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    watch nowVIDEO4:3304:33Republicans weigh plans to fight Biden's student loan forgivenessThe News with Shepard Smith If you're expecting relief from President Joe Biden's plan to forgive up to $20,000 in student loans, you may have state income tax liability, depending on where you live.  While legislation is evolving, it's possible that seven states — Arkansas, California, Indiana, Minnesota, Mississippi, North Carolina and Wisconsin — may tax student loan forgiveness, according to a Tax Foundation analysis.  It depends on state conformity with federal laws, including the provision from the American Rescue Plan of 2021 that makes student loan forgiveness federally tax-free through 2025.  More from Personal Finance:These states may tax student loan forgivenessWhen to apply for student loan forgiveness — 4 key dates to knowMillions may get a refund for student loan payments made amid Covid "For the states that don't conform, things could certainly change," said Annette Nellen, a CPA and spokesperson for the California Society of Certified Public Accountants. "There's going to be some pressure."How state income taxes workGetty ImagesWhile some states charge a flat percentage for income taxes, others...
    Tetra Images | Tetra images | Getty Images If you're still recovering from the tax sting of larger-than-expected mutual fund payouts in 2021, it's never too early to prepare for future distributions, financial experts say. Mid-year capital gains distributions aren't common, especially in a bear market year, said Russel Kinnel, director of manager research for Morningstar. "And it should be a pretty light year-end, as well, barring a huge rally." But investors still need to be proactive for the future since "90% of what you can do is in the portfolio building stage," Kinnel said. Your 401(k) plan or individual retirement account may shield you from tax on yearly income, such as dividends or capital gains. But your brokerage account is taxable, meaning you may owe levies on annual activity.  More from Personal Finance:College may actually much less than you thinkRetirement tax breaks leave middle-class behind, report findsBiden decision on student loan forgiveness likely in July or August "I definitely take that into consideration when I'm designing portfolios for clients," said JoAnn May, a certified financial planner and CPA with...
    ONLY two more weeks remain until 2021 federal income tax returns need to be filed. If you are still trying to figure out what is taxed and what isn't, we have a checklist of income that shouldn't be taxed. 1The tax deadline is Monday, April 18Credit: Getty Images Last year, retirees received a variety of stimulus checks and made key money moves. To keep more money in your pocket, it's important to take note of when you shouldn't be paying additional money. Here are eight types of retirement income that are not taxed. 1. Stimulus checks Americans have received Letter 6475 from the Internal Revenue Service (IRS) containing information on the third stimulus check which was sent in 2021. Read more on taxesTAXING TIMES When are taxes due in 2022?TAX GRAB Can I be taxed on cryptocurrency? This letter is to help you or your tax professional prepare your tax returns. Stimulus checks are not taxable, but they still need to be reported on your 2021 returns. 2. Social Security If the Social Security Administration (SSA) characterizes your combined income...
    TAX season is in full swing and many people are still gathering up necessary documents and information to fill out their 2021 federal tax returns. There are many changes to be aware of which will make this year's accounting process a bit trickier, but being aware could increase your tax refund. 1The IRS says filing a paper tax return this year means an extended refund delay The Internal Revenue Service (IRS) says it's still processing 2020 tax returns. If you're waiting on that return to be processed, the IRS says you can still move forward with filing a 2021 return. You will need to enter $0 for last year's adjusted gross income (AGI) on the 2021 tax return. The IRS also warns taxpayers to use caution when filling out their return because of several tax law changes which took place in 2021. Chuck Rettig, commissioner of the IRS, said: "There are important steps people can take to ensure they avoid processing delays and get their tax refund as quickly as possible. "We urge people to carefully review their taxes...
    skynesher Whether you're a beginner or seasoned investor, you need to consider asset location, as income in some accounts can trigger a surprise tax bill. While your 401(k) plan or individual retirement account may shield you from yearly investment income, such as dividends or capital gains, your brokerage account is taxable, meaning you may owe levies on annual activity.  "I definitely take that into consideration when I'm designing portfolios for clients," said JoAnn May, a certified financial planner and CPA with Forest Asset Management in Berwyn, Illinois. "I always keep the taxability of assets in mind when strategizing where things are going to go." More from Advice and the Advisor:Be sure to keep your will or estate plan updatedWhat happens if you don't disclose crypto activity this tax seasonHere's how to get a faster refund If you have three types of accounts — brokerage, tax-deferred and tax-free — it's easier to pick the best spot for each asset, May said.  Since bonds may have less growth but distribute income, they may be suitable for tax-deferred accounts, like your 401(k) plan,...
