government organizations – us – TheNewsHub https://thenewshub.in Fri, 14 Apr 2023 20:07:40 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.2 Still haven't filed your taxes? Here's what you need to know https://thenewshub.in/2023/04/14/still-havent-filed-your-taxes-heres-what-you-need-to-know/ https://thenewshub.in/2023/04/14/still-havent-filed-your-taxes-heres-what-you-need-to-know/?noamp=mobile#respond Fri, 14 Apr 2023 20:07:40 +0000 https://thenewshub.in/2023/04/14/still-havent-filed-your-taxes-heres-what-you-need-to-know/


New York
CNN
 — 

So far this tax season, the IRS has received more than 100 million income tax returns for 2022.

That means tens of millions of households have yet to file their returns. If yours is among them, here are some last-minute tax-filing tips to keep in mind as the Tuesday, April 18 deadline approaches.

Not everyone has to file on April 18: If you live in a federally declared disaster area, have a business there — or have relevant tax documents stored by businesses in that area — it’s likely the IRS has already extended the filing and payment deadlines for you. Here is where you can find the specific extension dates for each disaster area.

Thanks to many rounds of extreme weather in recent months, for instance, tax filers in most of California — which accounts for 10% to 15% of all federal filers — have already been granted an extension until Oct. 16 to file and to pay, according to an IRS spokesperson.

If you’re in the armed forces and are currently or were recently stationed in a combat zone, the filing and payment deadlines for your 2022 taxes are most likely extended by 180 days. But your specific extended filing and payment deadlines will depend on the day you leave (or left) the combat zone. This IRS publication offers more detail.

Lastly, if you made little to no money last year (typically less than $12,950 for single filers and $25,900 for married couples), you may not be required to file a return. But you may want to anyway if you think you are eligible for a refund thanks to, for instance, refundable tax credits such as the Earned Income Tax Credit. (Use this IRS tool to gauge whether you are required to file this year.) You also are likely eligible to use IRS Free File (intended for those with adjusted gross income of $73,000 or less) so it won’t cost you to submit a return.

Your paycheck may not be your only source of income: If you had one full-time job you may think that is the only income you made and have to report. But that’s not necessarily so.

Other potentially taxable and reportable income sources include:

  • Interest on your savings
  • Investment income (e.g., dividends and capital gains)
  • Pay for part-time or seasonal work, or a side hustle
  • Unemployment income
  • Social Security benefits or distribution from a retirement account
  • Tips
  • Gambling winnings
  • Income from a rental property you own

Organize your tax documents: By now you should have received every tax document that third parties are required to send you (your employer, bank, brokerage, etc.).

If you don’t recall receiving a hard copy of a tax form in the mail, check your email and your online accounts — a document may have been sent to you electronically.

Here are some of the tax forms you may have received:

  • W-2 from your wage or salaried jobs
  • 1099-B for capital gains and losses on your investments
  • 1099-DIV from your brokerage or company where you own stock for dividends or other distributions from their investments
  • 1099-INT for interest over $10 on your savings at a financial institution
  • 1099-NEC from your clients, if you worked as a contractor
  • 1099-K for payments for goods and services through third-party platforms like Venmo, CashApp or Etsy. The 1099-K is required if you made more than $20,000 in over 200 transactions during the year. (Next year the reporting threshold drops to $600.) But even if you didn’t get a 1099-K you still must report all the income that you made over third-party platforms in 2022.
  • 1099-Rs for distributions over $10 that you received for a pension, annuity, retirement account, profit-sharing plan or insurance contract
  • SSA-1099 or SSA-1042S for Social Security benefits received.

“Be aware that there’s no form for some taxable income, like proceeds from renting out your vacation property, meaning you’re responsible for reporting it on your own,” according to the Illinois CPA Society.

