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Headline USA Politics

If you don’t file taxes, this year you would have to if you want to receive stimulus checks | The State

If you usually do not file taxes, you will most likely have to do so this year if you want to receive the stimulus checks that have already been processed and the third party that could be approved under the President Joe Biden’s Administration.

He Internal Revenue Service (IRS) is based on the tax information in your files and on data provided by other agencies of the Federal Government such as the Social Security Administration to process payments.

If for some reason your information is not in the system, you could be left without receiving payments even if you are eligible.

As part of the first round of payments of $ 1,200 under the CARES Act, the IRS enabled the online tool “Non-filers” for people who are not required to file taxes due to low income or because they are not generating income , submit their personal data to request payment.

However, for the second round of distribution that started at the end of December the above service is not available.

This is why the IRS called on the so-called “Non-filers” (non-filers) to carry out the tax return process as soon as the tax season begins on February 12 and claim the payment or payments owed through the “Credit of refund recovery ”.

The CNET medium in a report this week listed at least six groups of people who fit into the category of “non-filers”, but who must submit their information to the IRS to receive the “Economic Impact Payments.”

The six groups

• Beneficiaries of government funds from the SSI (Supplemental Security Income) and SSDI (Social Security Disability Insurance) programs
• Individuals under 65 with income under $ 12,200
• Married persons under 65 years of age with income less than $ 24,400
• Singles 65 or older with income less than $ 13,850
• Married persons 65 years or older with income less than $ 27,000
• Veterans and Railroad Retirement Beneficiaries

Other reasons why you should apply for the tax credit

Other reasons why your check (s) did not arrive could be an incorrect direct deposit account or a change of residence.

Similarly, the recommendation of the IRS is to request payments through the tax credit, in case the money is not received in the next few weeks.

Another option that taxpayers have in case of not receiving the payment that corresponds to them is a “trace” or “payment fingerprint”.

But before the above, potential beneficiaries can use the online tool “Get My Payment” on the IRS website to track the status of the stimulus checks due and discard so the same is on its way.

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Headlines UK

Government borrowing rose to £ 34bn in December

UK national debt tops £ 2 trillion

In December 2020, government borrowing rose to a record £ 34.1bn, according to the BBC. According to the National Statistical Office (ONS), this is the largest December deficit in the entire history of budget reporting since 1993.

The total loan amount for the 2020-2021 financial year was £ 270.8 billion – £ 212.7 billion more than in the previous year. Analysts at the Office of Fiscal Responsibility (OBR) say it will be £ 393.5 billion by March 2021.

British public debt has risen to £ 2.13 trillion and now stands at 99.4% of GDP.

Treasury Secretary Rishi Sunak planned to present the UK budget in the fall of 2020, but due to the pandemic, the speech was postponed to March 2021. Nevertheless, it is already known that in order to combat the consequences of the pandemic, the salaries of all civil servants will be frozen with the exception of doctors, nurses and workers with incomes below £ 24 thousand a year – so they will receive £ 250 more.

Economists disagree over taxes. Some say that Sunak will not dare to raise them in the context of an unstable economy. Others are confident that taxes will rise as early as 2022 – in this way the government will try to stabilize the ratio of public debt to GDP.

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Headline USA

3 things you can deduct from taxes (and that you did not know) | The State

Don’t forget to include everything you can deduct now that you are going to file your taxes.

Photo:
Scott Olson / Getty Images

The deadline to file your taxes is approaching, and this means that you should be looking for anything you can deduct, and thus, pay less.

Therefore, below, we share three things that you did not know that you can deduce.

Job search expenses

If you were looking for a job, you probably spent a considerable amount of money to cover relocation agency fees or to send copies of your resume by mail to prospective employers. Fortunately, these expenses are tax deductible, although it does not apply if this is the first time you are looking for a job, as reported in Yahoo!

Self-employment expenses

Self-employed taxpayers do not fill out a Form W-4 and cannot take advantage of certain payroll deductions, but they can take advantage of many small business tax deductions.

For example, people who are self-employed, and who use their home as the basis of their business, can deduct your expenses for mortgage interest, rent, utilities and maintenance.

Weight loss program expenses

This does not mean that you can deduct the cost of each diet you have recently tried. Instead, this benefit is for people who have participated in a weight loss program to fight a specific disease that your doctor has diagnosed you.

