Gary Harper is the senior consumer and investigative reporter for 3 On Your Side at 3TV. Read more about Gary.
While you're here, how about this:
Pandemic, stimulus checks could impact 2021 tax filing season
If you are among those eligible to get a stimulus, but it never came in the mail, you can claim that amount in your taxes.
* * *
Individuals can check Get My Payment and enter their personal information. That will tell you if you received the first or second stimulus check payment. This is necessary to file a tax return, says the owner of Assurance Tax & Accounting Group Kimberlee Collins Walker.
Detroit residential assessments increase 8% in 2021 Property taxes go up only 2%; 4th straight
Residential property assessments in Detroit are projected to increase by an average of over 8% in 2021 tax, based on the most recent analysis of property values across the city, Mayor Mike Duggan said today. The numbers, which are based on two years of actual market sales, mark the fourth consecutive year of growth across the city.
However, while property values in the city have increased steadily, homeowners are protected against large property tax increases. Under state law, the annual increase in property taxes is capped this year at 2%, as long as ownership has not changed. When a home sells, the cap is lifted and the taxable amount adjusts to the State Equalized Value the year following the transfer.
Money experts say preparing taxes sooner than later could prevent an unwanted surprise if you
MARYLAND – Tax season is quickly approaching. That’s why local accountants say those who filed for unemployment benefits for the first time amid COVID-19 should start preparing if they haven’t already. “When you take the benefits they let you know that it is taxable. They give you the option to withhold the tax. But unfortunately they also give you the option to not withhold your tax.
While stimulus checks are not taxable because they’re considered a credit, unemployment benefits are. Bossle says people who did not and are not withholding taxes from their unemployment checks could be in for a big surprise when they file taxes this year. He says you could be paying the IRS as much as 25% of your total unemployment payments. “Put money aside as much as you can, especially the stimulus money coming in.
Were you following this:
Proposal could make Washington state's gas tax highest in US | king5.com
House Democrats have introduced a bill calling for an 18-cents per gallon increase in the state's gas tax.
Motorists currently pay 49.4 cents per gallon in state taxes and an additional 18.4% in federal taxes.
The proposed bill would increase the price by 10 cents a gallon this year and another 8 cents in 2022, bringing the total in state taxes to 67.4 cents a gallon.
Oregon explores giving businesses a break on spiking unemployment taxes - oregonlive.com
Oregon employers, facing three years of sharp increases in unemployment taxes, could get a break under proposals laid out at a Senate committee hearing Thursday.
The Oregon Employment Department had previously resisted curbs on the payroll taxes that fund jobless benefits. The department now says it's open to significant changes in light of the unique circumstances created by the pandemic.
The new stimulus bill has 6 big tax savings for small businesses
Now, don't go to sleep on me, please. I know that a tax article won't exactly be the most riveting thing you'll read today. But it could be the most profitable.
That's because taxes can eat up anywhere from 15% to 25% of a small-business owner's income. Every dollar saved on federal taxes means more cash in your bank account, and that can mean surviving or failing these days.
* * *
If that's the case, then you're entitled to a tax credit equal to 70% of each employee's wages (which now includes health insurance payments), up to $10,000 per worker per quarter. You use the credit to cut the employer's portion of Social Security taxes (FICA). The credit is refundable — if the credit is larger than your tax debt, you get the difference back in cash.
Cannabis taxes fund $31.4 million in state grants to help poor communities - Chicago Sun-Times
Those revenues funded the Restore, Reinvest and Renew (R3) Program, which announced its first grants Thursday. Those grants will go to 81 groups, ranging from community and faith-based organizations to businesses and local government in designated eligible R3 zones . Recipients were selected by the R3 board, chaired by Lt. Gov. Juliana Stratton; members were recruited from communities statewide.
These first-round awards come amidst complaints the state dragged its feet on doling out some $62 million in funds amassed through the R3 measure.
No comments:
Post a Comment