New York imposes several taxes on employers and individuals who buy private health insurance coverage, and the levies are paid by consumers and included in their premiums, NYSCOP noted in releasing the report. The organization cited the state Departments of Financial Services and Health in detailing the dollar amount.
A 1.75% tax applied to premiums paid by those with commercial health insurance policies amounts to about $509 million this year, designated for the state treasury’s general fund, NYSCOP noted. And an assessment on all licensed insurers is estimated to be about $143 million, earmarked for the Department of Financial Services.
Many things are taking place:
Preliminary Pittsburgh Public Schools budget won’t hike taxes; $32 million deficit
Pittsburgh Public Schools doesn’t intend to increase taxes to support its 2021 budget. But the $668.5 million spending plan includes a $32 million deficit that needs to be addressed, Superintendent Anthony Hamlet said in a statement.
“We recognize the need to take steps to increase our revenue to the extent possible, while also reducing expenditures,” Hamlet said. “We will continue to work with the board to review our options and we will continue this work after the budget is passed to address our structural deficit.”
When Are Taxes Due in 2021? | Personal-finance | omaha.com
Sometimes, it happens that April 15 falls on a Saturday or Sunday. When that's the case, the tax-filing deadline is pushed back by a day or two, as needed. In other words, if April 15 is a Saturday, the IRS won't move the deadline up to Friday the 14th. Instead, it will push back the deadline to the following Monday. But in 2021, April 15 falls on a Thursday, so you should plan on having your tax return done by then.
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Many people were thrown for a loop this year when the coronavirus outbreak exploded in March. As such, the IRS allowed filers a three-month extension and pushed the tax-filing deadline back to July 15. Not only were filers given three extra months to submit a tax return, but they were also given three more months to pay any tax debt they owed from 2019 without incurring interest or penalties on that sum.
This year-end stock-selling strategy offsets capital gains taxes and sidesteps the
Tax-loss selling is not as easy as it looks. I'm referring to the practice of selling in December those stocks you hold at a loss, in order to offset the capital gains you've already realized and on which you will otherwise have to pay tax. While this seems straightforward, it quickly becomes complicated.
That's because of the IRS's so-called wash-sale rule, which prevents you from using the tax loss of any stock you've sold if you buy it back within 30 days. That's something you would want to avoid, since previously beaten-down stocks have some of their best weeks of the year once tax-loss selling abates. Much or all of that rebound takes place when the wash-sale rule prevents you from holding these stocks.
Check out this next:
Now There's Even Less Reason to Throw Away Stock Gains on Taxes in 2021 | The
If you let the temptation of selling your stocks too soon keep you away from the long-term benefits of investing, you'll be on the hook for higher taxes. Fortunately, the 2021 long-term capital gains rates will make patience even more appealing to investors.
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According to data from Pew Research Center, about two-thirds of U.S. adults (65%) don't own any stocks, bonds, or mutual funds outside of retirement accounts. That means most people are missing out on the opportunity to take advantage of the stock market's incredible rise and tap into the possibilities of tax-free income before retirement.
Volunteer Tax Work Funded by IRS Grant – Susquehanna University
Susquehanna University’s work with the Volunteer Income Tax Assistance program has been funded again by a grant from the Internal Revenue Service.
The VITA program helps low- to moderate-income individuals, persons with disabilities, the elderly and limited-English speakers file their taxes each year.
Accounting majors in the Sigmund Weis School of Business volunteer their services through the local administering agency, the Union-Snyder Community Action Agency . It’s a hands-on opportunity for students to get career-specific experience working with a variety of individuals who fall under various income and tax brackets.
Olmsted County extends 2020 property taxes late payment deadline
ROCHESTER, Minn. (KTTC) -- Property owners in Olmsted County now have an additional two weeks to pay their property taxes before they will receive late payment penalties.
The new deadline for residents to pay their full property tax payment for 2020 is Dec. 31, the county announced in a news release on Friday.
This is the third time the deadline has been extended, the county said. The extensions were put in place in response to the financial hardship many are experiencing during the COVID-19 pandemic.
I moved out of California in retirement -- but it wasn't because of taxes -
Whenever we mention to people that we moved from California to Reno, Nev., they all say it makes sense because we get to avoid the high state income tax in California. I don't blame them. California has a reputation for high taxes. When you Google state income taxes, you get a map like this:
California is shown in the darkest color. Its 13.3% top marginal tax rate is the highest in the country. On the other hand, even when we worked full-time in California, we never paid 13.3%. The 13.3% rate is only for people making over $1 million. Our marginal state income tax rate was 9.3%, which was still high, but it was at least lower than the 9.9% rate in the neighboring state Oregon, or the 9.85% rate in Minnesota.
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