Sunday, December 13, 2020

The Day - Like everything else 2020, taxes will be like no other year - News from southeastern

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It’s the time of year to start thinking about taxes — but the upcoming filing season is going to be a bit trickier for many Americans due to rampant unemployment, working from home and general upheaval due to COVID-19.

Publisher: The Day
Date: 20201213000100
Twitter: @thedayct
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In case you are keeping track:

Millions of Americans Could Be in for a Tax Shock.

Generally, you'll be given the option to have 10% of your weekly benefit withheld for this purpose before you start collecting that money. Otherwise, you can collect your benefits in full and then make estimated quarterly tax payments to the IRS.

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But you can't sit back and assume that you won't face any tax liability on those benefits, because that's just not reality. And unfortunately, a lot of people are uninformed in this regard. In a recent survey by Jackson Hewitt Tax Service , 38% of respondents said they didn't know that unemployment benefits were taxable in the first place. Furthermore, 61% of respondents have not withheld or set aside money from their unemployment pay for their 2020 income taxes.

Publisher: _____
Date: 2020-12-11T06:18:00-05:00
Author: Maurie Backman
Twitter: @themotleyfool
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151,000 Oregon businesses face higher unemployment taxes in 2021 | kgw.com

PORTLAND, Ore. — Many Oregon businesses already struggling to survive will soon face another challenge: higher unemployment insurance tax rates.

"We are operating on such a shoestring," said Kim Spiegelberg of The Barbers, a local chain of barber shops. "It could not come at a worse time."

Last month, the Oregon Employment Department mailed notices warning businesses of rate changes for employers who pay into the state's unemployment fund.

Publisher: kgw.com
Date: 12/11/2020 7:55:49 PM
Twitter: @KGWNews
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Beware: These states are the worst for retirement taxes

Maybe you want to spend your retirement somewhere sunny. Or perhaps a view of the mountains is more your style.

But before you start making plans, it's worth looking at the tax situation in any state you're considering. Some places impose significantly harsher taxes on retirees than others.

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Massachusetts does not tax Social Security benefits or government pension income, but most other retirement income is taxed at a flat rate of 5%.

Twitter: @Yahoo
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Other things to check out:

Tax increase, furloughs, contract on table as New Kensington-Arnold starts budget work |

The New Kensington-Arnold School District may have to raise property taxes and furlough employees as it goes into a difficult budget at the same time it negotiates a new contract with its teachers union, the school board’s former president said.

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“After years of neglecting the budget, we had to raise taxes this year,” board member John Cope said. “I don’t see a way we’re not going to raise taxes again.”

Publisher: TribLIVE.com
Date: 2020-12-12T16:03:51-05:00
Author: Brian C Rittmeyer
Twitter: @triblive
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How does a cash out refinance affect taxes? | Fox Business

On the heels of the holiday season is another well-known “season” – tax season.

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A cash-out refinance is when you take out a new mortgage for what your home is worth, and the lender gives you the difference between the home value and your mortgage balance in cash.

Essentially, it is a way to liquidate your home equity and turn it into cash . You can then use this cash for pretty much any purpose: debt consolidation, home improvement, college tuition, starting a new business, or buying a second residence. And this cash comes at a rock-bottom interest rate that you pay off when you pay your mortgage each month.

Publisher: Fox Business
Date: 2020-11-23
Twitter: @FoxBusiness
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Methuen residents see lowest tax hike since 2012 | Merrimack Valley | eagletribune.com

METHUEN -- Residential property owners will see the lowest tax increase in a decade while owners of commercial and industrial property will see their tax bills rise an average of about $200 a year, under new rates set by the City Council.

The council voted this past week to split the tax rate for fiscal year 2021, which means commercial and industrial properties continue to be taxed at a much higher rate than residential properties.

City officials justified the split by saying residents need a break in the midst of a pandemic that has caused widespread job loss and other economic hardship.

Publisher: Eagle-Tribune
Author: Bill Kirk bkirk eagletribune com
Twitter: @eagletrib
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Email to Hunter Biden raises fresh questions about his tax dealings

Federal prosecutors in Delaware are scrutinizing Hunter Biden's business dealings in China as part of a tax probe that began in 2018, according to a source familiar with the inquiry.

His lawyer, George Mesires, did not return a request for comment. A spokesperson for the Biden transition team declined to comment when sent a list of questions, including whether Hunter Biden amended his 2014 returns.

NBC News made multiple attempts to reach Schwerin, but he did not respond to the requests for comment. The Justice Department declined to comment.

Publisher: NBC News
Date: Fri Dec 11 2020 23:49:00 GMT 0000 UTC
Twitter: @NBCNews
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