Wealthy Americans are concealing large amounts of income from the I.R.S. There is a straightforward corrective.
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When the federal government started withholding income taxes from workers' paychecks during World War II, the innovation was presented as a matter of fairness, a way to ensure that everyone paid. Irving Berlin wrote a song for the Treasury Department : "You see those bombers in the sky? Rockefeller helped to build them. So did I."
Quite a lot has been going on:
Jefferson Parish voters approve water, sewer taxes; Westwego picks new mayor
Voters in Jefferson Parish approved two 5-mill property taxes to improve and maintain their waterworks and sewage systems. They will replace two existing taxes that expire at the end of 2022.
The 5-mill rate for the new millages is a maximum, and the parish council could decide to collect less from property owners. The current collections are 3.33 mills for water and 3.36 mills for sewer — each about 0.2 mills short of their maximum.
If you got unemployment benefits in 2020, here's how much could be tax exempt - ABC News
The tax break is part of the American Rescue Plan, President Joe Biden's $1.9 trillion relief package that also includes direct payments for Americans in 2021.
The unemployment income exemption is the result of a compromise between Democrats and Republicans to get the package passed. They agreed to trim extended weekly jobless benefits to $300 from $400, but also to continue the federal boost through Sept. 6 and make the first $10,200 of income tax free for those jobless Americans making under $150,000.
Biden Tax Plan: Federal Tax, Corporate Tax and Capital Gains Tax
Though the details are still light, here's what are rumored to be possible planks in the forthcoming economic plan from the Biden White House:
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Biden also wants to expand the estate tax, which currently only applies to those with estates worth more than $11.7 million.
Biden is not proposing raising the corporate tax rate to where it was before Trump's plan was passed. Rather, he is looking to split the difference and put the corporate tax rate at 28%.
While you're here, how about this:
A retiree tax break on charitable donations is back. Here's how to use it.
Welcome to the height of tax prep season, with millions of people pressing to get their 2020 returns finished and filed.
But rather than talk about your 2020 taxes, let's talk about a tax break for some of us that disappeared last year but is back in full force this year.
This break is a fringe benefit of getting old. It lets some of us (including me) in their 70s and up use a tax strategy that got canceled for 2020 because of covid but is now back with us.
Retirement Planning for the Self-Employed: 5 Options for Lowering Taxes and Maximizing Saving |
Choosing the right retirement plan can be confusing and overwhelming. Multiple options are available, which is a good thing, but understanding their attributes and intricacies takes time. Additionally, there are frequent updates and changes made by the IRS, such as the CARES Act in 2020 and SECURE Act in 2019, that change the landscape.
The following outlines the five most common retirement plans for self-employed individuals: traditional IRA, SIMPLE IRA, SEP IRA, individual 401(k) and defined-benefit plan. These plans permit pre-tax savings of $6,000 to nearly $300,000 per year. They are listed in increasing order of complexity and the maximum amount that may be contributed for 2021 :
North Carolinians have extra time to prepare their taxes but its going to cost you | WLOS
Federal Relief Delays Tax Break for California Businesses – NBC Bay Area
The U.S. government changed the law so businesses don't have to pay federal income tax on the money and California lawmakers are eager to do the same at the state level.
But a bill that would do that has been delayed because of a provision in the latest federal coronavirus relief bill that says states can't use relief money to cut taxes. By making the federal business aid exempt from state taxes, the bill pending before the state Legislature would save money for businesses while costing the state about $2.3 billion in revenue.
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