse and two adult children announced that they will be giving aw...
Tag: Government taxation and revenue
The extended tax deadline is Oct. 17. Here’s what filers need to know
Cecilie Arcurs | Getty Images There’s about one month until the Oct. 17 tax deadline extension, and experts say filers need to prepare, especially for more complicated returns. An estimated all-...
How to avoid a penalty by making quarterly tax payments by Sept. 15
If you haven’t been sending part of your income to the IRS in recent months, this week is the last chance to avoid a tax penalty. The deadline for third-quarter estimated taxes is Sept. 15, appl...
When to claim climate tax breaks, rebates
Sebastian Rothe / Eyeem | Eyeem | Getty Images Households may soon be able to claim thousands of dollars in tax breaks and rebates if they take steps to reduce their carbon footprint. But eco-friendly...
13 states may hit borrowers with state tax liability on forgiven student loans
President Joe Biden‘s student loan forgiveness plan will soon cancel debt for millions of Americans — and the relief is tax-free on federal returns. However, experts say the cancellation may sti...
IRS refunding $1.2 billion in late-filing fees for nearly 1.6 million
Ekaterina Goncharova | Moment | Getty Images The IRS on Wednesday announced it will waive penalties for many Americans who late-filed tax returns during the pandemic. Nearly 1.6 million filers will au...
Trump PAC paid lawyers almost $1 million amid Georgia, New York probes
Former President Donald Trump‘s political action committee, Save America, paid nearly $1 million to civil and criminal defense attorneys in July alone as investigations into him and the Trump Or...
Biden signs Inflation Reduction Act into law, setting 15% minimum corporate tax rate
After more than a year of debate over costs, taxes, tax credits and regulations, President Joe Biden finally signed his sweeping tax, health and climate bill into law — albeit a significantly reduced ...
IRS interest jumps on Oct. 1. How much you’ll get for a missing refund
How to calculate your interest The interest is an annual rate compounded daily, meaning you divide the 6% rate by 365, explained Tommy Lucas, a certified financial planner and enrolled agent at Moisan...
Detroit real estate developers rebuild city amid budget shortfalls
A new wave of development is rippling through downtown Detroit. “Walking around Detroit in 2008 or 2009 is not the same as walking around in 2022,” said Ramy Habib, a local entrepreneur. &...
Inflation Reduction Act extends $7,500 tax credit for electric cars
David Madison | Photodisc | Getty Images A federal tax break that’s available to car buyers for going electric may work differently starting next year. Under the Inflation Reduction Act — which ...
Embryos can count as dependents on 2022 state tax returns in Georgia
Anti-abortion activists demonstrate outside the Supreme Court of the United States in Washington, June 13, 2022. Evelyn Hockstein | Reuters Residents of Georgia may now claim embryos as dependents on ...
House Democrats push for Biden’s billionaire minimum income tax
Erik McGregor | LightRocket | Getty Images As Democrats plow forward with a slimmed-down reconciliation package, House lawmakers are separately pushing another piece of President Joe Biden‘s age...
Mega Millions jackpot is $790 million. If it’s won, here’s tax bill
Scott Olson | Getty Images If you manage to beat the odds and land the next Mega Millions jackpot, don’t forget that Uncle Sam will snatch a slice of the windfall. The top prize has surged to $7...
The wealthy now have more time to avoid estate taxes
If your family has significant wealth, it’s now easier to avoid federal estate taxes, thanks to recent changes from the IRS. The IRS improved a strategy known as “portability,” used ...
Before you ‘chase dividends,’ here’s what to know
With increased fears of a possible recession, investors seeking steady income may turn to stocks paying quarterly dividends, which are part of company profits sent back to investors. Historically, div...
Metropolitan areas with the most million-dollar homes
Historic row houses in Columbia Heights neighborhood of Washington. amedved | iStock | Getty Images Million-dollar homes aren’t common in the U.S., but you’re more likely to find these pro...
Tax bill for Vermont winner of Powerball $366.7 million jackpot
If you’re holding the winning ticket for Powerball’s $366.7 million jackpot, don’t forget about your silent partner: Uncle Sam. After rolling higher for about two months of three wee...
FCA investigates Wise CEO Kristo Kaarmann over tax default
Kristo Kaarmann, CEO and co-founder of Wise. Eoin Noonan | Sportsfile | Getty Images The CEO of £3.9 billion ($4.8 billion) fintech firm Wise is being investigated by U.K. regulators after tax authori...
IRS boosts mileage rate deductions as gas prices soar to $5 a gallon
Guy Benhamou sends a picture of gas prices to friends while pumping gas at an Exxon Mobil gas station on June 9, 2022 in Houston. Brandon Bell | Getty Images If you’re self-employed or own a sma...
Tax-loss harvesting turns losses into gains. Here’s when to skip it
When the stock market dips, a strategy known as tax-loss harvesting can be a silver lining. But it doesn’t make sense for all portfolios, financial experts say. Here’s how tax-loss harve...
House Democrats push for repeal of rule blocking SALT cap workaround
Rep. Tom Suozzi, D-N.Y., speaks during a news conference announcing the State and Local Taxes (SALT) Caucus outside the U.S. Capitol on April 15, 2021. Sarah Silbiger | Bloomberg | Getty Images Three ...
Investors revisit muni bonds amid higher yields and strong credit
David Jakle | Image Source | Getty Images It’s been a tough year for municipal bonds, with investors cashing out amid rising interest rates. However, higher yields and strong credit may be spark...
Still missing your tax refund? You’ll soon receive 5% interest
Bill Oxford | E+ | Getty Images If you’re still waiting for a tax refund, there’s a silver lining: it may be accruing interest, and the rate jumps to 5% from 4% on July 1, according to the...