The Georgia Supreme Court issued two rulings Thursday that upheld the arrests of two Democratic state lawmakers for protesting inside the state Capitol and declared constitutional a state tax levied on adult entertainment establishments.
TikTok, and other apps like it, are filled with financial advice. Some of it is reliable, some... less so.
There are videos about running a business, having a side hustle, generating passive income. And also, there are a lot of tips and tricks, many of them questionable, about saving on your taxes.
On this show, we run some of the greatest hits of TikTok tax advice by some bonafide tax experts. We'll talk about whether you can use gambling losses to reduce your tax bill, whether your pets qualify you for tax deductions – and we'll fact check the claim that all rich people own expensive Mercedes G-Wagons... for tax purposes.
Along the way, we'll drill down on the concepts like taxable income and the standard deduction. And we'll ask why so many videos on TikTok suggest that you (fraudulently) categorize personal expenses as business expenses. Sometimes with a literal wink and a nod.
This episode was hosted by Nick Fountain. It was produced by Emma Peaslee with help from Willa Rubin, who also fact-checked this episode. It was edited by Molly Messick and engineered by Cena Loffredo. Alex Goldmark is Planet Money's Executive Producer.
The average median refund is $932 for 2020. Texas (93,400), California (88,200), Florida (53,200) and New York (51,400) have the largest amount of people potentially eligible for these refunds.
New law will impose an additional 11% in addition to federal tax. It's one of nearly two dozen gun laws signed into law on Tuesday. but Newsom acknowledges some might not survive legal challenges.
Wednesday on Political Rewind: Rep. Marjorie Taylor Greene secured seats on two high-profile House committees. Will she bring her extreme views with her? Gov. Brian Kemp told the World Economic Forum that Georgia will be a pro-business powerhouse. Meanwhile, Republicans in both D.C. and Georgia aim to reshape tax policy.
A person at least six weeks pregnant on or after July 20 through Dec. 31, 2022, can submit the fetus as a dependent on their state tax returns starting next year.
Democrats will try the same budgetary process from four decades ago when first-year President Ronald Reagan used reconciliation to achieve his "revolution" in federal fiscal policy.
The president's budget details his ambitious (and costly) plans to invest in infrastructure and the social safety net — the likes of which the country hasn't seen in decades.
President Biden will ask Congress to increase taxes on capital gains for tax filers who make more than $1 million a year — a move the White House says will affect only about 500,000 households.