The omnibus spending and coronavirus relief bill passed by Congress late Monday includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress Monday evening, but President Donald Trump said Tuesday night on Twitter that he might not sign the bill immediately, if at all.
Among its general tax provisions, the bill temporarily (through 2022) allows 100% deductibility of certain business meal expenses, extends the $300 charitable contribution deduction for nonitemizers, and enacts various disaster tax relief provisions.
Check out this next:
Military, federal workers will likely get extensions for repaying deferred taxes | Fox Business
The $2.3 trillion omnibus spending bill and COVID-19 relief package passed by Congress Monday night includes an extended timetable for how soon U.S. troops and federal employees have to pay back deferred Social Security taxes, thereby reducing the hit to their paychecks next year.
* * *
Troops and civil servants have seen larger paychecks from September to December due to Trump's August executive order that allowed employers to defer collecting the 6.2% Social Security payroll tax .
Virginia gives businesses a break on unemployment insurance taxes | Govt.
The Richmond Times-Dispatch RICHMOND TIMES-DISPATCH FILE Gov. Ralph Northam addresses the public and the media during a recent COVID-19 briefing in Richmond.
RICHMOND — Gov. Ralph Northam on Tuesday took steps to prevent Virginia businesses hit hardest by the pandemic from having to pay extra taxes to help shore up the state's depleted unemployment insurance trust fund, which has been drained because of jobless benefits paid to hundreds of thousands of Virginians who lost their jobs.
There's a Way Biden Can Raise More From the Rich Without Higher Taxes - The New York Times
On the campaign trail, Joe Biden argued for higher taxes on Americans who make more than $400,000 a year. Those tax increases, he said, would help fund his broader agenda and reduce inequality.
But depending on the outcome of Georgia runoff elections next month, as president he will face either a Republican Senate majority that is dead set against tax increases, or a very narrow Democratic majority that will need to choose its battles carefully.
Quite a lot has been going on:
What to do if you are worried about 2020 taxes | KOKH
New Bigger Charitable Tax Break For 2021 In Year-End Spending Package
There's good tax news for charities and donors in the year-end spending package Congress passed yesterday. It includes two tax changes that can boost donors tax deductions for charitable giving, meaning they can give more to charity at a lower net cost. But watch out: The legislation also increases penalties for overstating the value of charitable gifts.
The first change is an above-the-line tax deduction for gifts of cash to charity of up to $300 for individuals and up to $600 for joint filers for 2021. It's basically an extension and enhancement of the new one-year tax break Congress put in for 2020 under the pandemic relief CARES Act: a tax deduction for cash gifts to charity up to $300. The difference is that for 2020, the deduction is limited to $300 per tax return.
Omnibus endorses 1% federal pay raise, gives feds more time to repay deferred payroll taxes |
Excelsior raises tax levy 13.2% to cover infrastructure updates, other costs - StarTribune.com
Excelsior's property tax levy will jump more than 13% next year, at a time when many cities and counties are opting to keep levy increases low.
The increase means the owner of a $500,000 home — Excelsior's approximate median home value — will pay $49 more in property taxes next year than in 2020, said Marian Potter, the city's finance officer. Altogether, the city will receive $1,500 in taxes on that home.
Happening on Twitter
$600 doesn't even cover the median rent in Cuyahoga County. So many families are behind on their expenses. While mi… https://t.co/DRZzyCr7r3 ninaturner (from Cleveland, OH) Tue Dec 22 17:19:10 +0000 2020
Public schools in many parts of the U.S. are headed for a financial cliff, as the virus drives up the costs of educ… https://t.co/A4YdNe87sq nytimes (from New York City) Tue Dec 22 20:20:07 +0000 2020
No comments:
Post a Comment