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Taxes
No, credit card cash-back rewards are not taxable
Taxes
There is a penalty for not filing, paying your taxes on time
The IRS penalizes taxpayers for both filing late and paying late. We VERIFY how you can avoid or reduce late penalties and interest.
Taxes
Social Security benefits are taxable for some people, depending on their income
Up to 85% of your Social Security benefits are counted as taxable income if you meet certain requirements.
Taxes
Yes, you can check the status of your tax refund
The IRS has an online tool and a mobile app where taxpayers can check the status of their tax return. We explain how it works.
Taxes
The tax deadline for people who filed extensions is Oct. 15
You have until Oct. 15, 2024, to file your 2023 income tax return if you requested an extension. The IRS encourages taxpayers to file electronically ASAP.
Joe Biden
No, billionaires don’t pay average of 8.2% in federal taxes
President Biden claimed during the State of the Union that the “average federal tax rate” for billionaires is 8.2%. But the actual number is higher.
Joe Biden
No, billionaires don’t pay average of 8.2% in federal taxes
President Biden claimed during the State of the Union that the “average federal tax rate” for billionaires is 8.2%. But the actual number is higher.
Money
Headlines implying Americans could get $5,000 to shop under new bill are misleading
The proposed legislation is a tax credit for individuals and families that meet certain income qualifications, not free money to shop.
Immigration
There is no ‘Housing for Labor’ initiative from the Biden Administration
A satirical post claims President Biden and the IRS are offering tax incentives to families willing to take in migrants in a new housing program.
Taxes
Trump-era Tax Cuts and Jobs Act doesn’t have built-in tax increases for 2023 taxes
Viral social media posts falsely claim yearly income-based tax increases are built into a 2017 tax reform law. Here’s what the law actually means for taxpayers.
Taxes
No, the Trump-era Tax Cuts and Jobs Act doesn’t have built-in tax increases for 2023
The Tax Cuts and Jobs Act of 2017, a tax reform law signed by Trump, does not include yearly income-based tax increases like viral social media posts suggest.
Taxes
You can’t write off stolen property on your federal tax return – with very limited exceptions
Did you have a laptop or car stolen last year? Here’s why it’s very unlikely you’ll be able to claim that as a loss on your federal tax return.
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