IR-2021-97, April 29, 2021
WASHINGTON The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations.
Gig economy
The gig economy refers to income earned providing on-demand work performing services or selling goods, including driving a car for booked rides or deliveries, renting out property, selling goods online or freelance work. Often, customers and service providers or sellers are brought together through a digital platform on an app or website. Visit the Gig Economy Tax Center on IRS.gov to learn more about withholding and estimated tax requirements for these types of earned income and paid services.
Steer clear of typical tax return errors; May 17 deadline nears el-observador.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from el-observador.com Daily Mail and Mail on Sunday newspapers.
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Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits.
If you receive Social Security or Social Security Disability Insurance (SSDI) income, you will also receive a Form SSA-1099 from the government. This form tells you the total amount of your benefits but does not tell you if any of your benefits are taxable, or at what percentage.
You can IRS Free File to e-file your return (if you make no more than $72,000), and the software will figure the taxable component of your benefits for you. However, you can get a reasonable estimate by combining half of your Social Security benefits with all other income (including tax-exempt interest) and comparing it to the base amounts that are excluded from tax. Anything over the b
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Tax season 2021: Avoid these 8 costly and common errors
Updated Mar 09, 2021;
Posted Mar 09, 2021
Avoid these common and costly errors when filing your 2020 tax returns this year. (Renee Kiriluk-Hill | Hunterdon County Democrat)
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STATEN ISLAND, N.Y. With the 2021 tax filing season underway, the Internal Revenue Service (IRS) is reminding taxpayers to steer clear of common and costly errors when filing their tax returns this year.
The deadline to file a 2020 tax return and pay any tax owed is Thursday, April 15. More than 150 million individual tax returns for the 2020 tax year are expected to be filed, with the majority of those coming before the tax deadline. Last year’s average tax refund was more than $2,500.