    Rep. Bill Pascrell, D-N.J., speaks at 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 House Democrats' $1.75 trillion spending package boosts the limit on the federal deduction for state and local taxes, known as SALT, to $80,000 through 2030. However, many filers don't know how the change to SALT may affect their bottom line, experts say. "The SALT cap increase will have the biggest effect on high-income-tax states like New York, California and New Jersey," said certified financial planner Matthew Benson, owner at Sonmore Financial in Chandler, Arizona. Filers subtract the greater of the standard or itemized deductions from adjusted gross income to reach taxable income, the number used to calculate their bill. More from Personal Finance:House Democrats pass spending package with $80,000 SALT cap through 2030Big takeaway for Build Back Better: 'lack of change' for wealthy Americans' taxesThese states offer a workaround for the SALT deduction limit For 2021, the standard deductions are $12,550 for single filers or $25,100 for married couples...
    With the coronavirus forcing thousands out of work and upending painstaking business plans and countless lives, many people are approaching this year’s May 17 tax deadline with a series of new and unfamiliar situations that have prompted questions about what is and isn’t taxable. Randy Seid, a certified public accountant (CPA) in Belmont, has been helping his clients navigate the tax changes brought on by the pandemic — relying, like many others, on video conferences and phone calls to conduct business. We grabbed a bit of his time to get answers to some of those questions. But first, a little more about Seid. Q: Tell me a little bit about what led you to become a CPA and the work that you do.  Randy Seid: When I was at UCLA, a friend suggested I take an accounting course. I took the introductory course and really liked it. I continued to take more classes and decided to pursue a Master’s degree at USC with a specialization in taxation. I chose a career in public accounting because I wanted to work...
    Texas utility chairwoman resigns amid bipartisan rebukes Calls for Cuomos resignation mount as 3rd accuser emerges We've had two rounds of stimulus checks so far – and another round is right around the corner. It's nice getting unexpected money, and for some people it's a life saver. Whatever your situation, we hope you're able to put the money to good use. © Provided by Kiplinger SEE MORE Third Stimulus Check Calculator But many seniors are wondering how these stimulus checks are going to impact their taxes – especially the tax on Social Security benefits. April 15 will be here before you know it, so you'll need to file your 2020 tax return soon if you haven't done so already. You sure don't want an unpleasant surprise when you do file your return. So, if you're a retiree, hopefully we can put your mind at ease about stimulus checks and taxes on your Social Security benefits. Load Error [Stay on top of all the new stimulus bill developments – Sign up for the Kiplinger Today E-Newsletter. It's FREE!]...
    U.S. Hospital Rates Fall; N.Y. Vaccines Run Short: Virus Update New Instagram and Snapchat filters give Bernie Sanders meme new life Here’s How To Cheat Your Tax Bracket — Legally IRS tax brackets determine your tax rates and how much money you’ll owe Uncle Sam come April. People with large incomes fall into higher federal income tax brackets, so if you earn a lot of money each year, you’ll forfeit a higher percentage of your income to the taxman. © Shutterstock.com MAN, Office, desk, laptop See: What Are the 2020-2021 Federal Tax Brackets and Tax Rates? With a few shrewd moves throughout the year, however, you can reduce your taxable income and maybe even drop from a high tax bracket to a lower one. If you want to know how to get into a lower tax bracket, start by making sure you get every tax break that’s available to you. IRS Tax Brackets Here are the five filing status categories, according to the IRS: Single Married filing jointly Married filing separately Head of household Qualifying widow(er) with dependent child...
    Phillies sign veteran reliever Archie Bradley Lindsey Vonn, 36, Just Shared A No-Makeup Selfie And The Glow Is Real These $19k SUVs Will Make You Trade in Your Car Ad Microsoft Full screen 1/9 SLIDES © Depositphotos What is a tax deduction, and how does it work? You may not realize there are several tax benefits of buying a home, if homeownership is on your goal list. Two major incentives are the mortgage interest and property tax deductions — both may help you save on the thousands of dollars you pay annually to your lender and local government. A tax deduction is a benefit that helps taxpayers reduce their taxable income. A reduction in taxable income also shrinks your tax bill. When filing your taxes, you have the option to either take a standard deduction, which is a fixed amount that varies by tax filing status, or itemize the deductions for which you qualify. Tax deductions shouldn’t be confused...
    Cleveland Indians name change: 7 MLB fan suggestions for a new name Royal Author Claims the Queen Is Feeling "Desperately Betrayed" by Meghan & Harrys New Court Claims Are you receiving unemployment? Read this before filing your taxes TAXWATCH © John Sommers II/Getty Images Kentucky residents last month on line, seeking help with their unemployment claims. Millions of Americans have lost their job during the COVID-19 outbreak and are relying on unemployment benefits as they pay their bills and re-start their career. That’s a serious challenge they face right now. Without some planning, they could also face a future problem — an unanticipated, unbudgeted tax bill in 2021. ‘There will definitely be some people who are going to be surprised at tax time next year and I’d like to minimize that.’ — Michele Evermore, senior policy analyst at the National Employment Law Project “There will definitely be some people who are going to be surprised at tax time next year and I’d like to minimize that,” said Michele Evermore, senior policy analyst at the National Employment Law Project, an...
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