Tax News Around and About
There are a number of changes this season and the following articles will help explain some of them.
Tax Season 2021: What To Know Before Filing In Rhode Island
by Rachel Nunes, The Patch
The 2021 tax season in Rhode Island is well underway, as filers gather their W-2s and other documents for their returns for the 2020 tax year.
In the first tax year since the coronavirus began to affect life and work in the United States, millions of Americans are filing returns that look quite different from in years past.
Here are five things to know about this tax season in Rhode Island.
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There are more reasons than ever to get started now on your taxes. The IRS will start processing 2020 returns on Feb. 12 -- while still slogging through last year's paperwork in an effort to work through stimulus payments. But stimulus checks aren't the only thing that may shake up your return this year. The IRS has adjusted individual income tax brackets for inflation and, with last year's CARES Act, changed many rules concerning charitable deductions, IRA and 401(k) plans, and student loans. You're going to have to navigate them all to hit that April 15 tax return deadline.
Taxes 2021: Everything New This Year Including Stimulus Payments, Unemployment and More
Alison DeNisco Rayome, C-net
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Interest Rates Remain the Same for the Second Quarter of 2021
The IRS News
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning April 1, 2021. The rates will be: 3% for overpayments (2% in the case of a corporation); 0.5% for the portion of a corporate overpayment exceeding $10,000; 3% for underpayments; and 5% for large corporate underpayments. Under the Internal Revenue Code, the rate of interest is determined on a quarterly basis. For taxpayers other than corporations, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points.