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Tax Season Is Under Way. Here Are Some Tips To Navigate It.
NEW YORK — Tax season began Monday, and for many filing US tax returns — particularly those doing so for the first time — it may be a difficult chore that is sometimes pushed until the last minute. But, if you want to escape the stress of the approaching deadline, get organised as soon as possible.
Whether you do your taxes, go to a tax clinic, or hire a professional, navigating the tax system may take time and effort. Courtney Alev, Credit Karma’s consumer financial advocate, suggests you take it easy on yourself.
“Take a breath. Take some time, set out an hour, or work through it over the weekend. “You’ll hopefully realise that it’s much simpler than you think,” Alev added.
If you need more clarity on the process, there are numerous free tools available to assist you navigate it.
Here’s what you should know:
When is the deadline for filing taxes?
Taxpayers have until April 15 to file forms for 2023.
What do I need to do to file my tax return?
While the required documents may vary by situation, here is a broad outline of what everyone needs:
—Social Security Number
– W-2 documents, if you are employed.
– 1099-G if you are unemployed.
— 1099 paperwork if you are self-employed.
—Investment and savings records
—Any allowable deduction, such as educational costs, medical bills, charitable contributions, etc.
—Tax credits, such as the child tax credit and the retirement savings contribution credit.
The IRS website provides a more detailed document list.
Tom O’Saben, director of tax content and government relations at the National Association of Tax Professionals, recommends gathering all of your paperwork in one location before beginning your tax return and having your records from the previous year if your financial status has significantly altered.
To protect themselves from identity theft, O’Saben recommends taxpayers create an identity protection PIN with the IRS. Once you’ve created a number, the IRS will require it when you file your tax return.
How Do I File My Taxes?
You can file your taxes online or on paper. However, there is a significant time gap between the two methods. The IRS can process paper filings for up to six months, whereas electronic filings take only three weeks.
WHAT RESOURCES ARE THERE?
For those earning $79,000 or less yearly, the IRS provides free guided tax preparation that handles your arithmetic. If you have any issues while completing your tax forms, the IRS has an interactive tax aid tool that can provide answers depending on your information.
Aside from famous corporations like TurboTax and H&R Block, taxpayers can use licenced professionals such as certified public accountants. The IRS provides a directory of tax preparers around the United States.
The IRS also finances two programs providing free tax assistance: VITA and Tax Counselling for the Elderly (TCE). People who earn $64,000 or less per year, have disabilities, or speak little English are eligible for the VITA programme. People over the age of 60 are eligible for the TCE programme. The IRS has a website where you may find organisations that host VITA and TCE clinics.
If you have a tax problem, clinics nationwide can help you handle it. These tax clinics typically provide services in multiple languages, including Spanish, Chinese, and Vietnamese.
HOW CAN I AVOID MISTAKES ON MY TAX RETURN?
Many people are concerned about getting in trouble with the IRS if they make errors. Here’s how to avoid some of the more popular ones:
—Confirm your name on your Social Security card.
When working with customers, O’Saben always requests that they bring their Social Security cards to double-check their number and legal name, which can change when people marry.
“You may have changed your name, but you didn’t change it with Social Security,” he remarked. “If the Social Security number doesn’t match the first four letters of the last name, the return will be rejected, and that will delay processing.”
—Look for tax statements if you’ve opted out of paper mail.
Many people prefer to avoid receiving snail mail; however, doing so may result in your tax paperwork being included.
“If you didn’t get anything in the mail doesn’t mean that there isn’t an information document out there that you need to be aware of and report accordingly,” he said.
—Be sure to record all of your income.
If you worked more than one job in 2023, you’ll need the W-2 forms for each.
What about the Child Income Credit?
Last month, Congress announced a bipartisan deal to expand the child tax credit. The tax credit is $2,000 per kid, with just $1,600 refundable. The plan would gradually boost the maximum refundable child tax credit to $1,800 for 2023 tax returns, $1,900 the following year, and $2,000 for 2025 tax returns.
According to the Centre for Budget and Policy Priorities, if this deal is implemented, around 16 million low-income children will benefit from expanding the child tax credit. Lawmakers hope to move this bill as quickly as feasible.
What if I make a mistake?
Mistakes happen, and the IRS takes a different response in each case. In general, if you make a mistake or leave something out of your tax returns, the IRS will audit you, according to Alev. An audit indicates that the IRS will ask for additional documentation.
“Generally, they are quite understanding and willing to collaborate with others. “You won’t be arrested if you type in the wrong field,” Alev stated.
What if it has been years since I filed?
You can file taxes late; if you were expecting a refund, you may still receive it. If you last filed years ago and owe money to the IRS, you may face penalties, but the agency can work with you to set up payment plans.
How Can I Avoid Scams?
Tax season is a perfect time for tax scams, according to O’Saben. These frauds can be delivered via phone, text, email, or social media. The IRS does not use any of these methods to reach taxpayers.
