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Retirees Face Unexpected Self-Employment Tax Burden

Retirees Face Unexpected Self-Employment Tax Burden

Retirees Face Unexpected Self-Employment Tax Burden
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Older Americans to Benefit from New Tax Changes with Free Filing Assistance Available

Older Americans to Benefit from New Tax Changes with Free Filing Assistance Available

Older Americans are set to benefit from significant tax changes introduced in President Trump's recent tax legislation, which took effect in 2025. The new law includes a senior 'bonus' deduction of up to $6,000 per eligible individual, aimed at reducing the tax burden for seniors. To qualify, individuals must be at least 65 years old by the end of 2025, with the deduction available through 2028. The full deduction is available to those with a modified adjusted gross income of $75,000 or less, with a phase-out for higher incomes. Additionally, free tax assistance is available through programs like the IRS's Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE), as well as the AARP Foundation's Tax-Aide, which focuses on helping older adults with tax preparation.
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Retirees Face Unexpected Self-Employment Tax Burden Impacting Retirement Funds

Retirees Face Unexpected Self-Employment Tax Burden Impacting Retirement Funds

Many retirees in the United States are encountering unexpected financial challenges due to self-employment taxes. As retirees often seek part-time work as independent contractors, consultants, or freelancers to supplement their income, they are required to pay self-employment taxes on their earnings. This tax obligation can be surprising for those who previously held W-2 jobs, where employers typically covered part of the Social Security and Medicare costs. The IRS mandates that self-employed individuals pay both the employer and employee portions of these taxes, amounting to a 15.3% tax rate. This is in addition to any federal and state taxes owed. The situation highlights the need for retirees to plan for these taxes by setting aside a portion of their income and consulting with accountants to manage quarterly estimated taxes and potential deductions.
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Tax Experts Highlight Deductions Available in 2026 Despite Standard Deduction

Tax Experts Highlight Deductions Available in 2026 Despite Standard Deduction

Tax Experts Highlight Deductions Available in 2026 Despite Standard Deduction
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Nonprofits Face New Tax Compliance Challenges Amid Regulatory Changes

Nonprofits Face New Tax Compliance Challenges Amid Regulatory Changes

Nonprofits Face New Tax Compliance Challenges Amid Regulatory Changes
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IRS Enrolled Agent Highlights Deductions Available Despite Standard Deduction Increase

IRS Enrolled Agent Highlights Deductions Available Despite Standard Deduction Increase

IRS Enrolled Agent Highlights Deductions Available Despite Standard Deduction Increase
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Retirees Face Unexpected Self-Employment Tax Burden

Retirees Face Unexpected Self-Employment Tax Burden

Many retirees in the United States are encountering an unexpected financial burden due to self-employment taxes. As retirees often take on part-time work as independent contractors or freelancers, they are required to pay self-employment taxes on their earnings. This tax, which amounts to 15.3%, covers both Social Security and Medicare contributions, a cost typically shared with employers in traditional W-2 jobs. The IRS treats all freelance or consulting income as self-employment income, which can be surprising for retirees who previously held W-2 positions. To manage this tax obligation, retirees are advised to set aside a portion of their earnings for taxes and consult with accountants to determine deductible business expenses.
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Supreme Court Decision on Tariffs Spurs Tax Compliance Challenges for 2026

Supreme Court Decision on Tariffs Spurs Tax Compliance Challenges for 2026

Supreme Court Decision on Tariffs Spurs Tax Compliance Challenges for 2026
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President Trump Proposes $1.4 Billion Cut to IRS Budget in Fiscal 2027 Plan

President Trump Proposes $1.4 Billion Cut to IRS Budget in Fiscal 2027 Plan

President Donald Trump has proposed a $1.4 billion reduction in the annual budget for the Internal Revenue Service (IRS) as part of his fiscal 2027 budget proposal. This proposal is part of a broader budget plan that outlines the administration's priorities and will be subject to congressional approval. The proposed budget aims to streamline IRS operations by leveraging technology improvements to enhance customer service and ensure fair tax law administration. The budget suggests ending the IRS's free filing tool, Direct File, and includes a nearly 30% workforce reduction. The proposed funding for the IRS is divided into three main areas: taxpayer services, enforcement, and technology and operations support, with taxpayer services seeing a slight increase. This proposal follows a $1.1 billion funding cut for the IRS in fiscal year 2026, which was part of a bipartisan budget deal.
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Tripulante de avión caza de EEUU que se estrelló en Irán es buscado por ambos bandos

Tripulante de avión caza de EEUU que se estrelló en Irán es buscado por ambos bandos

Las fuerzas de Teherán y Washington competían la madrugada del sábado por rescatar a un tripulante del primer caza estadounidense que Irán asegura haber derribado desde el inicio de la guerra.
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U.S. Accused of Potential War Crimes in Iran Amidst Infrastructure Attacks

U.S. Accused of Potential War Crimes in Iran Amidst Infrastructure Attacks

The United States, under the leadership of President Trump, is facing accusations of committing potential war crimes by targeting civilian infrastructure in Iran. Legal experts and international law scholars have raised concerns following President Trump's threats to attack Iranian power plants, which are considered civilian objects under international humanitarian law. These actions have been criticized as potentially unlawful, as they could cause disproportionate harm to civilians. Amnesty International and over 100 U.S. experts in international law have expressed serious concerns about these strikes, which have reportedly hit schools, health facilities, and homes, resulting in significant civilian casualties.
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New York Times Faces Backlash Over NATO Name Error in Headline

New York Times Faces Backlash Over NATO Name Error in Headline

The New York Times faced widespread criticism after a headline mistakenly referred to NATO as the 'North American Treaty Organization' instead of the correct 'North Atlantic Treaty Organization.' The error, which appeared in the print edition, quickly spread online, drawing ridicule and disbelief. Many users on social media platforms expressed their frustration, questioning the editorial oversight at the Times. The newspaper's communications team responded by announcing that a correction would be published in the following day's edition. The incident occurred amid President Trump's renewed threats to withdraw the U.S. from NATO, citing dissatisfaction with allied support in U.S. operations in Iran.