–You may also be interested in: Netflix exceeds 200 million subscribers worldwide

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Headline USA

Two IRS Providers Will Offer a Spanish Application to Prepare Your Tax Return and Receive Your Second Stimulus Check | The State

The IRS said it is safe to use vendor tools to file taxes.

Photo:
Chip Somodevilla / Getty Images

If you have not received your second stimulus check or if you never received the first one, you will have to submit a tax return to get your money.

Friday the Internal rents service (IRS) opened the free tool Free File for taxpayers to do their tax preparation online and they can claim the credit that will help them get their payment. He Free File of the IRS It will be available to any taxpayer or family who earned $ 72,000 or less in 2020.

As long as the site remains open, the IRS will not accept electronic returns until February 12, so it may take longer to program and test the system to handle the credits applied to the second stimulus chee payment, the federal agency said.

He IRS reported that the main tax software providers have made their products available to taxpayers online for free as for 19 years. There are nine products in English and two of them in spanish. Last year more than 4 million people used the products for free to file your tax return.

“Suppliers of the Free File The IRS will accept completed tax returns and hold them until they can be electronically filed once the IRS begins processing the returns, ”the IRS said. “The forms of free declaration, the electronic version of IRS paper forms, will also be available when filing season begins. This product is the best for people who feel comfortable preparing their taxes safely ”.

To sign up for Free File, you will need to go to the IRS.gov/FreeFile website. Use the tool “Free File Online Look up”For help in finding the right product or review each of the suppliers’ products using the“Browse All Offers“. Then you must select one of the products and follow the links to begin.

If you do not have a computer, the tax preparation tools They will also be available via mobile phones.

Related: Brace yourself: IRS delays in paying the stimulus check and tax refund will continue into 2021, a report says.

This is the list of IRS tax providers:

This year two of the suppliers of the IRS will have their products available in Spanish:

Remember that not all providers offer state tax filing service for free, so be sure to check the additional costs.

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Categories
Technology US

How to file and pay your 2020 taxes online

In 2020, the COVID-19 pandemic took everyone, including the IRS, by surprise. Because of the issues people were dealing with last spring, the filing deadline for federal tax payments was moved from the usual mid-April date to July 15th.

This year, despite the still-very-present pandemic and various upheavals in our nation’s capital, it doesn’t look like we’re going to get the same tax vacation.

As a result, and considering the pandemic might still slow down the processing of refunds and other issues, it might not be a bad idea to start working on those taxes as soon as possible. And whether you’re a full-time worker dealing with a single 1040 or a freelancer / gig worker getting a series of 1099s, the fastest way to pay the piper these days is to do it online.

The IRS offers a series of directions on its website to help US citizens figure out their taxes, report those taxes, and send in payments (or ask for refunds) using its e-file online method. Here’s a rundown of what’s available and where you can find it.

Your first stop: IRS.gov.

How do I file online?

There are several ways to file online, depending on your income and your comfort level in dealing with the whole income tax process.

If your adjusted gross income was $72,000 or under, you can use the IRS Free File option. The site offers a number of third-party services that can help you put together and file your taxes free of charge. Of course, that is assuming the third party doesn’t try to scam you into paying more than you have to; back in April of 2019, ProPublica revealed that TurboTax and other suppliers were deliberately hiding the pages for their free services in order to convince taxpayers to purchase additional features. As a result, in early 2020, the IRS published rules prohibiting these practices. Still, it pays to be careful.

Free File is available for those whose income is $72,000 or under

Free File is available for those whose income is $72,000 or under.

If your income is above $72,000, you can still use fillable forms provided by IRS Free File, but you don’t get the support of the free software, and you can’t do your state taxes through this method. The forms will be available starting on January 25th. (If you’re really into doing your own taxes, you may want to check out the IRS page on tax tips, which includes how to handle things like a recovery rebate credit.)

If you’re not a pro at filling out taxes, you’re going to either have to use e-file with one of the available software solutions or find a tax preparer who can do it for you. In the case of the latter, the person or company who does your taxes needs to be authorized to use e-file; if you don’t already have a tax professional, you can find one at the IRS site.

How do I pay online?

The IRS lists a variety of ways you can pay your taxes online.

If you use tax preparation software or have your taxes prepared by a tax professional, you can have the IRS pull the funds directly from your bank account via Electronic Funds Withdrawal at the same time you file.

You can also use IRS Direct Pay to pull funds from a savings or checking account. Finally, you can use a credit or debit card; however, there is usually a fee involved (since the IRS isn’t going to absorb what your credit card company is charging for the service).

