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Fort Smith/Fayetteville News | 5newsonline KFSM 5NEWS | Get the local news and weather where you live from 5NEWS. Covering Fort Smith, Fayetteville, Bentonville, and all of Northwest Arkansas and the River Valley.
Money
No action required to receive money from TurboTax settlement
Taxes
Yes, you can check the status of a delayed tax refund
The IRS has an online tool that tells taxpayers the status of their tax refund. We explain how it works.
Vaccines
Yes, a Rhode Island bill aims to fine, tax eligible residents if they aren’t vaccinated against COVID-19
Under a recently proposed Rhode Island Senate bill, eligible residents would have to get the COVID-19 vaccine or face a monthly fine and pay double their income tax.
Money
Yes, you still have to pay taxes even if you don’t have a bank account
During a civil trial, Blac Chyna said she didn’t pay taxes or have a bank account. The IRS says not having a bank account doesn’t preclude you from taxes.
Taxes
No, filing a tax extension doesn’t increase your risk of being audited
If you need more time to file your 2021 taxes, a tax extension won’t increase your risk of being audited, the IRS and two tax professionals told VERIFY.
Taxes
Yes, you can file your taxes for free
There are several options you can use to file your federal taxes, and sometimes your state taxes, for free.
Money
Yes, if the deficit shrinks by $1.3 trillion it would be the largest one-year reduction ever
President Biden projected the federal budget deficit will decrease by more than a trillion dollars in 2022. If it does, that would set a record.
Taxes
Yes, you do have to pay taxes on cryptocurrency
If you sell or exchange cryptocurrency, you’ll have to pay capital gains taxes. If you receive crypto as payment or if you mine it, it’s taxable income.
Taxes
Yes, you have to pay taxes on the sale of NFTs
The IRS treats NFTs, short for non-fungible tokens, the same as it does for any other real-world investment.
Taxes
NFTs: Do you owe taxes if you make a profit?
The IRS treats NFTs, short for non-fungible tokens, the same as it does for any other real-world investment.
Taxes
Yes, 2021 unemployment benefits are taxable on this year’s federal returns
People who collected unemployment benefits in 2020 got a break from paying federal taxes on them, up to a certain amount. That’s not the case for benefits in 2021.
Taxes
Yes, you need to claim the child tax credit on your 2021 return, even if you got advance payments
You may have gotten monthly checks already, but you’re likely still owed more money. To get that, you need to claim your advance child tax credit payments.
Taxes
Yes, you can check the status of a delayed tax refund
The IRS has an online tool that tells taxpayers the status of their tax refund. We explain how it works.
Vaccines
Yes, a Rhode Island bill aims to fine, tax eligible residents if they aren’t vaccinated against COVID-19
Under a recently proposed Rhode Island Senate bill, eligible residents would have to get the COVID-19 vaccine or face a monthly fine and pay double their income tax.
Money
Yes, you still have to pay taxes even if you don’t have a bank account
During a civil trial, Blac Chyna said she didn’t pay taxes or have a bank account. The IRS says not having a bank account doesn’t preclude you from taxes.
Taxes
No, filing a tax extension doesn’t increase your risk of being audited
If you need more time to file your 2021 taxes, a tax extension won’t increase your risk of being audited, the IRS and two tax professionals told VERIFY.
Taxes
Yes, you can file your taxes for free
There are several options you can use to file your federal taxes, and sometimes your state taxes, for free.
Money
Yes, if the deficit shrinks by $1.3 trillion it would be the largest one-year reduction ever
President Biden projected the federal budget deficit will decrease by more than a trillion dollars in 2022. If it does, that would set a record.
Taxes
Yes, you do have to pay taxes on cryptocurrency
If you sell or exchange cryptocurrency, you’ll have to pay capital gains taxes. If you receive crypto as payment or if you mine it, it’s taxable income.
Taxes
Yes, you have to pay taxes on the sale of NFTs
The IRS treats NFTs, short for non-fungible tokens, the same as it does for any other real-world investment.
Taxes
NFTs: Do you owe taxes if you make a profit?
The IRS treats NFTs, short for non-fungible tokens, the same as it does for any other real-world investment.
Taxes
Yes, 2021 unemployment benefits are taxable on this year’s federal returns
People who collected unemployment benefits in 2020 got a break from paying federal taxes on them, up to a certain amount. That’s not the case for benefits in 2021.
Taxes
Yes, you need to claim the child tax credit on your 2021 return, even if you got advance payments
You may have gotten monthly checks already, but you’re likely still owed more money. To get that, you need to claim your advance child tax credit payments.
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