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Inflation adjustments will mean higher deductions for 2021 tax year: What to know

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Inflation adjustments will mean higher deductions for 2021 tax year: What to know

FORT WAYNE, Ind. (WANE) — Changes in tax deductions due to inflation adjustments are coming to 2021 taxpayers, according to the Internal Revenue Service.

“They are not major changes, but taxpayers will notice them,” said Linda Troyer, Tax Pro from Jackson Hewitt. “Mostly it’s just updated limitations.”

The standard deduction for married couples filing jointly for the tax year 2021 rises to $25,100, up $300 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,550 for 2021, up $150. For heads of households, the standard deduction will be $18,800 for the tax year 2021, up $150.

Other changes include an increase in limitations and in the contribution you can make to your retirement accounts.

Even though the filing season for your 2021 taxes is still months away, Troyer said it is smart to start tracking down your documents now. She recommends you start collecting your documents throughout the year, and begin placing items like check stubs and receipts in a folder.

“Don’t wait until next year when you go to file and you’re asked where is this,” Troyer said. “That’s why some people had to have extensions filed because they waited for the very end of the tax season and then realized they didn’t have the documents.”

While people should be preparing for the upcoming 2021 tax season, there are still some people who have yet to file their taxes for 2020.

The IRS is reminding taxpayers that the deadline for 2020 tax returns is less than a month away on Oct. 15. This particular deadline is for those who asked for an extension to file, and it is not an extension to pay your 2020 taxes.

While the IRS has not yet released the number of taxpayers who took advantage of the extension, Troyer said she and other tax professionals have seen an increase.

If you still have not received your refund for 2020 or 2019, you are not alone. Troyer said she had a client who filed their 2020 taxes in March and has yet to receive a refund because of processing delays caused by the pandemic. For example, when an IRS office has an outbreak of COVID, employees can’t work from home due to the sensitivity of the documents.

If you have any questions about your 2019 or 2020 tax return, go to the IRS website.

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Working Strategies: Quitting your job Part 2 — Consider your personal finances

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Working Strategies: Quitting your job Part 1: What to do at work

Do you know what the problem is for people who quit jobs? It’s the timing. People tend to wait too long, then quit all of a sudden, leaving themselves with a pile of unfinished business.

Amy Lindgren

Sometimes that business is emotional, with workers’ feelings of being unappreciated accumulating to a toxic level by the time they exit. There’s usually some unfinished business in the job itself, and in the worker’s career as well, not to mention the feeling of being unprepared personally or financially.

Which brings us back to timing: What’s with that pattern of staying too long and suddenly exiting? For one thing, it’s usually a difficult decision. Most people will delay the real or perceived conflict of quitting for as long as they can, opting to adapt to difficult situations instead.

Others may not recognize that their sense of discontent in life may be rooted in a job that no longer challenges them. If the job itself is reasonable, it’s easy to disregard the nibbling sense that something doesn’t quite fit.

And others may just prefer the known downsides of the current job over the potential (but unknown) upsides of a new position.

Regardless of the reasons for a delay, the truth is, most people eventually do leave their jobs and you probably will too. If you’re near the end of your career, the leave-taking might be through retirement or illness, but otherwise you’re likely to quit for reasons that range from new employment to business startup to just needing time off.

Once you acknowledge that fact, you can take more control of the timing. Instead of disregarding the mounting discontent until you can’t take any more, you can plan steps and processes to follow. Whether these unfold over the course of weeks or years is up to you – which is exactly the point.

To help you organize those steps, last week’s column provided five things to do in your current job before quitting. Today we’ll look at five things to do in your personal finances, and next week’s column will finish the series with a look at five things to do in your career before stepping out the door.

Organize (or pay down) your debt. It’s a rare person who doesn’t have debt, whether that’s a mortgage, car loan, student loan, credit cards, or a combination of all of these. The reason to review these accounts while you’re working is three-fold: One, what you discover may influence your timing; two, if you want to make a major purchase, that will be easier while you’re still working; and three, strategies such as refinancing your mortgage to achieve lower payments will be more difficult after you quit.

This step holds true even if you’re quitting to start a new job, because longevity in your position is often considered in lending decisions. And it’s a hundred times more true if you’re quitting to start a business — one of the most difficult positions from which to re-organize one’s debt.

Retirement accounts. Decisions to roll over a 401(k), to set up a new retirement account, or to convert an IRA to a Roth are all things best considered before quitting, while you have the most options available.

Health insurance. You don’t need to be reminded, but just in case: Be sure you know what health insurance options will be available after you leave your job. If any steps can be handled now, you’ll appreciate not having that burden later, when the timing could be more critical.

Take your sick days. Speaking of health … have you used your sick time? Those days have been set aside for you to use in taking care of your health, so now’s the time to schedule your preventative care. This is especially smart if your sick days are “use it or lose it” in terms of payout.

