Income tax

Seven Tax Benefits for Seniors Only

Senior citizens enjoy some additional advantages over other taxpayers when it comes to income tax. Besides the income tax roundups that are exclusively designed for seniors, the ITR electronic filing process is also easier for them. In accordance with applicable law, for income tax purposes, an elderly person is a natural person residing between the […]

Income tax

Top 4 Apps That Help You Save Income Tax (2022)

Those of you who are in the nation’s tax filing class know how tedious and tedious the whole tax filing process is. But the real struggle is finding various ways and means and understanding different financial policies so you can save a few dollars on income tax. Today there are millions of apps available on […]

Income tax

North Carolina lawmakers split over Medicaid, marijuana and income tax

RALEIGH, NC (WNCN) — A top Republican state lawmaker has voiced support for cutting the personal income tax rate in half as legislative leaders prepare to present a budget proposal to the Governor Roy Cooper (D) in the coming days. Senate Leader Phil Berger (R-Rockingham) said one of his priorities is to accelerate the already […]

Income tax

Income tax on initial donation to HUF

My CA says that for the initial contribution to my newly formed HUF, I can take any amount of money from my father as a gift and also claims that there is absolutely no tax liability on such a gift transaction for the first time. Subsequent donations received would be taxed according to his opinion. […]

Income tax

Income Tax Department conducts research at J&K and Delhi

Income Tax Department conducts research at J&K and Delhi The search action led to the seizure of unaccounted cash of over Rs. 46 million. posted on June 17, 2022 | Author RK Online Office The Income Tax Department carried out search and seizure operations on a major manufacturer and seller of Jamawar, Pashmina […]

Income tax

Biden Administration Proposes Partnership Tax Changes – Income Tax

June 16, 2022 Proskauer Rose LLP To print this article, all you need to do is be registered or log in to Mondaq.com. On March 28, 2022, the Biden administration proposed some limited changes to the taxation of partnerships. In short, the Administration’s proposals (i) would prevent related partners in a partnership that […]

Income tax

cost inflation index: the income tax department notifies the cost inflation index for the current fiscal year

The Income Tax Department released the cost inflation index for the current fiscal year to calculate long-term capital gains resulting from the sale of real estate, securities and jewelry. The Cost Inflation Index (CII) is used by a taxpayer to calculate gains from the sale of fixed assets after adjusting for inflation. The cost inflation […]

Income tax

Cal HC rescinds Department of Income Tax notice to TMC

BY Team DeputyJune 13, 2022 8:15 p.m. GMT Kolkata: The High Court in Calcutta on Monday quashed an order from the Income Tax Department and a subsequent notice to the Trinamool Congress (TMC) regarding alleged anomalies in the income of Bengal’s ruling party for the year of 2018-19 evaluation. The court said there was a […]

Income tax

Capital Gains Tax Battle Will Remain in Court » Publications » Washington Policy Center

The next steps on whether Washington will remain exempt from income tax will be in court as the I-1929 campaign to repeal the capital gains tax has suspended operations. Earlier this year, a judge appointed by Inslee ruled that the capital gains tax was unconstitutional. The Attorney General is asking the State Supreme Court to […]

Income tax

Income tax cuts and rebates at center of SC’s $13.8 billion budget

COLUMBIA, SC (AP) — Many South Carolina taxpayers could soon receive several hundred dollars in tax rebates in addition to a reduction in their regular tax rates after a group of powerful House and Senate lawmakers agreed to a compromise on the state budget on Friday. State lawmakers have $13.8 billion to spend on the […]

Income tax

The FBCCI requests the early withdrawal of income tax

The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) has called on the government to abolish the withholding tax on income (AIT). The country’s top trade body made the call in an immediate response to the draft national budget for the financial year 2022-23 on Thursday. “Overall, the proposed budget is development and welfare […]

