Should I gift money to my children, or let them inherit?
How can I decide if I should start taking out more to gift to my three children now rather than have them wait for an inheritance? If favorable, it may make sense for you to do a Roth conversion now and then withdraw and gift or bequeath the Roth IRA to your children, he said. Estate and Inheritance taxes will also play a role in the calculation depending on how large your total estate is. “Currently estate taxes are only due if the estate is larger than $12.06 million or $24.12 million for a married couple which is the lifetime exclusion for gift and estate taxes, however that is set to revert to less than half in 2026,” he said. “If you want to gift smaller amounts in your lifetime without eating into your lifetime exclusion amount, you can gift $16,000 to each of your children, which is the annual exclusion for gift taxes in 2022.”Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com.mlive.com
I haven’t filed taxes for 5 years. What should I expect?
Q. I haven’t filed taxes for five years. Here’s what to expect:Most taxpayers are required to file a tax return each year. To prepare prior years’ tax returns, you will need tax documents such as W-2s and 1099s, she said. When filing returns for prior tax years, you need to use the appropriate form for that tax year. “Filing your current and past-due tax returns is a major undertaking and we highly recommend that you engage a tax professional to assist you,” Cirignano said.mlive.com
Tax season is over but the frustration about filing isn't.
The tax deadline has passed but the frustration hasn't for many taxpayers who file for an extension, couldn't file electronically, never did reach anyone by phone to address their issues, or who are still waiting for their 2020 refunds from the IRS.washingtonpost.com
Six charged, including two from Dearborn, with tax conspiracy and wire fraud
To disguise his ownership of the entities, Angelo allegedly designated nominee owners over some of the entities. Hassan Kamal Fayad, Mirna Kamal Fayad, Mann, Quartz, Rosina Angelo and others allegedly helped Angelo operate the entities. Hassan Kamal Fayad — a resident of Dearborn and Detroit and the brother of Mirna Fayad. Mirna Kamal Fayad — a resident of Dearborn and the sister of Hassan Fayad. Angelo allegedly directed these individuals to contact crash victims and offer them services provided by Angelo’s network of entities.arabamericannews.com
House lawmakers launch investigation of face-scan contractor ID.me
The House probe marks an escalation of years of controversy over the government’s growing reliance on facial recognition, which boiled over earlier this year after the IRS said it would require Americans to scan their faces in order to access their IRS tax accounts.washingtonpost.com
Don’t forget crowdfunding, cryptocurrency and gig dollars on your taxes
In addition to wages, salaries, bonuses and tips, taxpayers need to include income that comes from other sources. The IRS says taxpayers who collected at least $20,000 from more than 200 donations should file information from their 1099-K. Related: Need tax help? Any transaction involving virtual currency, like Bitcoin, Ethereum and other cryptocurrencies, should be reported at the top of tax Form 1040 and Form 1040-SR. Money from part-time work, that’s paid in any form or not reported on an income statement is subject to taxes.mlive.com
Feds launch website for claiming part 2 of child tax credit
The White House and Treasury Department launched a revamped Child Tax Credit website meant to help people who were eligible for the expanded tax credit under last year’s pandemic relief bill claim the second half of the payment they were due.
Leak of billionaires' tax data draws GOP outcry over privacy
Republicans in Congress are alarmed by the leak of confidential IRS data to ProPublica that has enabled the investigative news organization to reveal that famous billionaires including Warren Buffett, Bill Gates and Mark Zuckerberg paid little in U.S. income tax at times.