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Local 5 - weareiowa.com | Des Moines Local News & Weather | Des Moines, Iowa
Taxes
Some undocumented immigrant workers pay income taxes
Electric Vehicles
Not all electric vehicles are eligible for $7,500 Inflation Reduction Act tax credit
The Inflation Reduction Act includes tax credits for electric vehicles, but there are restrictions based on the price of the car and where it’s made.
Taxes
No, filing a tax extension doesn’t increase your risk of being audited
If you need more time to file your 2022 taxes, a tax extension won’t increase your risk of being audited, the IRS and two tax professionals told VERIFY.
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.
Money
No, taxpayer money is not being used to cover deposits at SVB
Silicon Valley Bank failed on March 10. The U.S. government announced all of the bank’s depositors would be made whole, and no taxpayers would have to foot the bill.
Pop Culture
Yes, the $126K Oscar gift bags are taxable
Oscar nominees who accept gift bags have to claim them on their federal income taxes because the IRS treats these swag bags as income.
Taxes
No, the IRS is not changing tip reporting requirements to crack down on waiters
Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Money
No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit
The ERC is a tax credit for businesses. It doesn’t provide up to $26,000 to people who worked through the COVID pandemic.
Taxes
No, parents can’t claim the child tax credit for children who turned 17 in 2022
The American Rescue Plan temporarily bumped up the age of eligibility for the child tax credit from 16 to 17. That doesn’t apply anymore for tax year 2022.
Economy
No, the national debt and deficit are not the same thing
Here’s the difference between the debt and the deficit.
Taxes
IRS says many people don't need to report state payments on 2022 federal tax returns
The IRS said in its most recent guidance for taxpayers that it "will not challenge the taxability" of states' payments for "general welfare and disaster relief."
Social Security
Biden SOTU claim about GOP Medicare cuts needs context
Republicans booed President Biden during the State of the Union after he claimed some had proposed plans that could end Medicare and Social Security.
Electric Vehicles
Not all electric vehicles are eligible for $7,500 Inflation Reduction Act tax credit
The Inflation Reduction Act includes tax credits for electric vehicles, but there are restrictions based on the price of the car and where it’s made.
Taxes
No, filing a tax extension doesn’t increase your risk of being audited
If you need more time to file your 2022 taxes, a tax extension won’t increase your risk of being audited, the IRS and two tax professionals told VERIFY.
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.
Money
No, taxpayer money is not being used to cover deposits at SVB
Silicon Valley Bank failed on March 10. The U.S. government announced all of the bank’s depositors would be made whole, and no taxpayers would have to foot the bill.
Pop Culture
Yes, the $126K Oscar gift bags are taxable
Oscar nominees who accept gift bags have to claim them on their federal income taxes because the IRS treats these swag bags as income.
Taxes
No, the IRS is not changing tip reporting requirements to crack down on waiters
Headlines falsely claim the Biden administration is sending the IRS after service workers. Here’s what’s actually happening.
Money
No, workers aren’t eligible for up to $26,000 through the Employee Retention Credit
The ERC is a tax credit for businesses. It doesn’t provide up to $26,000 to people who worked through the COVID pandemic.
Taxes
No, parents can’t claim the child tax credit for children who turned 17 in 2022
The American Rescue Plan temporarily bumped up the age of eligibility for the child tax credit from 16 to 17. That doesn’t apply anymore for tax year 2022.
Economy
No, the national debt and deficit are not the same thing
Here’s the difference between the debt and the deficit.
Taxes
IRS says many people don't need to report state payments on 2022 federal tax returns
The IRS said in its most recent guidance for taxpayers that it "will not challenge the taxability" of states' payments for "general welfare and disaster relief."
Social Security
Biden SOTU claim about GOP Medicare cuts needs context
Republicans booed President Biden during the State of the Union after he claimed some had proposed plans that could end Medicare and Social Security.
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