Income tax

Government says no data breaches found; Ask Infosys to repair; Know more

Income Tax Portal Glitch: The income tax portal, which was in the news a few months ago for developing glitches, has again developed snags, the government confirmed on Tuesday. The Department of Income Tax, which took note of the problem after receiving several complaints from users, asked the portal’s developer, Infosys, to look into the […]

Income tax

Argentina proposes ‘extraordinary income’ tax amid grain bargains

BUENOS AIRES, June 6 (Reuters) – Argentina’s government on Monday proposed a bill to tax companies that earn “extraordinary income” from the war in Ukraine, a move that would particularly hit the country’s grain industry. The move is seen as an attempt by Argentina’s centre-left government to reduce the budget deficit and help Latin America’s […]

Income tax

Legislation passed by the General Assembly will reduce state income tax for Kentuckians starting in 2023

By Tom LateKkentucky today Kentuckians can expect a drop in their personal income tax rate next year, due to legislation enacted by the General Assembly in the 2022 session that ties the tax rate on the income to the income of the general fund of the State. The provisions of House Bill 8 would gradually […]

Income tax

Business groups support expansion of working income tax credit

MACKINAC ISLAND — Business groups on Thursday backed legislation to expand a state tax credit for low-wage workers, backing a key aspect of Gov. Gretchen Whitmer’s budget plan that recently won legislative backing. The earned income tax credit would increase from 6% of the federal credit to 20% under the Democratic governor’s proposal, where it […]

Income tax

Tax authorities seize Mehul Choksi’s assets worth more than Rs 150 crore under Benami law

Fugitive diamond dealer Mehul Choksi. (File photo) New Delhi: In a major move, Income Tax (IT) authorities took physical control of real estate worth more than Rs 150 crore belonging to Mehul Choksi, the fugitive diamond merchant and uncle of Nirav Modi, in under the Benami Transactions (Prohibition) Amendment Act (BTPA) which came into force […]

Income tax

Tax Exemption and Unrelated Business Income Tax (UBIT): The Framework (Part 1 of 3) | law of the free man

This Knowledge blog is part 1 of a 3-part series that provides a focused overview of unrelated business income tax rules for the nonprofit organization that is tax-exempt under section 501 (c)(3) of the Internal Revenue Code (the “Code”). This Part 1 sets the framework and outlines the organizational and operational tests applicable to tax-exempt […]

Income tax

Jay Inslee talks gas prices, emergency powers and income tax

By BRETT DAVIS THE CENTER SQUARE (The Center Square) – Governor Jay Inslee says help is on the way for some motorists in Washington next year. “We passed a low-income tax credit to partially help low-income people with some of their oil prices,” Governor Inslee said on the “Seattle Morning News” podcast. “That’s an average […]

Income tax

Income Tax Department Opens Investigation Against Perfume Baron Piyush Jain, Files Statement in Jail

The Income Tax Department has launched an investigation against Kanpur-based perfume baron Piyush Jain. On Friday, officials recorded Jain’s statement at the jail where he is currently being held. Piyush Jain was arrested in 2021 after authorities found 32 gold biscuits weighing 23kg in his house (Picture: File) After the General Directorate of GST Intelligence […]

Income tax

IMF urges RBF to raise income tax and GST

FBR office. – APPLICATION FBR will recover 7.2 trillion rupees in taxes for the next budget as dictated by IMF. The board proposes a tax collection target within a range of Rs 6.9 trillion. Income tax reforms aim to increase progressivity. ISLAMABAD: The Federal Board of Revenue (FBR) has been asked to recover 7.2 trillion […]

Income tax

Tax watchdog is optimistic that ‘surprising’ income tax haul can be maintained

The independent watchdog, which by law monitors the government’s budget plans, said the rise in income tax revenue was “surprising” but could probably continue nonetheless. In a new study, the Irish Fiscal Advisory Council, or Ifac, said income tax revenue last year generated revenues of €26.7 billion, or some €4 billion. euros more than expected […]

