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Added on the 13/10/2020 17:27:54 - Copyright : Wochit
The Internal Revenue Service (IRS) has announced that the start of tax season has been pushed back two weeks, to February 12. According to Business Insider, Tax season usually opens at the end of January. For those hoping to file taxes right away and get a refund, you'll have to wait a bit longer. Experts point out that the deadline to file your taxes has not changed: According to the IRS, tax filing deadlines are still April 15. The IRS expects filers who select direct deposit to receive their refunds within 21 days.
The IRS estimates that nearly 90% of US taxpayers take the standard deduction instead of itemizing. Under the new tax code, not itemizing made it virtually impossible to claim a tax deduction for contributions to charitable organizations. But according to Business Insider, the pandemic relief CARES Act has a provision incentivizing Americans to help others in need. It's an above-the-line charitable tax deduction. Beginning with 2020 tax returns, taxpayers can claim up to $300 in cash contributions made by December 31 to charity as a deduction without itemizing. The IRS says roughly 130 million American taxpayers could benefit by donating, as it reduces their taxable income.
Real Madrid forward Cristiano Ronaldo signed a new five year deal with the Spanish club, in Madrid, on Monday. He spoke to the press, where he expressed his gratitude for his experience at Real Madrid, highlighting his football successes in 2016. Ronaldo has played at the club of the reigning Champions League title-holders since 2009, in which time he has gained the accolade of Real Madrid's all-time leading goal scorer. He is the second highest goal scorer in the history of the Spanish league, behind FC Barcelona Forward Lionel Messi.
Republican presidential candidate Sen. Ted Cruz reminded supporters that "Today is tax day," as he pledged to simplify returns and renewed a call to "abolish the IRS." Rough Cut (no reporter narration).
Ahead of this weekend's South Carolina Republican primary, Republican presidential candidate Ted Cruz calls for fundamental tax reform and a 'flat tax' on Americans. Rough Cut (no reporter narration).