Tag Archives: TaxWatch

The pandemic’s economic fallout is putting people’s tax knowledge to the test, and they’re not passing with flying colors. A new survey indicates that many U.S. adults are in the dark about critical questions this tax season, such as how the Internal Revenue Service treats stimulus checks and whether remote …

The money from the expanded Child Tax Credit, coupled with other benefits in the $ 1.9 trillion American Rescue Plan, might cut child poverty in half according to some estimates — but a family needs to access the cash first. A tax return may be one major way to help …

People who are staring at a federal income tax bill are getting a bit of a breather, now that the Internal Revenue Service has set May 17 as the new deadline to pay 2020 taxes and file a return during this tumultuous tax season. But gig workers, freelancers and self-employed …

Millions of people who received the first two stimulus checks could watch the third round happen without them — if the House of Representative passes the Senate’s version of a $ 1.9 trillion rescue package with tighter payout rules. But the tax code could supply some people on the cut-off …

As interest rates plummeted throughout 2020, mortgage refinancing became a major avenue to saving money in the midst of the coronavirus pandemic. But those who took the plunge need to be aware of how opting to refinance could affect their taxes insofar as deductions are concerned. The Mortgage Bankers Association …

Treasury Department Secretary Janet Yellen is not big on bitcoin, a point she reiterated recently when she called the digital currency speculative and “inefficient.” That doesn’t mean Yellen and the department she leads — which includes the Internal Revenue Service — don’t care about the cryptocurrency. Now that it’s income …

When Americans started filing taxes last year, unemployment was at a 50-year low, the coronavirus pandemic’s official start was two months away and some of the earliest tax filers were powered by a sense of hyper-punctuality. This year’s tax season will start against a very different backdrop. Approximately 18 million …

In Washington D.C., lawmakers are debating a second batch of stimulus checks in another coronavirus rescue bill. In Blairstown, N.J. Frank Natoli is scratching his head on news of the negotiations. “ ‘My first reaction was ‘second what?’ What about the first?’ ” — Frank Natoli, a software engineer still …

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 …