Income tax

These companies have paid $0 in Australian income tax for the past SEVEN YEARS

These companies have paid $0 in Australian income tax for the past SEVEN YEARS and most of the profits have gone offshore The companies had a combined revenue from Australian operations of $138 billion All but one are owned by foreigners, so all the profits they made went overseas All members of the Australian Petroleum […]

Income tax

Social Security taxes eliminated, tax cut included in Minnesota deal but no Walz checks – Reuters

ST. PAUL – Minnesotans could stand to see an income tax cut, the elimination of state tax on Social Security benefits and a change to make more people available for a tax credit for tenant as part of a compromise plan to be reviewed at the Capitol. But that’s only if lawmakers can fast-track a […]

Income tax

Man charged with tax evasion in Brown County

GREEN BAY, Wis. (WBAY) – A Portage County man has been charged in a Brown County tax evasion case. A criminal complaint obtained by Action 2 News shows Elton J. Schenk, 46, Custer, being charged with fraud/submitting a tax return or obtaining a refund with fraudulent intent. This is a felony charge that carries a […]

Income tax

Family Office Considerations for Partnership Audits – Income Tax

To print this article, all you need to do is be registered or log in to Mondaq.com. Families and Family Offices engaged in managing private capital often use partnerships to consolidate and aggregate capital from related and/or unrelated parties and trusts. This is true for family investment programs, joint ventures, joint ventures and/or […]

Income tax

Australia Institute: Big gas companies pay no income tax in seven years

Five fossil fuel giants making billions of dollars in profits in Australia without paying income tax have been exposed in a new report. A shocking new report claims that five gas company giants have paid no tax on their Australian operations for seven years. The Australia Institute published a paper analyzing Australian Taxation Office data […]

Income tax

The new amendments to the Charities Income Tax Act 1961: what does it mean for the common man?

Form 10BD and 10BE to take advantage of the Section 80G tax deduction as the May 31, 2022 deadline approaches. In accordance with the application of amendments to the Income Tax Act 1961, from the financial year 21-22, the method of applying the tax deduction under section 80G on gifts facts to NGOs has changed. […]

Income tax

Income Tax Refund, Education Legislation Remains for South Carolina Legislature | Caroline from the south

(The Center Square) – As South Carolina’s regular legislative session ended Thursday, several bills are still in the works, including a proposed income tax refund as well as a proposed legislation to create new education savings accounts. These bills, S1087 and S935has reached the point of the conference committee and could be ready for when […]

Income tax

Eggs and Stakes: State Income Tax Reform | Free News

Sen. Juan Barnett (D-Heidelberg), Rep. Robin Robinson (R-Laurel) and Rep. Donnie Scoggin (R-Ellisville) discussed the implications of the largest tax cut passed in Mississippi history and how the eventual elimination of state income tax would affect the state. Governor Tate Reeves has signed a bill that begins in 2023 to reduce state income tax collected […]

Income tax

Income Tax: Should I Advertise for a Maternal Health Fund? – 05/10/2022

I pay for my mother’s health insurance. The invoice is in my name. Can I deduct these expenses? (NBC) As an insured person, you cannot deduct amounts related to your mother if you declare it separately. Your mother can be considered a dependent if, in 2021, she has an income, taxable or not, of R$22,847.76. […]

Income tax

New income tax system: is the reduced tax rate option right for you?