One very last-minute way to reduce your 2022 tax bill: If you’re eligible to make a tax-deductible contribution to an IRA and haven’t done so for last year, you have until April 18 to contribute up to $6,000 ($7,000 if you’re 50 or older). That will reduce your tax bill and augment your retirement savings.

Proofread your return before submitting it: Do this whether you’re using tax software or working with a professional tax preparer.

Little mistakes and oversights delay the processing of your return (and the issuance of your refund if you’re owed one). You want to avoid things like having a typo in your name, birth date, Social Security number or direct deposit number; choosing the wrong filing status (e.g., married vs single); making a simple math error; or leaving a required field blank.

What to do if you can’t file by April 18: If you’re not able to file by next Tuesday, fill out Form 4868 electronically or on paper and send it in by April 18. You will be granted an automatic six-month extension to file.

Note, however, that an extension to file is not an extension to pay. You will be charged interest (currently running at 7%) and a penalty on any amount you still owe for 2022 but haven’t paid by April 18.

So if you suspect you still owe tax — perhaps you had some income outside of your job for which tax wasn’t withheld or you had a big capital gain last year — approximate how much more you owe and send that money to the IRS by Tuesday.

You can choose to do so by mail, attaching a check to your extension request form. Make sure your envelope is postmarked no later than April 18.

Or the more efficient route is pay what you owe electronically at IRS.gov, said CPA Damien Martin, a tax partner at EY. If you do that, the IRS notes you will not have to file a Form 4868. “The IRS will automatically process an extension of time to file,” the agency notes in its instructions.

If you opt to electronically pay directly from your bank account, which is free, select “extension” and then “tax year 2022” when given the option.

You can also pay by credit or debit card, but you will be charged a processing fee. Doing so, though, may become much more costly than just a fee if you charge your tax payment but don’t pay your credit card bill off in full every month, since you likely pay a high interest rate on outstanding balances.

If you still owe income taxes to your state, remember that you may need to go through a similar exercise of filing for an extension and making a payment to your state’s revenue department, Martin said.

Use this interactive tax assistant for basic questions you may have: The IRS provides an “interactive tax assistant” that can help you answer more than 50 basic questions pertaining to your individual circumstance on income, deductions, credits and other technical questions.

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The four astronauts NASA picked for the first crewed moon mission in 50 years https://thenewshub.in/2023/04/04/the-four-astronauts-nasa-picked-for-the-first-crewed-moon-mission-in-50-years/ https://thenewshub.in/2023/04/04/the-four-astronauts-nasa-picked-for-the-first-crewed-moon-mission-in-50-years/?noamp=mobile#respond Tue, 04 Apr 2023 11:44:30 +0000 https://thenewshub.in/2023/04/04/the-four-astronauts-nasa-picked-for-the-first-crewed-moon-mission-in-50-years/

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CNN
 — 

Astronauts who will helm the first crewed moon mission in five decades were revealed on Monday, queuing up the quartet to begin training for the historic Artemis II lunar flyby that is set to take off in November 2024.

The astronauts are NASA’s Reid Wiseman, Victor Glover and Christina Koch, and Jeremy Hansen of the Canadian Space Agency.

Wiseman is a 47-year-old decorated naval aviator and test pilot who was first selected to be a NASA astronaut in 2009. A native of Baltimore, Maryland, he’s completed one prior spaceflight, a 165-day trip to the International Space Station that had launched aboard a Russian Soyuz rocket in 2014. Most recently, Wiseman served as chief of the astronaut office before stepping down in November 2022, making him eligible for a flight assignment.

Wiseman will serve as commander of the Artemis II mission.

Hansen, 47, is a fighter pilot who was selected by the Canadian Space Agency for astronaut training in 2009. From London, Ontario, Hansen is one of only four active Canadian astronauts, and he recently became the first Canadian to be put in charge of training for a new class of NASA astronauts.

He will be the first Canadian ever to travel to deep space.

