The penalty for tax underpayments has skyrocketed since 2021, posing a significant threat to gig economy workers and consultants. As of Oct. 1, the IRS will now charge 8% interest on estimated tax underpayments, a significant increase from the previous 3%, according to The Wall Street Journal. This change predominantly affects pay-as-you-go workers who do …
Fine for underpayment of estimated taxes have been risings with Fed’s rate hikes Penalty hit 8% as of October 1, up from lowest possible 3% in early 2021 Fine mainly applies to self-employed workers who pay taxes each quarter The IRS penalty for underpayment of estimated taxes is up sharply this year, with self-employed and …
The IRS has announced that it will be conducting a test of a free, electronic tax-filing system in early 2023. This limited rollout will take place in 13 states, with hundreds of thousands of taxpayers expected to participate. The goal of this new system is to help Americans save money, as they currently spend around …
From overtourism to a complete absence of tourism, many cities have now shifted their concerns from too few tourists to too many. This predicament can be attributed to various factors including the rise of budget airlines, short-term home rentals, and cruise ships. However, the influence of social media, online influencers, movies, and television shows cannot …
The Powerball jackpot reached a staggering $1.2 billion on October 3, 2023, making it the third-largest prize in the history of the game. Scott Olson | Getty The Powerball jackpot has soared to an estimated $1.2 billion, claiming its spot as the third-largest prize ever offered in the game’s history. Monday night’s drawing failed to …
Many travelers are accustomed to nightly tourism taxes tacked on to their hotel bills. But daytime taxes are a new ask. Venice’s city council on Tuesday approved a long-awaited regulation to tax day visitors 5 euros ($5.38) to visit the city. The new tax will be implemented over 30 non-consecutive days in 2024, falling on …
Social Security benefits used to be exempt from taxes until 1983 when Congress decided to tax a portion of benefits for high-income recipients. However, this change did not account for inflation, leading to the majority of Social Security beneficiaries now having to pay federal income tax on at least some of their benefits, according to …
The Concern: A recent poll reveals that 53% of New Yorkers are dissatisfied with the current direction of the state, with 40% even contemplating leaving. It’s clear that over half of the population believes that New York is heading in the wrong direction, earning it the not-so-flattering nickname “New Yuck State.” This is a result …
Still skeptical about the detrimental impact of the progressive agenda on New York? Look no further than the compelling new data revealing the significant exodus of Wall Street firms, along with nearly $1 trillion in assets under management, since 2019. The data, compiled by Bloomberg, highlights the departure of 158 financial firms managing $993 billion …
Sherry-Lehmann, the renowned wine retailer, is facing a lawsuit from its landlord, Glorious Sun, for $3.6 million in unpaid rent. The landlord is demanding that the store be cleared out immediately. The shop has been closed since March when its liquor license expired and was not renewed. The lawsuit, filed in New York Supreme Court, …