There is a lot of confusion about the new tax regime. People are not able to decide which one to go for. The new tax regime is available only to individuals as well as to a HUF whether you are resident or non-resident and is optional. The new tax regime gives you preferential rates up […]

Income tax

Income tax wing has four months to reach remaining 50% target

Published: 07 May 2022 18:10:37 The National Board of Revenue (NBR) has taken tougher steps to increase its collection from the income tax wing by widening its net and carrying out unpaid taxes, because in the first eight months of the current financial year, it has collected just over 50% of its income. target for […]

Income tax

Mottley to Attend Ohio Business Tax Conference – Income Tax

May 06, 2022 Taft Stettinius & Hollister To print this article, all you need to do is be registered or log in to Mondaq.com. Taft of Counsel Don Mottley will be a panelist at the Ohio Business Tax Conference, taking place June 8, 2022 in Akron, Ohio. Mottley will speak on “Ohio Municipal […]

Income tax

A 1% income tax is on the ballot again in Beavercreek, Ohio

Beavercreek is one of only three cities in Ohio with no income tax. However, that could change after voters head to the polls on May 3. In nearly 40 years, this is the fifth time the controversial tax issue has been on the ballot. Opponents claim it is taxation without representation, while supporters say the […]

Income tax

Raising an extra dollar in personal income tax costs the Canadian economy $2.86 – Lake Superior News

Select a month: Select a monthMay 2022June 2022July 2022August 2022September 2022 Mon Mar Sea Game Fri Sat Sun 25 26 27 28 29 30 1 2 Thunder Bay Museum hosts traveling Holocaust exhibit Thunder Bay Museum hosts traveling Holocaust exhibit THUNDER BAY, ONTARIO ~~~~ March 1, 2022 (LSNews) The Thunder Bay Museum would like to […]

Income tax

New Ohio Bill Would Kill State Income Tax

Ohio House 80th District candidate Steve Huffman, 2014 Ohio House 80th District candidate Steve Huffman, 2014 Named after economist Arthur Laffer, its namesake “curve” postulates an “optimal” tax rate that maximizes tax revenue. In fiscal 2020, Ohio’s personal income taxes generated nearly $8.3 billion, less than the state’s sales and use taxes, which generated $10. […]

Income tax

Mayor Barlow proposes disability, limited income tax exemption and increase for seniors exemption – Oswego County Today

Mayor Billy Barlow OSWEGO – Oswego Mayor Billy Barlow today announced a proposal to introduce a new tax exemption for people with disabilities on limited incomes in the City of Oswego. If approved, the exemption would provide tax relief to eligible persons with disabilities under the property tax law on a sliding scale with incomes […]

Income tax

💸 Income Tax Refund + OBJ House + Boxer Sentence Commutation

Can Ohio afford to give you back your income tax money? You must have plenty of cheddar, $3.3 million to be exact, to afford the old Odell Beckham Jr. digs in northeast Ohio. These are just two of our titles to watch today. ☔ Weather: A cold shower in the morning on a cold day. […]

Income tax

Income tax hurdle now stands in the way of high-speed train project

Riddled with ongoing delays, the prestigious high-speed rail project faces another hurdle: income tax. The Japanese side, which is a partner in the project, has warned of “inevitable delays” if its multiple petitions seeking exemption from income tax provisions for its consultants engaged in the design aspects of the train project at Mumbai Ahmedabad High […]

Income tax

Oman set to introduce personal income tax

After two years of suspense, the Gulf state of Oman could pull the trigger next year. “Income tax is still on track,” a source with the Sultanate’s National Balanced Budget Program told Al-Monitor on condition of anonymity. “We have just finished drafting the law and are making operational preparations. We expect personal income tax to […]

Income tax

Eliminate state income tax, temporary sales tax

Editor’s Note: Below is a guest column submitted to USA Today Network Louisiana newspapers by Louisiana House Republican Caucus Chairman Blake Miguez of Erath. Just like the weather in the Bayou State, the state of Louisiana’s finances can change very quickly. Since my election to the legislature in 2015, I have experienced numerous state budget […]

Income tax

Evers campaign: TAX DAY: Wisconsin residents see their income tax reduced thanks to Governor Tony Evers

MADISON, Wis. – Today is tax day, and this year Wisconsinans are keeping more of their money thanks to Governor Tony Evers. During his first term, 86% of Wisconsin taxpayers receive an income tax reduction of 15% or more. Globally, 2.4 million Wisconsin taxpayers to get relief. Last year Governor Evers signed the first bipartisan […]