Tax preparers can sometimes be fraud perpetrators, so ask many questions. According to O’Saben, this could be a warning sign if a tax preparer tells you you will receive a greater refund than in past years.
If you need help seeing what your tax preparer is doing, request a copy of the tax return and ask questions about each entry.
How long should I keep copies of my tax returns?
It’s usually a good idea to preserve a record of your tax returns in case the IRS audits you on something you reported years ago. O’Saben recommends retaining copies of your tax returns for up to seven years.
How Do I File a Tax Extension?
You can request an extension if you run out of time to file your tax return. However, remember that the extension only allows you to file your taxes, not pay them. Pay an estimated amount before the deadline to avoid penalties and interest if you owe taxes. If you expect a refund, you will still get it when you file your taxes.
Filing an extension gives you till October 15 to file your taxes. You can file for an extension using your preferred tax software or preparer, the IRS Free File tool, or by mail.
What happens if you file your taxes late?
You may face several fines if you miss the tax deadline and do not file for an extension. If you miss the deadline, you may face a failure-to-file penalty. According to the IRS, the penalty will be 5% of the unpaid taxes for each month the tax return is late.
You will face a failure-to-pay penalty if you owe taxes and fail by the deadline. Interest will be levied on both outstanding taxes and penalties. If you are eligible for a refund, you will not be penalised and will get your tax return payment. If you had unusual circumstances that prevented you from filing or paying your taxes on time, you may be entitled to waive or decrease your penalty.
You can apply for a payment plan if you owe too much in taxes. Payment options will allow you to repay over time
SOURCE – (AP)
Business groups are urging Justin Trudeau’s government to stop labor unrest at Canada’s main ports, as it did with railways in August, to avoid supply chain disruptions.
Hundreds of dock foremen in British Columbia ports have been on strike for a week. On Sunday, employers at Montreal’s port locked out 1,200 unionized workers after they rejected a contract offer that promised a 20% salary raise over six years.
Businesses report that the work disruptions are harming ports that handle approximately C$1.2 billion ($860 million) of products daily. They want Labor Minister Steven MacKinnon to refer the case to the Canada Industrial Relations Board, which can send the parties to arbitration to settle the disagreement.
He used that technique over two months ago to halt labor stoppages at Canada’s two main railways. However, the government’s use has sparked resentment among some unions.
The Teamsters Canada Rail Conference has filed a court challenge, claiming that the government’s actions in the railway conflict set a dangerous precedent by breaching workers’ constitutional rights.
Soon after, the pro-union New Democratic Party ripped up a legislative arrangement in which it committed to vote with Trudeau’s Liberals to advance critical legislation.
It’s unclear whether the government currently has enough support to enact a back-to-work law, which would be required to end the port issue.
According to Michel Murray, a Montreal Longshoremen’s Union representative, the port employers “act as bullies,” and refusing to talk indicates that “they clearly want the federal government to intervene.”
“Nearly C$6 billion worth of goods are expected to arrive at the port over the next two weeks,” Michel Leblanc, CEO of the Chamber of Commerce of Metropolitan Montreal, said in a statement. “The urgency is real.”
Goldy Hyder, CEO of the Business Council of Canada, stated that the conflicts “continue to weaken Canada’s economy and tarnish its reputation as a reliable trading partner.”
“Canada’s ports will continue to lose market share if the country’s reputation for labor instability is not corrected soon,” Hyder wrote in a letter to MacKinnon and Transport Minister Anita Anand on November 9.
According to a group of port employers, the Montreal offer would have increased the average dockworker’s pay by more than C$200,000 annually.
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(VOR News) – Amazon has verified that employee data was stolen to the extent that it was compromised as a result of a “security event” that took place at a third-party vendor. The event brought about the compromise of data.
According to a statement that was provided to TechCrunch on Monday, the information that pertains to Amazon employees was revealed as a result of a data breach. This information related to Amazon employees was disclosed.
Amazon spokesman Adam Montgomery issued the statement.
When it comes to Amazon’s or Amazon Web Services (AWS) systems, there have been no security breaches that have taken place, and we have not encountered any security problems. An incident that occurred at one of our property management providers and included security was brought to our attention over the course of the investigation.
This problem had an effect on a number of the company’s customers, including Amazon, and we were informed about it. Other customers were also affected. Montgomery asserts that the only information that was disclosed was that of the work contact information of Amazon workers. As far as Montgomery is concerned, there was no further breach of security.
Among the things that were listed in this category were things like work email addresses, desk phone numbers, and the locations of buildings.
The number of employees who were affected by the security vulnerability has not been acknowledged by Amazon, nor has the total number of employees who were affected been released.
Additionally, it was stated that the third-party vendor, which was not named, does not have access to sensitive data such as Social Security numbers or financial information. This information was described as being kept confidential. The information in question was not made public. The vendor has reportedly fixed the security flaw that was responsible for the data breach that took place, according to reports that were received.
