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Toledo news, weather, traffic and sports | Toledo, Ohio, | wtol.com
Money
No, taxpayer money is not being used to cover deposits at SVB
Pop Culture
Yes, the $126K Oscar gift bags are taxable
Oscar nominees who accept gift bags have to claim them on their federal income taxes because the IRS treats these swag bags as income.
Taxes
No, the IRS is not changing tip reporting requirements to crack down on waiters
Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Taxes
No, the IRS is not changing tip reporting requirements to crack down on waiters
Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Taxes
Yes, the IRS requires people to report income from stolen property and illegal activities
If a person steals property or makes money from illegal activities, the IRS requires taxpayers to report that on their income tax return.
Taxes
Yes, you can check the status of your tax refund
The IRS has an online tool and a mobile app where taxpayers can check the status of their tax return. We explain how it works.
Taxes
No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit
A spokesperson for the IRS says some “widely promoted scams” falsely claim workers qualify for the Employee Retention Credit.
Money
No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit
The ERC is a tax credit for businesses. It doesn’t provide up to $26,000 to people who worked through the COVID pandemic.
Taxes
Yes, you can claim a missed stimulus check, but you have to file a 2020 or 2021 tax return
You may be eligible to claim a Recovery Rebate Credit on your 2020 or 2021 federal tax return if you didn't get a stimulus check, or got less than the full amount.
Taxes
No, parents can’t claim the child tax credit for children who turned 17 in 2022
The American Rescue Plan temporarily bumped up the age of eligibility for the child tax credit from 16 to 17. That doesn’t apply anymore for tax year 2022.
Economy
No, the national debt and deficit are not the same thing
Here’s the difference between the debt and the deficit.
Taxes
IRS says many people don't need to report state payments on 2022 federal tax returns
The IRS said in its most recent guidance for taxpayers that it "will not challenge the taxability" of states' payments for "general welfare and disaster relief."
Pop Culture
Yes, the $126K Oscar gift bags are taxable
Oscar nominees who accept gift bags have to claim them on their federal income taxes because the IRS treats these swag bags as income.
Taxes
No, the IRS is not changing tip reporting requirements to crack down on waiters
Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Taxes
No, the IRS is not changing tip reporting requirements to crack down on waiters
Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Taxes
Yes, the IRS requires people to report income from stolen property and illegal activities
If a person steals property or makes money from illegal activities, the IRS requires taxpayers to report that on their income tax return.
Taxes
Yes, you can check the status of your tax refund
The IRS has an online tool and a mobile app where taxpayers can check the status of their tax return. We explain how it works.
Taxes
No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit
A spokesperson for the IRS says some “widely promoted scams” falsely claim workers qualify for the Employee Retention Credit.
Money
No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit
The ERC is a tax credit for businesses. It doesn’t provide up to $26,000 to people who worked through the COVID pandemic.
Taxes
Yes, you can claim a missed stimulus check, but you have to file a 2020 or 2021 tax return
You may be eligible to claim a Recovery Rebate Credit on your 2020 or 2021 federal tax return if you didn't get a stimulus check, or got less than the full amount.
Taxes
No, parents can’t claim the child tax credit for children who turned 17 in 2022
The American Rescue Plan temporarily bumped up the age of eligibility for the child tax credit from 16 to 17. That doesn’t apply anymore for tax year 2022.
Economy
No, the national debt and deficit are not the same thing
Here’s the difference between the debt and the deficit.
Taxes
IRS says many people don't need to report state payments on 2022 federal tax returns
The IRS said in its most recent guidance for taxpayers that it "will not challenge the taxability" of states' payments for "general welfare and disaster relief."
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