While many people have different opinions on whether taxes are too high or too low, before taking a side you should learn the basics on how taxes work.
From the Red Carpet to The Red Ink of the I.R.S.
The IRS charges many penalties for not following tax rules. Even many celebrities have had to pay the penalties for not following the rules. This makes it very important to make sure to follow the tax code as closely as possible.
Check-Up On Your Paycheck!
It may seem that Americans pay taxes on one day in the year, but they are actually paying it every time they get their paycheck. This causes a lot of confusion about whether or not you will receive a refund on tax day.
It's important to check your paystub, as over 50% of workers in the US have had an issue with it at some point in their career. Look for any deductions and work benefits to make sure everything is right.
Reason for the Season
The amount of money donated to charity in the US dropped since the new tax laws no longer give tax benefits for donating to charity. There are still reasons to give to charity that benefit yourself, like increasing happiness.
IRS Lowers Taxpayer Stress
In March of 2020, the US Treasury made an announcement about filing taxes for the 2019 tax year, changing the tax filing deadline to the summer. This was a part of the government's attempt to help Americans struggling financially through the Coronavirus pandemic.
A Taxing Surprise
While 2020 was shocking in many ways, it is stil shocking us even in 2021. This week we take a look at 3 ways that many Americans were surprised by their tax returns from 2020 as they prepared to file in early 2021.