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While prevailing wisdom suggests it's better to file jointly, some couples who aren't actually separated still file taxes separately.
"For deductions or credits that could be claimed by either spouse, the complicated part is figuring out who to allocate them to in order to give you the biggest tax benefit," Cothern said.
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Cabarrus resolution provides flexibility with tax processes
CABARRUS, N.C. (WBTV) - Due to hardships caused by the COVID-19 pandemic, Cabarrus County commissioners approved a resolution at their April 20 meeting that allows more than 1,500 businesses and individuals to benefit from timeline flexibility and waived penalties.
While North Carolina General Statutes limit county flexibility options, Tax Administrator David Thrift identified two strategies to help:
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Occupancy taxes are due and payable on the 20th day of each month. The Board's resolution waives the penalty associated with missing the deadlines for April and May payments, as long as monthly reports are filed and those taxes are paid in full by June 20.
Waiver of penalties and interest on late real estate and vehicle taxes in works |
Richmonders are being promised some relief as they face a Friday, June 5, deadline for paying city taxes on real estate and vehicles.
Pressed by City Council, Lenora Reid, the city's chief administrative officer, told City Council on Monday that Mayor Levar M. Stoney's administration supports amnesty for taxpayers that would allow late payments by Tuesday, June 30, to be made without interest and penalties.
Leon Cooperman says the coronavirus crisis will change capitalism forever and taxes have to go up
Billionaire investor Leon Cooperman said Thursday on CNBC's " Squawk Box " that the coronavirus crisis will "likely" change capitalism forever and that taxes will need to be raised soon.
"When the government is called upon to protect you on the downside, they have every right to regulate you on the upside," Cooperman said. "So capitalism is changed."
The chairman and CEO of the Omega Family Office said the country is shifting to the left and that taxes will have to go up regardless of who wins the presidential election in November.
While you're here, how about this:
States That Don't Tax Unemployment Benefits
The federal government taxes unemployment compensation as if the payments were wages. That, on its own, can be a gut punch for someone who is out of work. But there's also a double whammy for most of these people— the majority of states follow suit and fully tax unemployment benefits, too.
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State Income Tax Range: Low: 2% (on up to $1,000 of taxable income for married joint filers and up to $500 for single filers). High: 5% (on more than $6,000 of taxable income for married joint filers and more than $3,000 for single filers). Alabama also allows residents to deduct all their federal income tax (not including certain federal tax credits) from state taxable income. Some cities impose a "municipal occupational tax" of 0.5% to 2% on income paid to workers.
Lawsuits possible over Ohio's coronavirus change that lets cities collect income taxes from
An Ohio organization that specializes in constitutional rights is already contemplating action against cities that rely on a new tweak to state law in order to collect income taxes from people who are working remotely during the coronavirus crisis.
Maurice Thompson, a lawyer and executive director of the Columbus-based 1851 Center for Constitutional Law , said taxpayers who are working from homes outside the cities that are collecting the income taxes could be entitled to refunds.
Hitting risky business investments is not the smart way to tax millionaires | TheHill
Senator Sheldon Whitehouse and Representative Lloyd Doggett released a Joint Tax Committee distributional analysis of a provision in the stimulus bill that eases the tax treatment of losses by pass through businesses, like partnerships and S corporations. Its conclusion that the provision primarily benefits millionaires drew widespread media coverage and prompted various commentators and Democratic lawmakers to urge that the provision be repealed, a step previously proposed by Joe
However, repealing the stimulus provision would inefficiently penalize risky business investments by taxing profits immediately while delaying deductions for losses. There is no need to add that distortion to the tax system – if Congress decides that millionaires should pay more taxes, it should directly raise their tax rates rather than alter the tax code in ways that penalize risky business investments.
Sununu says now is not the right time to hike taxes on businesses even if NH faces a shortfall |
ATLANTA — An array of merchants in Georgia and several other states prepared on Thursday to reopen for the first time in a month under newly relaxed coronavirus restrictions, as another week of massive unemployment claims highlighted the grim economic toll of the pandemic.
Two people associated with the New Horizons homeless shelter in Manchester have tested positive for COVID-19, state health officials confirmed on Thursday.
CONCORD — Gov. Chris Sununu said he will ask the Democratic-controlled Legislature to make a key change in the two-year state budget to avoid raising business taxes because of slumping revenues related to COVID-19.
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