Glover is a 46-year-old naval aviator who returned to Earth from his first spaceflight in 2021 after piloting the second crewed flight of SpaceX’s Crew Dragon spacecraft and spending nearly six months aboard the International Space Station.

“It’s so much more than the four names that have been announced,” Glover said during the Monday announcement at NASA Johnson Space Center in Houston. “We need to celebrate this moment in human history. … It is the next step in the journey that will get humanity to Mars.”

Glover, born in Pomona, California, served in several military squadrons in the United States and Japan in the 2000s, and he completed test pilot training with the US Air Force. When he was selected for the NASA astronaut corps in 2013, he was working in the US Senate as a legislative fellow. All told, Glover logged 3,000 flight hours in more than 40 aircraft, over 400 carrier arrested landings and 24 combat missions.

Glover’s first mission to space was as part of the SpaceX Crew-1 team, which launched to the International Space Station in November 2020 for a six-month stay on the orbiting laboratory.

Koch, 44, is a veteran of six spacewalks — including the first all-female spacewalk in 2019. She holds the record for the longest single spaceflight by a woman, with a total of 328 days in space. Koch is also an an electrical engineer who helped develop scientific instruments for multiple NASA mission. Koch, a native of Grand Rapids, Michigan, also spent a year at the South Pole, an arduous stay that could well prepare her for the intensity of a moon mission.

The Artemis II mission will build on Artemis I, an uncrewed test mission that sent NASA’s Orion capsule on a 1.4 million-mile voyage to lap the moon that concluded in December. The space agency deemed that mission a success and is still working to review all the data collected.

If all goes to plan, Artemis II will take off around November 2024. The crew members, strapped inside the Orion spacecraft, will launch atop a NASA-developed Space Launch System rocket from NASA’s Kennedy Space Center in Florida.

The journey is expected to last about 10 days and will send the crew out beyond the moon, potentially further than any human has traveled in history, though the exact distance is yet to be determined.

The “exact distance beyond the Moon will depend on the day of liftoff and the relative distance of the Moon from the Earth at the time of the mission,” NASA spokesperson Kathryn Hambleton said via email.

After circling the moon, the spacecraft will return to Earth for a splashdown landing in the Pacific Ocean.

Artemis II is expected to pave the way for the Artemis III mission later this decade, which NASA has vowed will put the first woman and person of color on the lunar surface. It will also mark the first time humans have touched down on the moon since the Apollo program ended in 1972.

The Artemis III mission is expected to take off later this decade. But much of the technology the mission will require, including spacesuits for walking on the moon and a lunar lander to ferry the astronauts to the moon’s surface, is still in development.

NASA is targeting a 2025 launch date for Artemis III, though the space agency’s inspector general has already said delays will likely push the mission to 2026 or later.

The space agency has been seeking to return people to the moon for more than a decade. The Artemis program was designed to pave the way to establishing a permanent lunar outpost, allowing astronauts to live and work deeper into space long term as NASA and its partners map a path to sending the first humans to Mars.

Vanessa Wyche, the director of NASA’s Johnson Space Center, declined to provide details to CNN about the selection process. But she emphasized the diversity of the Artemis II crew, which includes men and women rather than only a staff of White male test pilots as has been the case for historic missions of the past.

“I can tell you, they still all have the right stuff,” Wyche said. “We have requirements different than we did (when we) just had test pilots” on inaugural missions.

Koch said in an interview with CNN’s Ed Lavandera that the group found out they were selected a few weeks ago.

“We were all sent to a meeting that was on our calendars under a different pretext that didn’t sound as lofty as the one it was going to be,” Koch said. “And accidentally two of us were very late to that meeting.”

She said the offer rendered her “speechless.”

“It truly is an honor,” she added. “It’s an honor — not to get myself in the space — but because it’s amazing to be a part of this team that’s going back to the moon and on to Mars.”

An interview with the four astronauts will air on “CNN This Morning” on Tuesday, which starts at 6 am ET.

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