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Tax Returns

All articles tagged with #tax returns

law1 year ago

Judge Criticizes Giuliani's Asset Delay Amid Legal Battles

A federal judge has allowed Georgia poll workers Ruby Freeman and Shay Moss to investigate Rudy Giuliani's claim that he gifted his Yankees World Series rings to his son, as part of their $148 million defamation judgment against him. The judge's order permits them to subpoena Giuliani's accounting firm for tax returns to verify the legitimacy of the gift. The rings are valued at over $200,000, and the judge has warned Giuliani of potential contempt proceedings if he fails to comply with property turnover requirements.

via ABC News|
#defamation#georgia-poll-workers#law
personal-finance1 year ago

"Biden and Harris 2023 Tax Returns: Key Takeaways for Everyday Taxpayers"

President Joe Biden and Vice President Kamala Harris released their 2023 tax returns, showing lessons for average Americans, including the impact of interest income, self-employment tax planning, and the importance of working with a tax professional for those with complex financial situations. The Bidens and the Harrises both earned most of their income from salaries, with interest income causing small estimated tax penalties. The Bidens reduced self-employment taxes through their S corporations, while taxpayers with self-employment income should consider the impact on future Social Security benefits. Working with a tax professional is recommended for higher earners with complex financial situations.

via CNBC|
#income-tax#joe-biden#kamala-harris
politics1 year ago

"Biden's 2023 Tax Returns Show $620,000 Income and 23.7% Federal Tax Rate"

President Biden and first lady Jill Biden released their 2023 tax returns, highlighting a federal adjusted gross income of $619,976 and emphasizing their commitment to transparency. This move is seen as a contrast to former president Donald Trump, who did not release his tax returns. Biden plans to use tax day to underscore differences in economic policies between himself and Trump, with a focus on benefiting the middle class. The released returns also show the Bidens' charitable contributions, while Vice President Harris and second gentleman Doug Emhoff reported a federal adjusted gross income of $450,299 and made charitable donations as well.

via The Washington Post|
#2024-election#biden#contrast
politics1 year ago

Bidens' 2023 Tax Returns: $620,000 Income and Contrasts with Trump

President Joe Biden and his wife reported a 7% increase in income to $619,976 for 2023, paying 23.7% in federal taxes, with most of their earnings coming from their jobs and additional income from investments and book royalties. Biden plans to deliver a speech on tax policy, advocating for higher rates for the wealthy. The couple donated $20,477 to charity, while Vice President Kamala Harris and her husband reported $450,380 in income, $88,570 in federal taxes, and $23,026 in charitable donations for 2023.

via NBC News|
#charitable-donations#income#joe-biden
politics1 year ago

Bidens Paid $147,140 in Federal Income Taxes on $620,000 Income in 2023

President Biden and first lady Jill Biden paid $146,629 in federal income taxes in 2023, with an effective federal tax rate of 23.7%, after reporting income of $619,976. This marks the 26th year that Biden has released federal tax returns. The Bidens' joint income in 2023 was slightly more than in 2022, with Jill Biden earning $85,985 from teaching and reporting $4,115 in royalties from prior book publications. They also made charitable contributions totaling $20,477 to 17 charities, including $5,000 to the Beau Biden Foundation. Meanwhile, Vice President Kamala Harris and second gentleman Doug Emhoff reported paying $88,570 in federal income tax in 2023, with an effective federal tax rate of 19.7%, after earning income of $450,299. Former President Donald Trump has not released his latest federal tax returns.

via USA TODAY|
#federal-taxes#income#politics
politics1 year ago

Bidens' 2023 Tax Return Reveals $620,000 Income

President Joe Biden and first lady Dr. Jill Biden released their joint tax return, revealing an income of $619,976 in 2023, with the bulk coming from President Biden's $400,000 salary and pensions. They paid $146,629 in federal income tax and made charitable contributions, including $5,000 to the Beau Biden Foundation. Vice President Kamala Harris and second gentleman Doug Emhoff made $450,299, paid $88,570 in federal income tax, and donated to various charities. The release continues the tradition of transparency in the White House, in contrast to former President Donald Trump's refusal to voluntarily release his tax returns.

via CNN|
#biden#income#politics
politics1 year ago

"Unveiling Trump's Enigmatic Sources of Income and Recent Setbacks"

Former President Donald Trump's post-presidency tax returns are unlikely to be disclosed soon, as he has shown no interest in voluntarily releasing them and Democrats have not shown a willingness to pursue them further. Facing mounting legal bills, Trump has resorted to selling various items to support himself, and recent hard data on his income only goes back to 2020. Despite claiming to have ample funds, Trump's financial situation is under scrutiny as he faces multiple legal battles and the need to raise significant amounts of cash for bonds. The ongoing lack of transparency regarding his income and taxes has raised concerns about potential foreign influence and the public's ability to evaluate candidates.

via HuffPost|
#democrats#donald-trump#income
taxation1 year ago

"Free Online Tax Filing Now Available in 12 States: What You Need to Know"