Income tax

Know the income tax rules on cashing out leave during service or job change

Generally, all employees are eligible for a certain amount of paid time off each year. Paid time off is an integral part of the incentives offered by employers to join this company. The income tax laws grant an exemption for the cashing of these paid holidays in part or in full. Let’s discuss in detail. […]

Income tax

Raise Income Tax Levels for Wealthy Ugandans – Tax Auditor’s Report

The latest tax auditor’s report proposed that the government introduce new tax brackets for Ugandans earning higher incomes to ensure a fair and inclusive tax system. Speaking at the launch of the Third Fair Tax Monitor 2021 report in Kampala on Wednesday, Daniel Lukwago of Oxfam described some of the recommendations as necessary due to […]

Income tax

Deadline for filing personal income tax returns is April 18, with some extensions granted due to tornadoes

FRANKFORT, Ky. (WBKO) – The Kentucky Department of Revenue (DOR) reminds taxpayers that the 2021 personal income tax filing deadline arrives on Monday, April 18, 2022. The April 18 deadline of this year gives Kentucky taxpayers a few extra days to file their tax returns due to the Emancipation Holiday in Washington DC on Friday, […]

Income tax

Everything you need to know about income tax e-notices

Since the advent of technology, most communications from the Income Tax (IT) department to an assessee are delivered to their registered email address. The Delhi High Court at Venad Properties Pvt. ltd. v. Commissioner of Income Tax (2013) 212 Taxman 20, held that the object and purpose of the notice is to inform and inform […]

Income tax

Avon seeks increased income tax to develop park land – Morning Journal

The City of Avon is seeking to raise its income tax rate to raise about $2 million a year for 10 years to purchase land for its park system. The proposed income tax increase will be on the ballot in the May 3 primary election. If voters approve the measure, the funds raised from the […]

Income tax

Amalgamating corporation’s income tax assessment when not erroneous

The Supreme Court has ruled that the question of whether the corporate death of an entity during a merger per se invalidates an assessment order, generally cannot be determined on the simple application of section 481 of the Act. on the 1956 corporations, but would depend on the terms of the merger and the facts […]

Income tax

State income tax plan for $300 homeowners advances amid wide debate

On Wednesday, the Democratic-dominated General Assembly Finance, Revenue, and Liability Committee crafted a set of budget proposals, including an election-year extension of the Connecticut property tax credit that, since 2017, is limited to seniors and families with dependents. Minority Republicans have failed in their efforts to increase credit beyond Gov. Ned Lamont’s proposed $300 credit […]

Income tax

No income tax? No thanks.

When I moved to Connecticut in 1986, my new boss assured me that while I wouldn’t get rich on my paycheck, the state didn’t have a personal income tax, so that meant a little extra money in my pocket. I thought I had heard her wrong. I was from Kansas, where state income tax had […]

Income tax

10 new tax rules in effect this month

With the start of the new fiscal year, there are several changes regarding the income tax rules that are due to take effect on April 1, 2022. Let’s take a look at the new income tax rules that have introduced for this exercise: 1) Interest earned on the employee’s contribution to the Provident Fund (PF) […]

Income tax

Biden’s billionaire income tax has a lesson for India

At a time when socialism for business is the reigning mantra, US President Joe Biden has shown tremendous political courage to ensure that billionaires pay their fair share of taxes. After publicly denouncing the Trickle Down theory a few weeks ago, which, as we all know, is the very basis of the neoliberal economy at […]

Income tax

Indonesia to impose VAT and income tax on crypto assets from May

JAKARTA, April 1 (Reuters) – Indonesia plans to charge value added tax (VAT) on crypto asset transactions and an income tax on capital gains from such investments at 0.1 % each, starting May 1, a tax official said Friday. amid a boom in digital asset trading. Interest in digital assets has surged in Southeast Asia’s […]

