Tuesday August 16th 2022

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Posts Tagged ‘taxes’

Tax Time!

By MARY ELLEN KALUZA Tax season creates a lot of anxiety, even if you expect a refund. Filing seems to get harder every year. You’d think Congress would like to make it as easy as possible for us, but the poor IRS has been woefully underfunded for years, leaving the agency with seriously outdated technology and far fewer employees to process the hundreds of millions of tax returns they receive each year. Add a pandemic into the mess and… Hopefully this information can ease some of your anxiety. A Few Tips To Help Manage Tax Filing Whether you are doing your own taxes or having someone else prepare them, gathering all your information in advance will speed up the process. Find a list of most common info needed at electronically for faster processing.Choose to receive your refund by direct deposit to get it a month or more sooner.File early to beat the rush, and more importantly, to help prevent tax identity theft.This year’s filing deadline: April 18, 2022. Special For This Year Advance child tax credit payments: Families eligible for child tax credits need to be aware that advance payments already received in 2021 are subtracted from the total child tax credit you can claim on the 2021 tax return. Look for and save Letter 6419 mailed from the IRS.Economic impact payments (aka stimulus checks): If you didn’t receive any or all of the payments, you may need to file a tax return for 2020 for the first two payments and one for 2021 for the third payment. Look for and save Letter 6475 mailed from the IRS for the third payment information.Charitable deductions: We can deduct $300 (individuals) or $600 (married joint filers) of qualifying donations without itemizing deductions.  Thanks to Prepare + Prosper for gleaning much of this information from the IRS website and sharing it with us. (Saved me some mind-numbing reading!) Find the full list of IRS tax tips at: [...]

Scratch Your Head

Raise Your Voice By PETER MOLENAAR “The Rich Really Do Pay Lower Taxes Than You!” Such was a recent caption in the New York Times. For the first time, thanks to Trump”™s tax cut, the 400 wealthiest Americans now pay a lower overall tax rate than any other income group”¦ and some folks had the gaul to steal the election by casting their votes! Actually, wages have always been taxed at a higher rate than stock dividends, etc. Naturally then, for generations the ruling class has spawned progeny who inherit the lot without lifting a finger. Never mind that the value of a commodity is determined by the socially necessary labor time embodied in it, i.e., labor is the source of all wealth. What”™s this got to do with our neighborhood? Think “build back better” jobs, and note: the East Phillips Urban Farm has received something of a green light”¦ but what? The Republican Party is working overtime to blunt Biden”™s infrastructure vision in favor of “no new taxes". How then will a marketing professional and technical staff be paid if and when the farm is launched? The idea that capital gains taxes should be raised to the level of taxes on wages is a modest one. Even so, Republicans are keen to smash it and thereby blunt the rebuilding of our nation.  Standing to the left of Biden are senators Elizabeth Warren and Bernie Sanders who, with the support of progressive congress persons (note: Ilhan Omar is once again functioning under death threats) have proposed a special tax bracket for “ultra-millionaires”. The measure would provide some $3 trillion over 10 years for our people”¦ but no, not a chance with Republicans sucking up air. Obviously, were we in a revolutionary situation, the call for outright expropriation would be the patriot”™s demand. However, for the time being, two suggestions: 1.) elected [...]

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