Hackers said they posted Amazon data on Breach Forums. It has been determined that the information in question is accurate as a consequence of this declaration. Additionally, the individual alleges that they have more than 2.8 million lines of data, which they allege was stolen during the mass-exploitation of MOVEit Transfer that took place the previous year.
Using the alias “Nam3L3ss,” the threat actor claims that they have disclosed information that was purportedly taken from twenty-five big corporations, as indicated in a study that was carried out by the cybersecurity company Hudson Rock. The analysis was done by Hudson Rock.
The assumption that the threat actor makes is that “the data that you have seen up to this point is less than .001% of the total data that I possess.”
This is the Amazon assertion that they make.
The public will have access to one thousand releases that have never been seen before in the history of record releases. The journal TechCrunch has attempted to get in touch with the other firms that were identified by the threat actor; however, the magazine has not yet received any additional responses to the inquiries that it has made.
It was the MOVEit breach, which took place in 2023, that was the most catastrophic breach that ever took place. The file-transfer software that was developed by Progress Software was vulnerable to a zero-day vulnerability, which allowed attackers to take advantage of the weakness and cause this breach.
More than one thousand businesses were impacted by these incursions, and it is believed that the notorious Clop ransomware and extortion ring was responsible for them. Through the utilization of ransomware, hacks were successfully carried out.
Not only did the data breach affect the Oregon Department of Transportation, which had 3.5 million pieces of information stolen, but it also affected the Colorado Department of Health Care Policy and Financing, which had four million pieces of information stolen, and Maximus, which is a giant in the United States government services contracting market, which had 11 million pieces of information stolen.
SOURCE: TC
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(VOR News) – The following day, Bitcoin achieved a new record high as a consequence of traders’ wagers on the potential benefits of Donald Trump’s return to the White House for the cryptocurrency.
This was an additional factor contributing to Bitcoin’s recent record-breaking performance.
This resulted in Bitcoin’s first-ever record-breaking high.
The digital currency’s inaugural transaction, valued at eighty thousand dollars, was executed one hundred twenty minutes after twelve o’clock in the afternoon (1200 GMT). This occurred shortly after the timepiece reached twelve.
The conviction that President Trump may reduce laws on digital currencies has increased as a result of his victory in the presidential election that occurred in the United States on Tuesday. This conviction has been bolstered by his election victory. Since the election was won by the Republican nominee, Trump, this mentality has been gradually cultivated.
On Wednesday, the price of bitcoin achieved a new all-time high of $75,000, surpassing the previous all-time high of $73,797.98, which was achieved in March. This item has attained the highest price to date.
It was widely believed that Trump was the politician who embraced Bitcoin during his campaign against Kamala Harris, the Democratic Party candidate. Harris was a candidate for the Democratic Party in the Senate campaign.
Donald Trump employed the term “hoax” to describe cryptocurrencies during his inaugural tenure as president of the United States. However, in the time that has passed since then, he has experienced a substantial change in his viewpoints, which has even resulted in the creation of his own committee platform.
In addition to his pledge to establish the United States of America as the “bitcoin and cryptocurrency capital of the world,” he has also committed to appointing Elon Musk, a tech entrepreneur and right-wing conspiracy theorist, to the role of overseeing a comprehensive investigation into the government’s wasteful practices.
Both of these commitments are components of his strategy to enhance the prosperity of the United States of America. It is crucial to acknowledge that he has made a commitment to both of these.
The administration of President Trump was responsible for the reduction of corporation taxes, which resulted in an increase in market liquidity and facilitated the investment in high-growth assets, such as cryptocurrencies. Through the administration of President Trump’s predecessor, this was accomplished.
The previous administration benefited from a decrease in the tax rate for Bitcoin companies.
In September, President Trump announced that he, his sons, and other organizations would be creating a digital currency platform known as World Liberty Financial. The development of this platform would also incorporate the participation of other businesses. The network would facilitate the conversion of digital currency into corporeal currency.
Nevertheless, it experienced an unsuccessful sales launch earlier this month, with only a small percentage of the tokens that were placed on the market being purchased by consumers. This incident transpired earlier this month. From this, it is possible to infer that the launch was unsuccessful.
Cryptocurrencies have been the subject of numerous news articles since their inception. The FTX exchange platform is the most notable of the numerous industry stalwarts that have fallen, and these stories have covered a wide variety of subjects, including the immense volatility of their pricing. Numerous topics have been addressed in these narratives.
According to reports that circulated in the days preceding the election, he made history by becoming the first former president to utilize bitcoin to conduct a transaction. Donald Trump achieved historical significance by conducting a transaction using bitcoin. This could be considered a significant accomplishment.
He accomplished this by purchasing hamburgers from a restaurant in New York City, which characterized the transaction as “historic.” He succeeded in achieving these objectives. Because of this opportunity, he capitalized on it.
Bitcoin, a digital currency, is transacted on the market every day of the week, including Sundays.
SOURCE: TET
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