How do I get my refund?

One of the ways the IRS tries to convince you to file online is to assure you that you will get your refund faster — in less than 21 days, in most cases. Once you’ve filed, you can check the status of your refund online. You can also download the official IRS2GoApp, which allows you to check the status of your refund, pay your taxes, and get other information.

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Headline USA

IRS Delays Start of Tax Filing Season Until Feb 12 | The State

The agency is still processing about 7 million returns filed last year.

Photo:
Joe Raedle / Getty Images

He Internal rents service (IRS) has delayed the 2020 tax filing season through February 12, which according to a statement prepared by the federal agency, will be on that date when the IRS will begin to accept and process last year’s tax returns.

On a regular basis the IRS tax season begins between mid-to-late January, however, this year the agency will need more time to prepare after the passage of the coronavirus relief law that took effect in late December. The deadline to file a return will continue to be April 15. According to the statement posted on the website, the IRS decided to delay the February 12 date “to avoid further delays.”

“These changes ensure that eligible individuals will receive their remaining stimulus check money as a recovery refund credit at the time they submit their statement, “the agency said in a statement.

The recovery refund credit is a new modality in the federal tax return for taxpayers who did not receive the full amount to which they are entitled in their stimulus check.

The first group of taxpayers who can claim the tax credits will have to wait until the first week of March to get your refund. The IRS assured that this would be the case if the filing season opened in late January.

The agency expects filers who claim additional earned income and child tax credits, will collect your returns in the first week of March assuming they will file their return electronically and have no problems with it.

Sign of a possible delay

It is likely that if you have not received the second stimulus check next week in the form of a paper check or prepaid debit card you could register an additional delay.

The IRS recommends that taxpayers file their tax return electronically and use the option direct deposit.

During the past year IRS fraud filters captured 5.2 million returns that claimed a refund, according to the report of the Taxpayer Defense Service, an IRS control body. For a quarter of these statements that were verified on your income refunds took more than 56 days.

2 out of 10 returns that were verified had delays of more than 120 days. The average response time for a refund is 21 days if the tax return has a problem.

Businesses distribute Form W-2 to their employees in January. The document specifies the amount of money a worker has earned and the amount of income and payroll taxes paid in the year.

Taxpayers who file their returns on paper risk delays. The IRS suffered delays during 2020 that were sent on paper due to the coronavirus pandemic and returns have taken longer to process.

As of December 24, there were 7.1 million unprocessed individual returns which represents more than 40 percent of the declarations and close to 2.3 million company declarations processed as reported by the Taxpayer Defense Service.

Related: Brace yourself: IRS delays in paying the stimulus check and tax refund will continue into 2021, a report says.

In the report that the agency presents each year to Congress, it states that the IRS had a 20 percent reduction in its budget since 2010, which has resulted in having a outdated technology and inadequate staffing levels because a large number of them have reached retirement age. In the past decade the IRS workforce has shrunk by 20 percent, without counting the problems that the coronavirus crisis caused in the operation of the agency.

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Categories
Headline USA Politics

4 mistakes to avoid when declaring your taxes | The State

Always double-check your details before submitting the form to the IRS.

Photo:
OLIVIER DOULIERY / AFP / Getty Images

For many people, it can be very overwhelming and difficult to do their taxes for the first time. And being burdened with filling out these forms can increase the chances of mistakes.

Therefore, it is important that you pay close attention to this process and do it very carefully. To help you, here are some of the most common mistakes first-time taxpayers make.

1 – Submit your statement on paper

It has been found that people who fill out paper forms are 20 times more likely to make a mistakeAs reported on Yahoo, so you’d better try to fill the digital format.

2 – Enter the wrong social security number

This may seem like a small thing, but it is an essential step. Have your Social Security card handy and double check your Social Security number is spelled correctly before submitting your application.

3 – Enter the wrong marital status

You must write the correct marital status to make your declaration and so you know how much of the standard tax deduction you can claim and what tax benefits you could qualify for.

4 – Get the accounts wrong

This error is very frequent, and it is very easy to make mistakes with the numbers. So go over your calculations a couple of times to make sure everything is okay.

-You may also be interested: Walmart and Disney suspend contributions to legislators who oppose certifying Joe Biden as president

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Health

Arguing Taxes the Brain Much More, Scans Show


By Robert Preidt
HealthDay Reporter


WEDNESDAY, Jan. 13, 2021 (HealthDay News) — Brain drain: Arguing with others puts a lot more strain on your brain than agreeing with them, a new study finds.

