Tax loss harvesting can help keep your investment returns healthy. What you need to do before ... [+] year-end.
As year's end approaches, now is the time to do some last-minute tax-loss harvesting to lower your taxes for 2020. The goal of tax-loss harvesting is to reduce both your taxes on investments as well as your overall taxes. Taking this proactive tax-planning move, you may be able to lower your taxable income by selling off investments that are worth less than what you paid for them.
Not to change the topic here:
St. Cloud food, beverage taxes down 19%, hotel taxes down 50%
ST. CLOUD — As COVID-19 spread through the St. Cloud community this year, fewer people attended schools, booked hotel rooms or visited local restaurants.
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The food and beverage tax — which applies to takeout, prepared deli items, and fare from bars and restaurants — is down 19% from last year, from about $1.34 million in October 2019 to $1.09 million this year.
St. Cloud Finance Director Ruth Wipper anticipates the tax could be down close to nearly 23% when November and December taxes are included.
South Lebanon holds the line on taxes for 2021 budget | Regional | lancasteronline.com
Residents of South Lebanon Township will not see an increase in their property taxes in the new year.
At their Dec. 22 meeting, South Lebanon supervisors approved their 2021 budget, and the spending plan does not include a tax increase. The $4.9 million budget represents the second straight year without an increase in real estate tax.
"We always make that, not a necessity, but a priority," said board Chairman Steve Krause, of holding the line on taxes. "We have obligations we have to meet, and they don't ever go away. Fortunately, we have some excellent managers and assistant managers who are really good at pencil sharpening. We always try to keep taxes low, but there have been times when we have had to raise them."
Is Your Stimulus Check Taxable? | Kiplinger
I've heard the question many times: Will I have to pay tax on my stimulus check? The tax code says you have to pay taxes on "all income from whatever source derived," unless it's specifically exempted or excluded. That's a pretty broad definition that seemingly would include money from the government. And, strictly speaking, there's no specific exemption or exclusion for stimulus check money. So, stimulus checks are taxable – right?
Quite a lot has been going on:
Trump taxes: House Democrats cannot immediately access President Trump?s tax and financial
President Trump ran out the clock Wednesday in his long-
running legal battle to shield his tax and financial records from Congress when a federal appeals court declined to rule on the matter and sent the case back to a lower court.
The brief order from the U.S. Court of Appeals for the D.C. Circuit does not mean that the effort by House Democrats to access Trump's business records is over. But the congressional term will expire, and Trump will leave office in January without having his financial data turned over to lawmakers.
Soldiers, civilians to repay tax deferments through December 2021 | Article | The
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Global Digital-Tax Detente Ends, as U.S. and France Exchange Blows - WSJ
But now France has resumed collecting what is known as its digital-services tax, a French official said. Other countries, including Italy and the U.K., whose similar taxes went into effect this year, are also set to begin collection in coming months.
The U.S., meanwhile, is set on Jan. 6 to impose tariffs on $1.3 billion of French imports , including cosmetics and handbags. Washington also has pending investigations that could lead to similar tariffs on 10 other countries, including the U.K., Italy, India and Spain.
Facebook to close Irish units at center of tax dispute
Facebook confirmed Wednesday it was closing its Irish subsidiaries at the center of a dispute on profit shifting to avoid taxes in the United States.
The California tech giant acknowledged the winding down of Facebook Ireland Holdings Unlimited Company amid a dispute with US tax authorities, which claimed the company owed billions in taxes by improperly shifting profits offshore.
A Facebook spokesperson said the move was "part of a change that best aligns with our operating structure" and that the holdings of the three subsidiaries were "distributed to its US parent company."
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