UNITED STATES – FEBRUARY 25: Activists call on Congress to pass the $15 federal minimum wage hike. … [+] But Republican opposition and Senate rulings make it unlikely in Biden’s relief package. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images) CQ-Roll Call, Inc via Getty Images Bad news this week for low income workers. This
Taxes
Calculating taxes in filing season 2021 may come with some surprises. getty Taxpayers who received unemployment benefits in 2020 are facing an unexpected reckoning in the 2021 filing season. Many are just now becoming aware that income from unemployment is taxable and that while states typically withhold for federal income taxes, most do not withhold
Miniature model house standing on a heap of dollar bills. Photo with clipping path.Some similar … [+] pictures from my portfolio: getty The long-absent definition of real property for like-kind exchanges is finally available in regulations (T.D. 9935), with several other helpful amendments to the regime for taxpayers. Questions remain, particularly regarding intangible property, but
The Internal Revenue Service (IRS) headquarters in Washington, D.C., U.S., on Saturday, Jan. 2, … [+] 2021. Photographer: Samuel Corum/Bloomberg © 2021 Bloomberg Finance LP Millions of Americans who lost their jobs due to the covid pandemic in 2020 are in for an unpleasant surprise as they head into tax season. Congress offered jobless workers
Getty getty Required minimum distributions (RMDs) from IRAs and other qualified retirement plans are more complicated than they need to be. There are a number of little-known rules that can be helpful to taxpayers or trap them into paying higher taxes or penalties. Most people believe IRA stands for “individual retirement account.” But the tax