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19 tweets about doing taxes to read while you procrastinate doing your taxes

“Good luck out there, and here’s hoping next tax season will suck a lot less” writes Nicole Gallucci for mashable.com. We regret to inform you it’s tax season once again.If you loathe doing your taxes or are lost on how to get started, here are 19 relatable tweets to take comfort in reading while you fail to file.If you’re a tax procrastinator, you’re not alone, and while we definitely won’t do your taxes for you, we’d love to help entertain you while you agonize over them.Filing taxes is an extremely…

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If you usually do your own taxes, this might be the year to hire a pro

“But for many taxpayers used to doing their own taxes, this could be the year to pull the plug on software and hire a human tax preparer” writes Tina Orem for marketwatch.com. One reason some may abandon their tax pro this year is that the standard deduction has increased to $12,000 for single filers, $18,000 for heads of household and $24,000 for joint filers.DIYers who are heavy itemizers might think about calling a tax pro this year, too.See: You need to pay your taxes quarterly if… “This is where it…

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Stealth taxes cut child benefit and leave families worse off, IFS warns

“Stealth taxes are forcing more people into higher tax brackets and cutting child benefit payments because the thresholds are not moving in line with inflation or wages, the Institute for Fiscal Studies has warned” writes Tim Wallace for telegraph.co.uk. As the ageing population puts more strain on the health and pensions budgets, its likely the Government will have to impose significant further tax rises on high and middle earners in the years ahead.Relying on inflation to pull more people into higher tax brackets means families are paying more tax even though…

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Mnuchin says GOP overhaul raised his taxes

“Treasury Secretary Steven Mnuchin told Congress Thursday that his taxes increased as a result of the 2017 Republican-passed tax law” reports washingtonexaminer.com. But Mnuchin would not answer a follow-up question as to whether he saw an increase in his federal tax rate, rather than his combined federal, state tax rate. “I’d have to look at that,” said Mnuchin.The 2017 tax reform law capped the federal deduction for state and local taxes paid, or SALT, at $10,000 per year.Under an over 90-year-old law, the heads of Congress’ tax-writing committees can request…

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GDP growth slows to post-crisis low but the deficit falls

“The economy is braced for its weakest growth since the financial crisis in 2009 as businesses slash investment until they know what is happening with Brexit” writes Tim Wallace for telegraph.co.uk. However, the deficit is still falling faster than expected because rising employment and surging pay is generating extra taxes. By 2023-24 the deficit will be down to £13.5bn, more than £6bn lower than the £19.8bn predicted in October’s numbers. “The economy ended 2018 growing a little less strongly than we expected in October,” said Robert Chote, head of the…

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Trump Wants EVs Tax Credit Gone. GM, Tesla Want It Expanded.

“Tesla and General Motors not only want to see the tax credit remain, but they also want it expanded beyond 200,000 vehicles” writes Bill Howard for extremetech.com. Most of the auto industry wants to see the tax credits continued.Critics of the tax credits say they want to see companies stand on their own feet.By the most amazing of coincidences, Tesla and GM are also the only two companies that have run through their allocation of 200,000 $7,500 tax credits and are in the one-year wind-down phase that provides partial credits.President…

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How would a tax on the ultra-rich affect you?

“The Ocasio-Cortez proposal would simply add a new tax bracket with a marginal tax rate of 70 percent for incomes over $10 million” writes Aol Staff for aol.com. Many of the richest people in America primarily owe their wealth to investments, translating to a much lower effective tax rate.But what about this wealth tax proposed by Elizabeth Warren, then?. Economists might continue to debate what effect that top tax rate had on economic growth for those periods — as they are wont to do — but the idea that the…

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How to pay taxes on investment income

“Interest income is taxed at your ordinary income tax bracket ranging from 12 percent up to 37 percent federal tax.”” writes Aol Staff for aol.com. An individual taxpayer can deduct up to $3,000 of capital losses in excess of capital gains against ordinary income each year.Investors calculating how much money they might need to save to pay taxes might run into some unknowns.The ordinary income tax rate can run as high as 37 percent.Some use the prior year’s tax return as a guide, especially if the investment income is expected…

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Want to lower your tax rate? Consider these 3 things

“At the end of 2025, most of the favorable 2017 tax rate changes will expire” writes Adam Grossman for marketwatch.com. Where you do have more control, however, is with your tax rate once you’re retired.But keep in mind that, historically, estate tax rates have seen more frequent and more significant changes than income-tax rates.Unless Congress acts to prevent it, personal tax rates will revert to 2017’s levels. Source: marketwatch.com

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