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federal taxes Archive

Do You Pay Taxes On eBay Income?

TweetShareSharePin0 SharesDo You Pay Taxes On eBay Income? Q: I read your last column about paying income tax on eBay sales if you are doing it as a business, but as someone who only sells on eBay occasionally I’m still confused if the IRS rules apply to me. Can you tell me more? — Norman

Taxes and Bankruptcy

TweetShareSharePin0 SharesTaxes and Bankruptcy The filing and subsequent discharge of either a Chapter 7 or a Chapter 13 bankruptcy may eliminate some types of personal income tax liability. There are, however, certain restrictions which must be met in order to completely eliminate personal income tax liability through bankruptcy. Some personal income taxes may be eliminated

What’s Going on with the Child Tax Credit Debate?

TweetShareSharePin0 Shares President Biden expanded and fundamentally changed the Child Tax Credit (CTC) for one year in the American Rescue Plan (ARP) passed in March 2021. Policymakers are now deciding the future of the expansion as part of the proposed reconciliation package, but a wide range of estimates for the effects of a permanent expansion

A CTC Work Requirement? | Tax Policy Center

TweetShareSharePin0 Shares Changes to the CTC proposed by Sen. Manchin. Axios reports the West Virginia Democrat asked the White House to add a work requirement to an expanded Child Tax Credit and limit benefits to families with incomes of about $60,000 or less. Such a change would reduce the $3.5 trillion price tag of the

Projection for Diesel Fuel Prices

TweetShareSharePin0 SharesProjection for Diesel Fuel Prices For as long as the prices of crude oil and the demand for distillate fuels are maintained at a high level, the retail diesel fuel prices will in most likelihood be high, too. The Energy Information Association (EIA) has released a report on what is likely to happen for

Qualify for Penalty Relief (Abatement) with Reasonable Cause

TweetShareSharePin0 Shares Reasonable Cause Not Willful Neglect to Avoid IRS Penalties Penalty Relief (Abatement) with Reasonable Cause Reasonable Cause Not Willful Neglect to Avoid IRS Penalties: It would be literally impossible to try to find a standard more nebulous and precarious for Taxpayers seeking to avoid IRS penalties than the phrase “Reasonable Cause and Not
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