Commentary Next month, the U.S. Postal Service will be busier than usual. Not because of late Christmas cards or thank-you letters, but because of the extra Form 1099-Ks the IRS will be mailing out. Under the American Rescue Plan, third-party payment facilitators like Venmo, eBay, Etsy, and Airbnb are now required to send Form 1099-Ks…
New IRS Requirement Raises Questions About Vow to Expand Audits Only on ‘Rich’
December 28, 2022
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Are More Audits in Taxpayers’ Future?
By Joy Taylor From Kiplinger’s Personal Finance Question: Why did Congress give the IRS (Internal Revenue Service) so much more money? Does this mean we all will be subject to more audits? Answer: The rising tax gap is one reason the IRS asked for $80 billion in extra funds—and got it. The tax gap is…
What Are Your Options If You Can’t Pay the IRS?
In this economy, tight budgets may make it challenging to pay income taxes. This is true especially if you owe thousands of dollars. But what do you do if you can’t pay those taxes? Don’t go into a panic; you do have some options. File Regardless of Taxes Owed It can be alarming to realize…
‘Early Filers’ Should Wait to Send Tax Return in 2023: Here’s the Key Reason Why
Some people who are aiming to file their 2022 tax returns early next year received new advice from the Internal Revenue Service that said that they need to wait for “key documents” before filing. The reason why, the agency said, is because some people might be receiving a Form 1099-K for the first time due…
Americans Might Be in for a Tax ‘Refund Shock’ Next Year: Analyst
Millions of Americans could face a “refund shock” when they file their taxes next year because a number of pandemic-related programs are set to expire or have expired, said an analyst. Data from the Internal Revenue Service (IRS) shows that the average refund taxpayers got back for their 2021 taxes was about $3,200, or some…
IRS Issues Another Tax Warning to Americans Who Made More Than $600 Online
Independent contractors who made money via online services will have their income reported to the Internal Revenue Service (IRS) starting in 2023, the agency said in a second warning issued Tuesday. People who made money via eBay, Etsy, Poshmark, Uber, and other digital services will face the new scrutiny and rules. It applies to anyone who…
Orange County Goes Democrat
December 5, 2022
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Commentary For the first time in more than four decades, Democrats hold a majority on the Orange County Board of Supervisors, 3-2. Trending “purple” for the last two decades, OC now is moving directly into “blue” territory, the “red” increasingly being left behind. That’s after Supervisor Katrina Foley won reelection against former state Sen. Pat…
Orange County Board of Supervisors Goes Democrat
December 5, 2022
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Local NewsOpinionOrange CountyOrange County CommunityRegional-Local NewsSouthern CaliforniataxesUSViewpoints
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Commentary For the first time in more than four decades, Democrats hold a majority on the Orange County Board of Supervisors, 3-2. Trending “purple” for the last two decades, OC now is moving directly into “blue” territory, the “red” increasingly being left behind. That’s after Supervisor Katrina Foley won reelection against former state Sen. Pat…
Retiring? These States Won’t Tax Your Distributions
It can be difficult to afford retirement, especially when your retirement income is taxed. In addition to taxing Social Security benefits, the federal government taxes income from 401(k) retirement plans, traditional IRAs, and pensions. Additionally, most states tax retirement income to some extent. A dozen states, however, do not tax 401(k)s, IRAs, or pensions, which…
How to Maximize Your Tax Exemptions
Since tax time is rapidly approaching, you are probably thinking about how to reduce taxable income. Although you may have been thinking about it all year, there may still be time to lower your taxes even more before the year’s end. One of the best ways is to take advantage of tax exemptions and credits….
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