New York State Assembly Bill A523, introduced by Democratic Assembly Member Clyde Vanel, looks to clarify that agencies of the state can legally accept cryptocurrency as payment. The bill allows state...
Tag: Taxes
Can I Deduct Long-Term Care Insurance From My Taxes?
is long term care insurance tax deductible Long-term care insurance can be an important part of planning for the twilight of your life. Despite everyone hoping they’ll be healthy and active until the ...
What to know about the Republican plan
John Miller | iStock | Getty Images A group of House Republicans is revisiting the Fair Tax Act, which would replace certain federal levies with a national sales tax and decentralize the IRS. While th...
5 things to know as filing season opens
Damircudic | E+ | Getty Images This is an excerpt from the Personal Finance team’s weekly Twitter Space, “This week, your wallet.” Check out the latest episode here, and tune in ever...
Should you file your own taxes or pay someone this tax season? Here’s what to consider.
During the pandemic, we all became DIYers of everything from home renovations to portfolio managing. We even learned to bake our own bread and cut hair. But is doing your own taxes a good idea? Like a...
These 5 Crypto-friendly US States Show Initiative on Tax Laws
Looking to the future, policymakers in Arizona referred an amendment to the state constitution in the Arizona State Legislature last week, seeking to exempt digital assets from property taxation. Foll...
Here’s why your tax refund may be smaller this year
Bill Oxford | E+ | Getty Images If you’re banking on a tax refund, it may be “somewhat lower” than last year’s payment, according to the IRS. Typically, you can expect a federa...
Do I Need to File Taxes if I Don’t Have Income?
How to File Taxes With No Income Anyone whose income is less than the tax filing threshold is not required to file an income tax form with the IRS. For most taxpayers, this threshold is usually set at...
Democrats Ridicule GOP’s Proposal To Eliminate Most Taxes And The IRS — And Create One National Sales Tax Instead
Topline Democratic leaders railed against GOP-backed legislation that would scrap some taxes and replace them with a steep national sales tax on Wednesday–a bill that has virtually no chance of passin...
How To Postpone Taxes On Vacation Home Sales
Handing over the keys. getty Let’s say you are selling your vacation home, which you use for personal purposes and also rent out to third parties. A pretty common setup. If you buy a new vacation home...
Democrats Ask Watchdog Group To Probe IRS For Failing To Audit Trump’s Taxes
Topline Democrats who were on a House panel that released former President Donald Trump’s tax returns last year asked a government watchdog group Monday to investigate the Internal Revenue Service for...
Tax season kicks off as IRS begins to deploy $80 billion in funding
kate_sept2004 | E+ | Getty Images Tax season kicked off for individual filers Monday with a bigger IRS customer service team and enhanced technology as the agency begins to deploy its nearly $80 billi...
Here’s how to report Roth IRA conversions on your taxes
If you made a Roth individual retirement account conversion in 2022, you may have a more complicated tax return this season, experts say. The strategy, which transfers pretax or non-deductible IRA fu...
What Is Taxable Income (With Examples)?
Contents What Is Taxable Income? Taxable income is the amount of money, in earned income and unearned income, that creates a potential tax liability. What Is Earned Income? Earned taxable income is an...
How to file your taxes for free in 2023
If cost is a concern when it comes to your taxes, there are several free federal tax-filing options to consider. The IRS provides its Free File program through several partners that offer in-person, d...
How Much are Taxes on CDs Going to Set Me Back?
SmartAsset Tax Planning Guide: How CDs Are Taxed Since the Federal Reserve has raised its federal funds effective rate to the highest since December 2007, interest rates on various types of loans have...
What Can I Do to Avoid Taxes on a Big Cash Windfall?
how to avoid taxes on a large sum of money A financial windfall is something to celebrate. But if you don’t play your cards right, the government will expect a major portion of the cash. The good news...
The Window to Capture a $7,500 Electric-Vehicle Tax Credit May Be Closing. How to Snag It.
Americans are flocking to electric vehicles, pushing sales up 127% over the past two years. To sweeten the deal, the federal government is offering a tax credit of up to $7,500 for EVs and other “clea...
Over 200 millionaires urge Davos elite to up taxes on the ultra-rich
Over 200 millionaires are urging the elite echelons in attendance at this week’s World Economic Forum in Davos to “tackle extreme wealth” and “tax the ultra-rich” to help...
Jan. 17 is the deadline for 2022 fourth-quarter estimated tax payments
Constantine Johnny | Moment | Getty Images There’s still time to avoid a penalty if you didn’t pay enough taxes in 2022 — but the clock is ticking. If you are self-employed or receive inco...
Do I Have to Pay Taxes on a Large Cash Inheritance?
SmartAsset: How to Deposit a Large Cash Inheritance If someone close to you has died, the last thing you may want to talk about is money. However, in order to honor their final wishes, you’ll need to ...
We Have a Too-Much-Federal-Revenue Problem, Not a Looming ‘Debt Crisis’
“American public debt is at economically damaging levels and growing at an unsustainable rate. Congress should stabilize federal debt to reduce the possibility of a fiscal crisis.” Those are the words...
I’m High Net Worth. Will My Taxes Change in 2023?
SmartAsset: Policy and tax changes impacting high-net-worth clients in 2023 As 2023 begins, advisors are looking ahead to the policy and tax changes impacting their high-net-worth clients. Those inclu...
5 Reasons Individual Stocks And Bonds Are Better Than Products
getty Before mutual funds became the de facto standard investment option in 401(k) plans, before 401(k) plans became the de facto standard retirement savings option, most people invested in individual...
Navigating Crypto Taxes Made Easy & Cheap: Meet Cryptiony
Crypto tax calculation can be a complex and complicated topic, but a new startup called Cryptiony aims to make it easier for users in the UK. The company has just launched its application, which offer...
Mega Millions jackpot is $1.35 billion. 3 tips for navigating a win
Fatih Aktas | Anadolu Agency | Getty Images There’s a chance a Mega Millions player is on the verge of joining a very short list: winners who snag a jackpot worth more than $1 billion. The grand...
President Biden Makes His Feelings Clear on House Republican Bill to Abolish IRS
A controversial proposal introduced by the newly elected, Republican controlled, House of Representatives has been making some headlines. It involves a scheme to get rid of the income tax in favor of ...
Here’s how to get a faster tax refund during the 2023 filing season
Bill Oxford | E+ | Getty Images Despite falling inflation, many Americans are still struggling financially and will need their annual tax refund to help cover the basics. Some 30% of Americans overal...
Tax season opens for individual filers on Jan. 23
It’s official: The tax season kicks off for individual filers on Jan. 23, the IRS announced Thursday. For most taxpayers, you must file your federal return and pay your balance by April 18 this ...
Republicans Want to Abolish the IRS; How That Would Hit Your Wallet
While House Speaker Kevin McCarthy, R-Calif., was captivating a live audience with coverage of historically numerous votes for his new title, it was no secret he was making concessions to win votes fr...