Income tax

Italy to cut income tax for low-paid workers

In the future, personal income between 28,000 and 50,000 euros will be taxed at 35% in Italy, compared to 38% currently. Income taxes between 15,000 and 28,000 euros will be reduced from 27% to 25%. The 41% tax bracket for income between 55,000 and 75,000 euros will be completely abolished, with all income over 50,000 […]

Income tax

Bill makes changes to child tax credit and earned income tax credit

The major spending bill passed by the House of Representatives earlier this month amends two major tax credits. The bill would extend the expansion of the child tax credit for one year. It would also make the credit fully repayable on a permanent basis, which would benefit low-income people, according to CNBC. Before the pandemic, […]

Income tax

Kansas man pleads guilty to tax evasion | USAO-KS

TOPEKA, KAN. – A Kansas man pleaded guilty to one count of making and making a false statement. According to court documents, Randall Brammell, 65, of Berryton owned and operated Brammell Construction Company and Lawn Mowing. He pleaded guilty to submitting a false 2016 tax return to the Internal Revenue Service after failing to notify […]

Income tax

Income tax change could reduce the state’s case for borrowing money

One of the issues most watched by Mississippians when the Legislature meets on Jan.4 will be Gov. Tate Reeves’ proposal to eliminate personal income tax. But Mississippians won’t be the only ones watching. Prominent New Yorkers will also be on the lookout who may impact the state’s ability to issue and pay debts to fund […]

Income tax

State Senator Miller submits law to repeal state income tax

Repealing income taxes could also put more people back into the workforce, Miller said, and a consumption tax system would broaden the tax base and compensate for lost income. The bill, currently pre-tabled for the January 2022 legislative session, does not specify any consumption or sales tax. He said models from other states show that […]

Income tax

Two new income tax increases included in the Build Back Better law

On November 3, 2021, the House Rules Committee released a revised version of HR 5376, the Build Back Better Act, which would impose two new income tax “surcharges” on high-income taxpayers, effective January 3, 2021. January 1st. 2022. For individuals, a 5% surtax would apply on modified adjusted gross income (MAGI) over $ 10 million […]

Income tax

Unemployment Tax Reduction 2022: A New Unemployment Income Tax Exclusion Coming?

The Tax Service (IRS) began giving tax refunds to those who received unemployment benefits in 2020, with around 1.5 million refunds sent, adding to nearly nine million already distributed since May 2021. Now the question on the lips of many people is whether there will be any further unemployment income tax exclusions to come in […]

Income tax

Did you make a mistake when paying income tax? Know how to correct errors

Updated November 16, 2021 | 06:16 IST Under the Income Tax Act, you will be able to file a revised ITR at any time during the tax year or before the end of the assessment, whichever occurs first. How to Correct Mistakes When Paying Income Tax New Delhi: Many taxpayers now file their tax returns […]

Income tax

Pa. Tax refunds are available. Find out if you are eligible

Thousands of Pennsylvanians could have a nice surprise ahead of the holidays, as the state’s Revenue Department has begun advising residents that they may be eligible for income tax refunds or reductions. On Monday, the ministry said letters were being sent to “tens of thousands” of low-income residents it considers eligible for refunds under the […]

Income tax

Essential information when completing your corporate income tax return

* This content is brought to you by Arro By Hélène Fourie Completing the corporate income tax return (ITR14) is becoming increasingly difficult for some taxpayers due to the required information and details that must be disclosed for SARS to issue an accurate assessment. Helen Fourie Failure to provide full disclosure and correctly complete prescribed […]