“Our entire brain is a social processing network,” said senior author Joy Hirsch, professor of psychiatry, comparative medicine and neuroscience at Yale University. “However, it just takes a lot more brain real estate to disagree than to agree.”

The researchers, from Yale and University College London, asked 38 adults whether they agreed or disagreed with a series of potentially contentious statements such as “same-sex marriage is a civil right” or “marijuana should be legalized.”

Researchers then monitored the participants’ brain activity when they were paired up and had face-to-face discussions about the topics.

When people agreed, their brain activity was harmonious and tended to be focused in sensory areas of the brain such as the visual system, possibly in response to social cues from the other person, according to the authors.

When people disagreed, sensory areas of the brain were less active while there was increased activity brain areas that handle higher order executive functions, such as reasoning.

“There is a synchronicity between the brains when we agree,” Hirsch said in a university news release. “But when we disagree, the neural coupling disconnects.” She noted that in discord, the two brains engage many emotional and thinking resources “like a symphony orchestra playing different music.”

The study was published Jan. 13 in the journal Frontiers of Human Neuroscience.

Understanding how our brains function while disagreeing or agreeing is important as the United States faces sharp political divisions, according to Hirsch.


More information

The American Psychological Association offers advice on controlling anger.


SOURCE: Yale University, news release, Jan. 13, 2021



WebMD News from HealthDay



Copyright © 2013-2020 HealthDay. All rights reserved.





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Headline USA

Avoid Penalties: February 1 is the Deadline for Employers to File Income Statements | The State

The income statement must be filed on time and without errors to avoid penalties.

Photo:
MIGUEL MEDINA / AFP / Getty Images

Remember that the following month employers must file Form W-2 and other income statements by Monday, 1ro February 2021. This is also the date that Forms W-2 must be turned in to your employees.

By law, employers must submit copies of their Form W-2, Wage and Tax Statement, and the Form W-3, Transmission of Wage and Tax Vouchers, with the Social Security Administration by January 31st. However, this year, January 31 falls on a Sunday, which moves the deadline to the next business day, which is Monday, February 1.

He Form 1099-MISC, Miscellaneous Income and the Form 1099-NEC, Compensation to Persons Who Are Not Employees, must also be submitted by February 1, 2021.

To submit all documentation in order, employers must begin to verify or update their employees’ data such as:

  • Names
  • Addresses
  • Social security numbers
  • Taxpayer personal identification numbers

Remember that filing your income statements on time and without errors is beneficial for employers and the IRS, since, in this way, the employer avoids penalties and the IRS has time to verify what taxpayers report on their tax returns, which helps prevent fraud.

-You may also like: Why you should NOT be among the first to receive the second stimulus check

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Headline USA

What to do if you haven’t received your second stimulus check from the IRS by January 15? | The State

Illustrative image of one of the stimulus checks distributed by the US Government.

Photo:
Thomas Cain / Getty Images

The Coronavirus Supplemental Appropriations in Response and Relief Act of 2021 under which the second round of $ 600 stimulus checks minimum states that the Internal Revenue Service (IRS) and the Department of the Treasury they must distribute most of the payments by January 15th.

But, in the event that due to lack of beneficiary information, the IRS has not been able to process your payment, you must claim it by filing a tax return in 2021 as a “Refund Recovery Credit” using Form 1040 or Form 1040-SR.

When to apply for the “Refund Recovery Credit”?

You can claim the Refund Recovery Credit if you are eligible for assistance but have not been issued an Economic Impact Payment.

Having received less than the amount of money that is due is another reason to request the disbursement of the money owed.

The people who did not receive the full payment, either because the IRS did not count the dependents is an example of the above.

“These forms can also be used by people who normally do not have the requirement to file a tax return, but are eligible to receive the credit,” specifies the IRS on its website.

Applies to those who did not receive the $ 1,200 check under the CARES law

People who did not receive the money from the first round of $ 1,200 provided under the CARES law or the IRS disbursed a lower amount than the corresponding amount may also request the money owed through the tax credit.

As part of the distribution of the first stimulus check, the IRS enabled the “Non-filers” tool until November 21 for applicants to enter their personal information to expedite the processing of late payments. But, at the moment, that service is not available.

The IRS began direct deposits for the second round of stimulus checks this week. The process of distributing the funds is expected to last until January with the sending of paper checks and prepaid debit cards.

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