The IRS accepts your annual income tax filing starting in late January. The specific date varies from year to year; for 2019 taxes the IRS began to take filings on January 27, 2020. They will take estimated payments on what you think you will owe at any time over the course of the year. (Somehow few people do this, even among the freelance workers and business owners legally obligated to make those payments.)
You can file your taxes by mail or electronically, individually or through an accountant. Between January 1 and April 15, as taxpayers we have more than a third of the year to get our finances in order and send that 1040 to the federal government.
While you're here, how about this:
State taxes: How much Americans pay, ranked by state
With Tax Day – April 15, 2020 – drawing ever closer, Americans from all corners of the country will be completing and submitting their 1040 forms to the Internal Revenue Service in the coming weeks and months. While every American is subject to the same federal tax code, state and local tax laws vary dramatically by region – and so does the overall financial burden of those taxes.
In addition to the federal income tax paid in April, most state governments also levy an income tax. And many state and local governments also levy property and sales taxes. All told, the typical American pays just over $5,000 a year in state and local taxes, equal to 9.8% of their estimated annual income. The national average, however, is not representative of the typical tax burden on a state level.
Taxes on e-cigarettes lead to more traditional cigarettes being purchased, study shows
WAUSAU, Wis. (WSAW) - A new study funded by the National Institutes of Health shows that raising taxes on e-cigarettes in an attempt to steer people away from vaping may cause people to purchase more traditional cigarettes.
The Effects of E-Cigarette Taxes on E-Cigarette Prices and Consumption: Evidence from Retail Panel Data study was published Tuesday by the National Bureau of Economic Research.
Tired of punitive property taxes?
New Jersey Gov. Phil Murphy delivers his 2019-20 budget address at the the Statehouse in Trenton March 5, 2019. NJ Advance Media for NJ.com
* * *
The current New Jersey Constitution was enacted less than two years after the end of World War II. Harry Truman was president, Jackie Robinson became the first African-American to play major league baseball and there were 48 states in the Union.
There have been numerous amendments adopted since the 1947 governing document was approved — a unified court system, establishment of a state lottery, legalized casino gambling, creating the office of lieutenant governor — but scant attention has been paid to using the constitution to create a modern state tax structure, particularly as it relates to the property tax system.
Quite a lot has been going on:
Biden and Buttigieg say they won't raise small-business taxes, but have proposals to do just that
Joe Biden and Pete Buttigieg both said in the Democratic presidential debate that they wouldn't raise taxes for small businesses, but both have tax-increase proposals aimed at these entities.
The former vice president proposes increasing the top income tax rate from 37% to 39.6%, the rate that it was before the 2017 GOP tax cut legislation. That rate hike would also affect many small businesses, nearly three-quarters of which file through the individual side of the tax code, according to the National Federation of Independent Business.
From mansions to pensions: how will the budget affect taxes? | Politics | The Guardian
Reports that Boris Johnson and the new chancellor, Rishi Sunak, are preparing tax rises in the budget on 11 March have raised concerns within the Conservative party. Several proposals have been aired in the media, including two that would have been anathema under previous Tory administrations: a fuel duty rise and the imposition of a mansion tax.
At the time, Labour's plan was widely derided by the Tories before the 2015 election when Johnson attacked the idea of a levy on homes worth £2m, calling it a "tax on London" when he was the mayor.
TurboTax Is Still Tricking Customers With Tax Prep Ads That Misuse the Word "Free" – Mother
On Dec. 30, the IRS announced it was revamping a long-standing agreement with the online tax preparation industry in which companies offer free filing to people with incomes below certain levels, a category that includes 70% of filers. The change in what's known as the Free File program came in the wake of multiple ProPublica articles that revealed how the companies in the program steered customers eligible for free filing to their paid offerings.
So far, it seems, the companies are abiding by their promise to make their Free File webpages visible in online searches. But the updated agreement appears to have a loophole: It doesn't apply to advertising. Nothing in it, the agreement states, "limits or changes the rights" of participating companies to advertise "as if they were not participating in the Free File program."
FactFinder Minute: Scammers calling to demand money for unpaid taxes
WICHITA, Kan. (KWCH) With tax season in full swing, scammers work to take advantage of unsuspecting Kansans by making threatening phone calls, demanding payment for unpaid taxes.
In northwest Kansas, the Atwood Police Department warns of a suspicious text that could compromise your information. Police say someone received an unsolicited text message claiming to offer them a reward from Amazon.
Happening on Twitter
The number of Americans filing for #Unemployment benefits saw a slight uptick last week and the 4-week moving avera… https://t.co/uvSapi9el5 EpochTimes (from New York, USA) Thu Feb 20 20:34:00 +0000 2020
No comments:
Post a Comment