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Social Security
Raising Social Security tax cap for high-income earners would help, but not fix, its shrinking reserves
Taxes
No, credit card cash-back rewards are not taxable
With Tax Day fast approaching, VERIFY reader Larry wanted to know if credit card cash-back rewards are taxable. Here’s why they are not.
Taxes
VERIFYING what happens if you don’t file or pay your taxes on time
The IRS penalizes taxpayers for both filing late and paying late. We VERIFY how you can avoid or reduce late penalties and interest.
Taxes
There is a penalty for not filing, paying your taxes on time
The IRS penalizes taxpayers for both filing late and paying late. We VERIFY how you can avoid or reduce late penalties and interest.
Taxes
Social Security benefits are taxable for some people, depending on their income
Up to 85% of your Social Security benefits are counted as taxable income if you meet certain requirements.
Taxes
The tax deadline for people who filed extensions is Oct. 15
You have until Oct. 15, 2024, to file your 2023 income tax return if you requested an extension. The IRS encourages taxpayers to file electronically ASAP.
Joe Biden
No, billionaires don’t pay average of 8.2% in federal taxes
President Biden claimed during the State of the Union that the “average federal tax rate” for billionaires is 8.2%. But the actual number is higher.
Joe Biden
No, billionaires don’t pay average of 8.2% in federal taxes
President Biden claimed during the State of the Union that the “average federal tax rate” for billionaires is 8.2%. But the actual number is higher.
Money
Headlines implying Americans could get $5,000 to shop under new bill are misleading
The proposed legislation is a tax credit for individuals and families that meet certain income qualifications, not free money to shop.
Immigration
There is no ‘Housing for Labor’ initiative from the Biden Administration
A satirical post claims President Biden and the IRS are offering tax incentives to families willing to take in migrants in a new housing program.
Taxes
Trump-era Tax Cuts and Jobs Act doesn’t have built-in tax increases for 2023 taxes
Viral social media posts falsely claim yearly income-based tax increases are built into a 2017 tax reform law. Here’s what the law actually means for taxpayers.
Taxes
No, the Trump-era Tax Cuts and Jobs Act doesn’t have built-in tax increases for 2023
The Tax Cuts and Jobs Act of 2017, a tax reform law signed by Trump, does not include yearly income-based tax increases like viral social media posts suggest.
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