Figure out your cash flow. If you’re taking another job, this step may be built-in, since you’ve already negotiated your next salary. But if you’re leaving without another source of income, you’ll enjoy the getaway more if there’s gas in the car. Don’t just assume that your savings will cover you. Make a decision about how much of your savings you’re willing to spend before you need a new income source.

If all of these personal finance steps are starting to kill your enthusiasm for quitting, don’t worry. You’ll get your motivation back next week when you review the steps to take in your career to ensure a good transition.

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‘I’m an American, I do what I want’: ‘Squid Game’ VIP actor once ranted, advocated dating Thai women

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Geoffrey Giuliano squid game vip 4

Geoffrey Giuliano, the actor who plays one of the controversial VIP characters in the latest hit drama “Squid Game,” was previously filmed going on a rant in a supermarket in Thailand. Users online are now calling him the “real life” version of his villainous character. 

The supermarket incident: A 2017 DailyMail story showed the actor, now 68, swearing at another customer while purchasing items at a Big-C supermarket in Pattaya. 

  • The customer, an unnamed French expat, claimed that Giuliano jumped in front of him in an express “10 items or less” checkout line and proceeded to throw roughly 25 items on the conveyor belt.  
  • As he began to film the incident, Giuliano said to him, “You’re not intimidating me by that camera, I’m an actor.”
  • In the video, the French customer can be heard replying, “I’m just waiting for the next round, because what you said about America was very interesting.”
  • Giuliano becomes visibly irate and swears at the customer: “Go f*** yourself, OK. Go f*** yourself, OK, let’s get it real straight. You can go f*** yourself, OK.”
  • He continues: “​​I’m an American, I do what I want, we’re the kings of the world, OK. We’re professional a*******. We have taken being a******* to the highest possible f****** level in this world.” 
  • The customer said that Giuliano was initially “aggressive” with how he threw his items down. He started to film once Giuliano spoke about “being American and being able to do what he wanted.”
  • Both Giuliano’s wife and child were present during the ordeal. His wife was described as “friendly” and that she “looked embarrassed by his behavior.” 
  • The story resurfaced on the controversial subreddit r/Aznidentity, with users pointing out the similarities between Giuliano and his character, identified on the show as VIP Four. 

More on Giuliano’s past: In 2016, one year before the grocery store incident, the actor made news when he was involved in an investigation for missing iconic photographs. That same year, he also promoted a website aimed toward men who want to date Thai women. 

  • A Mail on Sunday investigation of the missing photos of John Lennon and Yoko Ono’s wedding led an undercover reporter to Giuliano, who reportedly claimed to have the photos’ negatives worth over $100,000 up for sale. Giuliano put the reporter in contact with a mysterious middle-man. ​
  • ​”Giuliano said he had been instructed to sell the negatives on behalf of a friend but the deal soured when Giuliano suspected the reporter was acting for Ono and refused to sell them before launching into a vile tirade against her,” the report said.
  • In the same year, the actor posted several videos on his YouTube channel promoting a website called “Date Thai Ladies.” Each of the videos show him expanding on several stereotypes of Thai women. 
  • In one video, he addresses the question, “Why Should a Beautiful Thai Lady Want Me?” His answer: “All you want is the love and respect you deserve, the same thing that Thai ladies want — which, quite frankly, they don’t often get from Thai men.” In another video titled “If I Date a Thai Girl I will be Ridiculed by My Friends?” he assures any potential clients that “Thai women are the most beautiful, sensual women in the world.” Finally in another video, he compares his experience of being with Thai women to his 30-year marriage with an American woman. “These Thai ladies are really quite sincere. They’re looking for a family, they’re family-oriented.” 
  • According to his IMDB page, the actor recently appeared in a small role in the Netflix movie “Kate.” He’s also coming out with a TV series titled “Last Tango In Thailand” which features the actor “homing in on the infamous Vietnam era sex-for-sale, seaside town of Pattaya, where he takes a wild ride through the mean streets of the global swinging capitol of the world.”
  • Early on in his career, the actor played McDonald’s mascot Ronald McDonald before he became a vegetarian and turned his back on the fast food company. He’s been featured in the 1997 documentary “McLibel” about the lawsuit by McDonald’s against environmentalists.

Featured Image via “Squid Game” (left), Daily Mail (right)

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Alec Baldwin was told gun was ‘cold’ before movie set shooting

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Alec Baldwin was told gun was ‘cold’ before movie set shooting

SANTA FE, N.M. — As a film crew and actors in Western garb prepared to rehearse a scene inside a wooden, chapel-like building on a desert movie ranch outside Santa Fe, assistant director Dave Halls stepped outside and grabbed a prop gun off a cart.

He walked back in and handed it to the film’s star, Alec Baldwin, assuring him it was safe to use because it didn’t have live ammo.

“Cold gun,” Halls yelled.

It wasn’t, according to court records made public Friday. Instead, when Baldwin pulled the trigger Thursday, he killed cinematographer Halyna Hutchins and wounded director Joel Souza, who was standing behind her.