The IRS has officially launched the Direct File pilot in 12 states, allowing eligible taxpayers to file their tax returns online for free directly with the IRS. The pilot, which has received positive early reviews, is open to taxpayers with relatively straightforward tax situations, and users can receive support through a live chat feature. Taxpayers in the pilot states can use Direct File through the April tax deadline, and those with state-income tax will be guided to a state-sponsored tool to complete their state tax return. The IRS encourages eligible taxpayers to try this innovative new option before the April 15 deadline.

via IRS|
#direct-file#irs#online-filing
finance1 year ago

"IRS Expands Free Tax Filing Program Nationwide: What Taxpayers Need to Know"

The IRS reports a 9.7% increase in the use of its Free File guided tax software for the 2024 filing season, with 943,000 taxpayers submitting returns through the program. Refunds totaling $92.9 billion have been sent out, with an average payment of $3,213. The agency is also launching a pilot scheme called Direct File, providing a free tax payment system for eligible American workers. Additionally, the IRS is cracking down on high-earners who have failed to file tax returns, identifying 125,000 suspected cases of non-compliance among those earning over $400,000 annually.

via Newsweek|
#finance#free-file#irs
taxes1 year ago

"IRS Targets High-Income Tax Dodgers Owed Millions in Unfiled Returns"

The IRS is targeting high-income earners who have failed to file federal income tax returns, with over 125,000 instances identified since 2017. These individuals are believed to owe hundreds of millions of dollars, and the IRS will begin sending out compliance letters this week. The agency has been able to identify non-filers using third-party information and has increased enforcement efforts with funding from the Inflation Reduction Act. Treasury Secretary Janet Yellen emphasized the need for a properly funded IRS to ensure fairness for all taxpayers, and the penalty for failure to file amounts to 5% of the amount owed every month, up to 25% of the tax bill.

via CBS News|
#high-income-earners#irs#non-filers
finance1 year ago

"2024 Child Tax Credit Expansion: Impact and Timeline for Families"

Taxpayers claiming additional credits like the child tax credit and the earned income tax credit may experience delays in receiving their refunds, with most additional child tax credit-related refunds expected to be available in bank accounts or on debit cards by Feb. 27 if taxpayers choose direct deposit and there are no other issues with their tax return. The IRS cannot issue refunds involving the additional child tax credit before mid-February due to the need to prevent fraudulent refunds, and taxpayers can check their personalized refund date using the Where's My Refund? tool.

via CNET|
#additional-child-tax-credit#child-tax-credit#finance
politics1 year ago

"Leaker of Trump's Tax Returns Sentenced to 5 Years in Prison Sparks Controversy"

Charles Littlejohn, an IRS contractor, has been sentenced to five years for leaking Donald Trump's tax returns and other wealthy individuals' financial information. MAGA and Republican figures have criticized the sentence, with some suggesting it was politically motivated to advance Joe Biden's agenda. Littlejohn's actions were condemned by the Justice Department, which emphasized the severity of the punishment as a deterrent for violating laws protecting sensitive tax information.

via Newsweek|
#maga#politics#republican
crime-and-justice1 year ago

"Leaker of Trump's Tax Returns Receives 5-Year Prison Sentence"

Charles Littlejohn, a former IRS contractor, was sentenced to five years in prison for stealing and leaking the tax records of thousands of wealthy Americans, including Donald Trump, to The New York Times and ProPublica. Prosecutors described his actions as unparalleled in the IRS's history, and he was also sentenced to three years of supervised release, 300 hours of community service, and a $5,000 fine. Littlejohn, who pleaded guilty to unauthorized disclosure of tax return information, was accused of weaponizing his access to taxpayer data to further his own personal and political agenda.

via The New York Times|
#charles-littlejohn#crime-and-justice#donald-trump
legalcrime1 year ago

"Ex-IRS Contractor Receives 5-Year Sentence for Leaking Trump's Tax Returns"

Charles Littlejohn, a former IRS contractor, has been sentenced to five years in prison for leaking former President Trump's tax returns. The judge condemned his actions as an attack on democracy and imposed 36 months of supervised release and a $5,000 fine. Littlejohn, who sought his job specifically to leak the returns, was accused of weaponizing his access to taxpayer data for his political agenda. The judge emphasized the need to send a strong message that such conduct is unacceptable in a nation of laws.

via Fox News|
#irs#leaking#legalcrime
politics2 years ago

"Lawyer Testifies: Trump Impeachment Prompted Urgency to File Hunter Biden's Unpaid Taxes"

Hunter Biden's lawyer testified that the first Trump impeachment created an "emergency" for Hunter to file his tax returns, citing "political risk" amid the election cycle. The lawyer explained that the urgency was prompted by the possibility of Hunter being called to testify in the impeachment proceedings. Additionally, it was revealed that the lawyer provided substantial financial support to Hunter, including at least $5 million in loans, which do not have to be repaid until 2025 and could be forgiven. Meanwhile, Hunter Biden has been under federal investigation since 2018 and has been charged with federal tax and gun charges, to which he has pleaded not guilty.

via Fox News|
#house-oversight-committee#hunter-biden#political-risk