In this article PYPL EBAY Getty Images All that money you make selling stuff online? Don’t overlook the taxman. Depending on your situation, it’s possible that you’re generating income that the IRS wants to know about. And if you’re an ongoing seller, be aware that it could become harder after this year to avoid income-reporting
Personal finance
Me in my new living room. Source: Janna McPartland When I was 25, and knew nothing about pandemics, I made a list in a small notebook of the things I hoped to achieve in my life. One of those goals was, “To live in my own apartment by 37.” Some people may wonder: Why did
elenaleonova | E+ | Getty Images A quirk in eligibility rules for a new unemployment tax break may lead some married couples to wonder whether they should file separate returns, even if they typically file jointly. The short answer: Filing separately may make sense in some cases, especially when each spouse can get the maximum
Student loan borrowers may see more relief still in the pandemic. ViT Postman | iStock | Getty Images Many people with federal student loans won’t be able to claim a popular deduction on their taxes this year. Around 12 million taxpayers take advantage of the break known as the student loan interest deduction, which allows
In this article IRSA3-AR Luis Alvarez | DigitalVision | Getty Images Americans can get a tax break this filing season for masks, hand sanitizer, sanitizing wipes and other personal protective equipment to prevent the spread of Covid-19, the IRS announced Friday. The tax code lets taxpayers deduct medical costs that exceed 7.5% of their adjusted
Grace Cary Washington has issued stimulus checks to about 127 million households over the past two weeks. Some payments went to those who didn’t need the money. But that’s not necessarily bad — the answer largely depends on one’s view of check targeting and how easily that can be achieved. The concept of trying to
John Smith | Corbis News | Getty Images The latest round of $1,400 stimulus checks is making its way to eligible Americans. Now, those people have an important decision to make — what are they going to do with the extra money? For some, the cash will be used to bet on the market in
zimmytws | iStock | Getty Images The Social Security Administration has sent information to the IRS that will help clear the way for almost 30 million people to receive their $1,400 stimulus checks, lawmakers said on Thursday. The development comes after Democratic leaders on the House Ways and Means Committee gave the agency 24 hours
Illustrative image of two commemorative bitcoins seen in front of the Tesla car logo. Artur Widak | NurPhoto | Getty Images You may be aware that you can now purchase a Tesla using bitcoin. If the idea appeals to you, here’s a twist: the taxman will be hovering with palm out. When you use bitcoin
Samuel Corum/Bloomberg via Getty Images The IRS had a backlog of almost 12 million paper tax returns from individuals and businesses as of Christmas, according to a report from the Treasury Inspector General for Tax Administration. As a result, many taxpayers may not have gotten refunds owed from last year’s filing season, the watchdog said
Wednesday is Equal Pay Day, a reminder of the persistent income inequality between men and women. Currently, women earn just 82 cents for every dollar earned by men, according to an analysis of U.S. Census Bureau data by the National Women’s Law Center. As a result, March 24 marks just how far into the new year full-time
Lakeesha Brown splits custody of her daughters 50/50 with her ex-husband. CNBC When single mom Lakeesha Brown got divorced six years ago, she opted to forgo child support and instead split custody of her two young daughters with her ex-husband. It was the best decision she made, said Brown, 43, who lives in Farmington, Connecticut,
Seniors, who are 65 and over, wait in line at the Department of Health Sarasota COVID-19 vaccination clinic in Sarasota, Florida, U.S. January 4, 2021. Octavio Jones | Reuters As $1,400 Covid stimulus checks go out, some lawmakers are expressing concern that recipients of Social Security and other federal benefits have yet to get the
House Speaker Nancy Pelosi, a Democrat from California, wear protective masks while speaking during an event in the Rose Garden of the White House in Washington, D.C., on Friday, March 12, 2021. Jim Lo Scalzo | Bloomberg | Getty Images Democrats may soon be raising taxes on the rich, as lawmakers pivot to priorities beyond
LaylaBird The U.S. Labor Department launched a website Monday to help Americans report identity fraud linked to unemployment benefits. Unemployment fraud has surged during the Covid pandemic. Much of it is linked to organized crime rings that bought identity information stolen in past data breaches, according to the labor bureau. Criminals use this data to
Getty Images New $1,400 stimulus checks could be landing in your mailbox soon. Government agencies including the Treasury Department, IRS and Bureau of the Fiscal Service on Monday announced a second batch of payments will be sent this week. While that includes more direct deposit payments, it also includes a large number of mailed paper
An H&R Block office in San Francisco, Calif. David Paul Morris/Bloomberg via Getty Images TurboTax and H&R Block updated their online software to account for a new tax break on unemployment benefits received last year, according to company officials. However, state tax returns may still be a source of trouble for some taxpayers filing electronically.
When it comes to handling money, many people aren’t sure exactly how to start. Women are even further behind than men, making less on average and saving and investing less. They also don’t have as much confidence in investing as men, research shows. With women living, on average, longer than men, it’s imperative that they
Getty Images Watching your retirement account grow can be exhilarating. However, if it’s a 401(k) or individual retirement account holding pre-tax contributions, don’t forget Uncle Sam owns a portion of the balance you see. “All too often, investors look at their traditional 401(k) statement forgetting that they have a partner invested there alongside them,” said
Tetra Images | Getty Images Stimulus checks aren’t the only cash infusion hitting U.S. households. On top of those $1,400 direct payments going to most adults, more than 42.5 million tax refunds were issued in the first four weeks of the tax season, which started Feb. 12, according to data released by the IRS on