At a moment of historic disruption and change with the ongoing COVID-19 pandemic , and the calls for social and racial justice , there's never been more of a need for the kind of local, independent and unbiased journalism that The Day produces.
Please support our work by subscribing today.
* * *
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.
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.
* * *
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.
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.
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.
* * *
Massachusetts does not tax Social Security benefits or government pension income, but most other retirement income is taxed at a flat rate of 5%.
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.
* * *
“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.”
How does a cash out refinance affect taxes? | Fox Business
On the heels of the holiday season is another well-known “season” – tax season.
* * *
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.
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.
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.
Happening on Twitter
🎉THE FACT MUSIC AWARDS🎉 🏆Best Performer Prize A lovely day with MIDZY's love and support✌️✌️ Thank you for makin… https://t.co/gmOW5wDple ITZYofficial Sat Dec 12 12:40:13 +0000 2020
Joe Biden was caught on tape telling Democrats not to talk about their 'defund the police' agenda until after Jan 5… https://t.co/mRjhlea4hC GOPChairwoman Fri Dec 11 17:46:34 +0000 2020
🎊GIVEAWAY BUNDLE MERCHANDISE DAY6 (EVEN OF DAY)🎊 Syaratnya: 1. Follow twitter @tokopedia 2. RT dan like tweet i… https://t.co/5Xxe6Mo8WZ tokopedia Sat Dec 12 12:19:46 +0000 2020
Since First Lady is trending, I'd just like to say that Jill Biden is going to be an awesome #FLOTUS starting on da… https://t.co/evOJCi1hCK davidmweissman (from Palm Bay, FL) Sat Dec 12 19:07:45 +0000 2020
No comments:
Post a Comment