The tragedy came nearly three decades after Brandon Lee, the son of martial arts legend Bruce Lee, died in a similar case, and it prompted horrified questions about how it could have happened again. The executive producer of ABC’s police drama “The Rookie” announced Friday the show would no longer use “live” weapons because the “safety of our cast and crew is too important.”

Details of the shooting at the ranch on Bonanza Creek Road were included in a search warrant application filed by the Santa Fe County Sheriff’s Office. Investigators were seeking to examine Baldwin’s blood-stained costume for the film “Rust,” as well as the weapon that was fired, other prop guns and ammunition, and any footage that might exist.

The gun was one of three that the film’s armorer, Hannah Gutierrez, had set on a cart outside the building where a scene was being acted, according to the records. Halls grabbed the gun from the cart and brought it inside to Baldwin, unaware that it was loaded with live rounds, a detective wrote in the search warrant application.

It was unclear how many rounds were fired. Gutierrez removed a shell casing from the gun after the shooting, and she turned the weapon over to police when they arrived, the court records say.

Halls did not immediately return phone and email messages seeking comment. The Associated Press was unable to contact Gutierrez, and several messages sent to production companies affiliated with the film were not immediately returned Friday.

The film’s script supervisor, Mamie Mitchell, said she was standing next to Hutchins when she was shot.

“I ran out and called 911 and said ‘Bring everybody, send everybody,’ ” Mitchell told The Associated Press. “This woman is gone at the beginning of her career. She was an extraordinary, rare, very rare woman.”

Mitchell said she and other crew members were attending a private memorial service Friday night in Santa Fe.

Baldwin described the killing as a “tragic accident.”

“There are no words to convey my shock and sadness regarding the tragic accident that took the life of Halyna Hutchins, a wife, mother and deeply admired colleague of ours. I’m fully cooperating with the police investigation,” Baldwin wrote on Twitter. “My heart is broken for her husband, their son, and all who knew and loved Halyna.”

No immediate charges were filed, and sheriff’s spokesman Juan Rios said Baldwin was permitted to travel.

“He’s a free man,” Rios said.

Images of the 63-year-old actor — known for his roles in “30 Rock” and “The Hunt for Red October” and his impression of former President Donald Trump on “Saturday Night Live” — showed him distraught outside the sheriff’s office on Thursday.

A distraught Alec Baldwin lingers in the parking lot outside the Santa Fe County Sheriff’s Office in Santa Fe, N.M., after he was questioned about a shooting on the set of the film “Rust” on the outskirts of Santa Fe, Thursday, Oct. 21, 2021. Baldwin fired a prop gun on the set, killing cinematographer Halyna Hutchins and wounding director Joel Souza, officials said. (Jim Weber/Santa Fe New Mexican via AP)

Guns used in making movies are sometimes real weapons that can fire either bullets or blanks, which are gunpowder charges that produce a flash and a bang but no deadly projectile. Even blanks can eject hot gases and paper or plastic wadding from the barrel that can be lethal at close range. That proved to be the case in the death of an actor in 1984.

In another on-set accident in 1993, Lee was killed after a bullet was left in a prop gun, and similar shootings have occurred involving stage weapons that were loaded with live rounds during historical re-enactments.

Gun-safety protocol on sets in the United States has improved since then, said Steven Hall, a veteran director of photography in Britain. But he said one of the riskiest positions to be in is behind the camera because that person is in the line of fire in scenes where an actor appears to point a gun at the audience.

Sheriff’s deputies responded about 2 p.m. to the movie set at the Bonanza Creek Ranch after 911 calls described a person being shot there, Rios said. The ranch has been used in dozens of films, including the recent Tom Hanks Western “News of the World.”

Hutchins, 42, worked as director of photography on the 2020 action film “Archenemy” starring Joe Manganiello. She was a 2015 graduate of the American Film Institute and was named a “rising star” by American Cinematographer in 2019.

“I’m so sad about losing Halyna. And so infuriated that this could happen on a set,” said “Archenemy” director Adam Egypt Mortimer on Twitter. “She was a brilliant talent who was absolutely committed to art and to film.”

Manganiello called Hutchins “an incredible talent” and “a great person” on his Instagram account. He said he was lucky to have worked with her.

After the shooting, production was halted on “Rust.” The movie is about a 13-year-old boy who is left to fend for himself and his younger brother following the death of their parents in 1880s Kansas, according to the Internet Movie Database website. The teen goes on the run with his long-estranged grandfather (played by Baldwin) after the boy is sentenced to hang for the accidental killing of a local rancher.

___

Associated Press writers Jake Coyle and Jocelyn Noveck in New York; Lizzie Knight in London; Yuras Karmanau in Kyiv, Ukraine; Ryan Pearson in Los Angeles; Walter Berry in Phoenix; and Gene Johnson in Seattle contributed to this report.

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