In this Thursday, May 30, 2019, file photo, President Donald Trump talks with reporters before departing on Marine One, in Washington. The majority owner of a former Trump-branded hotel in Panama alleged in a court filing on Monday, June 3, 2019, that the U.S. president's company misrepresented finances of the building to evade taxes in the country. (AP Photo/Evan Vucci, File) NEW YORK -- The majority owner of a former Trump-branded hotel in Panama alleged in a court filing Monday that the U.S. president's company misrepresented finances of the building to evade taxes in the country. A filing in New York federal court by property owner Orestes Fintiklis alleges that President Donald Trump's hotel management company evaded Panama's income and social security taxes when it managed the former Trump Ocean Club International Hotel & Tower. The new accusations are part of a protracted dispute between Trump's company and Fintiklis, the majority owner of the 70-story, seaside, … [Read more...] about Filing claims Trump firm evaded taxes tied to Panama hotel
Withheld social security tax
provided by Published 9:00 am CDT, Monday, March 25, 2019 MoneyTips 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 $66,000), 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 … [Read more...] about Are My Social Security Benefits Taxable?
provided by Published 3:00 pm CST, Monday, February 4, 2019 MoneyTips Every direct employee of a company should receive a W-2 form in January. The W-2 is the base document that defines your tax obligations, so it is important that you review and understand yours. However, some people are confused by some of the form's numbers — for example, why the wage listed on a W-2 form does not always match their salary — and simply fill in the information from each box into their tax forms without giving it a thorough review to verify that the information is correct. Employers can and do make mistakes on W-2s, and these errors can cost you money as well as time and effort to correct downstream tax ramifications. Let's take a look at the W-2 form in a bit more detail. Understanding Your W-2 Tax Forms First, verify the pertinent baseline information in the spaces labeled with letters, namely your Social Security number and both addresses (yours and your employer's). … [Read more...] about Is Your W-2 Tax Form Less Than Your Salary?
Susan Tompor and Janna Herron Detroit Free Press Published 6:00 AM EST Jan 25, 2019 Sitting down to do your taxes in the next few weeks — or talking with your tax preparer — will involve tackling the most sweeping changes in the federal income tax rules in more than 30 years. Tax filers need to keep in mind that more than 600 changes took place under the Tax Cuts and Jobs Act, which was passed by Congress in late 2017. All those changes even drove some industry experts to raise concerns early on about possible delays to the typical late January start of the tax season — and that was long before the federal government shutdown hit on Dec. 22. Even so, the Internal Revenue Service promises to kick off tax season as of Jan. 28, the earliest date you can file your returns. Will things end up being simpler? Maybe, if you’re able to tap into a substantially expanded standard deduction and you no longer must string together all sorts of receipts … [Read more...] about When to file your taxes and what new rules to expect
provided by Published 3:00 pm CST, Friday, January 18, 2019 MoneyTips The Earned Income Tax Credit (EITC) is a program designed to provide tax relief for American workers with low-paying jobs. Could you qualify for this tax credit? If you have a relatively low income, take some time to find out. Earned Income Tax Credit Qualification Some eligible taxpayers miss out on EITC savings because they have no taxes withheld and think that they cannot possibly qualify. However, EITC is a refundable tax credit, meaning that even if you owe no taxes you may be eligible to get money back — as long as you file a tax return. You cannot qualify if you do not file. But if you do file, and owe no taxes, you may get a check from Uncle Sam anyway! To claim this credit, you must meet certain requirements. First, you must have earned income. Generally, this refers to wages, salaries, tips or self-employment income. Other earned income sources include long-term disability benefits … [Read more...] about Do You Qualify For An Earned Income Tax Credit?