Another worry that might not be on everyone's radar is the likely increase in taxes that could occur as early as next year. But, unlike whether we will find a Covid vaccine or worrying about the stock market, this is an issue we have some control over. With some planning, we can take steps to mitigate the effects of future tax increases.
I raise this issue because it's likely that taxes will rise if there's a "blue wave" in which the Democrats win the presidency, House and Senate in November. However, even if there is no blue wave, given the state of our country's finances, there is a very real possibility that taxes will increase – particularly for the wealthy – no matter which party prevails in November.
Not to change the topic here:
Here's why your tax refund is late. - The Washington Post
With taxpayers filing electronic returns and the IRS direct depositing refunds into bank accounts, the tax season has never been shorter.
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People who mailed their returns this year should expect delays in getting refunds, the IRS has been saying. But many folks who filed electronically say they, too, are still awaiting refunds.
Adam Hines is a certified public accountant, and for years, he managed his taxes so well that he says he either owed the IRS or got a refund of $10 or less. This year, Hines is expecting a refund of about $4,300, largely because he purchased a home at the end of 2019. His return needed review because of an uncommon deduction, Hines said.
McLennan County commissioners vote to cut taxes | Local Government | wacotrib.com
McLennan County commissioners promised a tax break to county residents, approving a tax rate Tuesday that would trim $13 from the county tax burden of someone owning a home valued at $100,000.
Commissioners vowed to hold the line on spending as they conducted budget hearings in recent weeks, saying county residents and owners of small businesses have been battered by the COVID-19 pandemic and deserve relief. They approved a proposed tax rate of 46.87 cents per $100 valuation, which becomes effective when the court approves a budget Aug. 25.
California Cannabis And Taxes: A Shining City On The Coast
Taxes are also imposed at the local level, and setting those rates requires a delicate balance. The tax must be high enough to provide legitimate benefit and positively impact a city or state's budget. But, if the rate is too high, cannabis companies will look to tax-friendlier places to do business. Worse, scaring away legal cannabis businesses can result in the return of an illicit, unregulated market, negating a primary purpose of legalization.
In case you are keeping track:
States use relief dollars to hold down business taxes | National | dothaneagle.com
Governors and lawmakers in at least eight states have used millions of federal coronavirus relief dollars to protect businesses from tax increases as unemployment skyrockets.
They're pushing relief dollars into unemployment insurance trust funds, which are funded by business taxes and pay out benefits to laid-off workers. If the funds start to run out of money — as they now are in many states — state and federal law triggers tax increases to replenish the accounts.
Senate Proposal Would Ease State-Tax Burdens for Remote Workers - WSJ
Millions of remote workers potentially facing higher state-tax burdens for 2020 due to the coronavirus pandemic would get relief from a Senate Republican proposal.
The proposal would maintain the state-tax "status quo" for many employees now working remotely due to the pandemic. Pay earned by these workers would continue to be taxed by states as it was at the beginning of the pandemic.
Of 41 states with income taxes on wages, only 13 have said they won't tax workers who are in state temporarily due to the pandemic, according to the American Institute of CPAs. Yet remote work is becoming widely accepted, and it is bound to cause increasing complications for employees, businesses and tax officials. Google recently said its employees would work from home until at least July 2021, raising expectations that other companies will follow.
Harvard professor charged in federal court with failing to pay taxes on income from Chinese
A world-renowned Harvard University chemistry professor was charged Tuesday in federal court in Boston with failing to report income from China's Wuhan University of Technology to the IRS, according to the United States attorney's office for Massachusetts.
Charles Lieber, 61, was indicted by a grand jury on two counts of failing to file reports of foreign bank and financial accounts and two counts of making and subscribing a false income tax return, the office of US Attorney Andrew E. Lelling said in a statement.
'A step in the right direction' on property taxes | News | norfolkdailynews.com
Representatives from the Platte Institute discussed the possible future of property taxes in a virtual town hall Monday.
Adam Weinberg and Sarah Curry with the Platte Institute, a think tank that researches economic issues, discussed the current legislative session, which has only a few days remaining after being suspended for several months. Even after the hiatus, property tax reform remains a top priority for many legislators.
Happening on Twitter
We're not going to "build America back better" with more government, higher taxes, more regulation, more liberal po… https://t.co/zdCVr3ltF2 Mike_Pence Wed Jul 29 01:06:51 +0000 2020
Bankers looking to get out of Hong Kong after the passing of China's new security law face grim job markets and hig… https://t.co/m0hNAWGPgE BloombergAsia Tue Jul 28 00:15:18 +0000 2020
We need to drop this insistence on targeting in the belief that those with higher incomes don't need any help. We n… https://t.co/iOdNpuZkMW scottsantens (from New Orleans, LA) Tue Jul 28 14:50:01 +0000 2020
"We have lost any optimism toward the #HongKong government," she said, convinced that the finance hub will become j… https://t.co/jf9HjHm9lA fion_li (from Hong Kong) Tue Jul 28 01:13:56 +0000 2020
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