In a nutshell? Expiring provisions of the tax code.
Tag Archives: EITC
Hell Bent?
Here’s a scoop. Personal tax filing is now barred until 27 January Lincoln’s Birthday (12 February; hot off the press RIGHT now). (Business entities can file now.) Each and every year it gets later! But, that’s not the whole story- many states won’t finalize their forms until the 5th of February, so there may be further delays barring your tax filing.
CARES Act 2. Or what a 5593 page law doth bring (Part 3)
It takes some time to summarize a 5593 page law. Today, we’ll finish up the tax provisions. These are for individual taxes. (You can find Part 1 and Part 2 here.)
Continue reading CARES Act 2. Or what a 5593 page law doth bring (Part 3)
Who’s that knocking at the door?
OK. So, everyone has finally filed their 2018 taxes.
What? You haven’t? Well, if you received a W-2 or a 1099, that is the absolutely most likely method to find yourself a target for the IRS. Because the system is designed to match every 1099 and W-2 filed with a tax return. And, if you received a 1099 showing you earned $ 20,000 in income- and you haven’t filed your taxes, you can expect a bill from the IRS for at least $ 4000. (You would receive a CP2000 Automated Underreporter [AUR] Notice from the IRS.) Not that you owe that much- because you probably have expenses to counterbalance that revenue – but because the IRS wants to scare the living daylights out of you.
Another One Chimes In…
So, a few weeks ago, I reported that the social contract between business and its employees, between business and its communities may find itself revived. You know, the one that was abrogated under the prodding of Dr. Milton Friedman.
Sorry, Warren- that is a terrible idea
I read Warren Buffett’s piece, Better than Raising the Minimum Wage, in Friday’s Wall Street Journal. I expected better from Mr. Buffett, who has generally come across with better taxation and income ideas publicly. This piece is not up to his normal standards- because it is yet another method to have the US citizenry subsidize the actions of moderate and larger sized businesses.