Income tax

EXPLAINER: How would the billionaire income tax work? | National Associated Press

WASHINGTON (AP) — A “billionaire’s minimum income tax” is included in President Joe Biden’s budget proposal for fiscal year 2023 — as part of the administration’s efforts to reduce the federal deficit over the next decade and finance new spending. The proposal “eliminates ineffective income protection for decades or generations,” the White House said. Whether […]

Income tax

Everything you need to know about Income Tax Service Notices

The Income Tax Department sends notices to certain assessees and asks them to respond. Abhishek Murali, President of the Indian Taxpayers Association (AITPA), decodes everything you need to know about these notices. What is a tax notice? What are the common reasons for issuing it? Once a tax return is filed, it must be processed […]

Income tax

Governor Phil Bryant reveals plan to eliminate income tax

Governor Phil Bryant reveals plan to eliminate income tax Updated: 10:04 PM CDT March 24, 2022 Hide transcript View Transcript 16 WAPT’S KEEGAN FOXX LOOKS AT THE NUMBERS. GOVERNOR TATE REEVES IS DEPLOYING WHAT HE CALLS A BOLD PROPOSAL THAT WOULD COMPLETELY ELIMINATE INCOME TAX IN THE STATE – AND, HE SAYS, WILL FINALLY PUT […]

Income tax

Hi SoCal. Change is our intention. – Mike Feuer releases personal tax returns

City Attorney Mike Feuer announced the trial Monday morning. | Photo courtesy of City Attorney Mike Feuer via Twitter A day after challenging real estate developer and mayoral candidate Rick Caruso to release his tax returns, City Attorney Mike Feuer, also a mayoral candidate, released his own tax returns for the past five years. According […]

Income tax

Income Tax Department detects cash transactions worth Rs 3,000 crore after raids on Omaxe group : The Tribune India

PTI New Delhi, March 22 The Income Tax Department has gathered ‘evidence’ that property group Omaxe may have engaged in ‘unrecorded’ cash transactions with clients to the tune of more than Rs 3,000 crore, officials said on Tuesday. responsible. The CBDT has released a statement to say it raided the premises of a […]

Income tax

Your Questions – Income Tax: You can deduct up to Rs 3 lakh on royalty income

In either case, a deduction up to an amount of Rs 3 lakh from royalty income under Section 80QQB is permitted, provided that Form 10CCD is furnished and duly verified by the person responsible for making this payment with the return of the income. By Chirag Nangia Can income from royalties received from an Indian […]

Income tax

Should you move to a state with no income tax? – Forbes Advisor

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. The advantage of moving to a state with no income tax is quite simple: you don’t have to pay state income tax on the money you earn. Currently, seven states (Alaska, Florida, […]

Income tax

Canada’s 2022 income tax season: CRA plans to fully resume collection efforts, documents say

OTTAWA — The federal minister responsible for the Canada Revenue Agency learned after the election that the agency plans to ramp up debt collection just in time for tax season. Briefing materials for Revenue Minister Diane Lebouthillier indicate that the agency plans to resume full collection activities early this year. The move was the latest […]

Income tax

Illinois lawmakers could expand earned income tax credit, create child tax credit

SPRINGFIELD, Ill. (WGEM) – Thousands of low-income people in Illinois have received federal earned income tax credits and child tax credit payments under the U.S. bailout. However, those appropriations ended Dec. 31, and Illinois lawmakers hope to fill the void before the end of the spring session. 3.6 million people in the state currently receive […]

Income tax

Idahoans will begin receiving income tax refunds this month | Idaho

LEWISTON — The Idaho State Tax Commission begins issuing 2022 rebates in late March. Refunds automatically go to people who were full-year Idaho residents for 2020 and 2021 and who filed taxes for those years. This includes those who have filed grocery credit refund statements. The refund amount is either $75 per taxpayer and dependent […]

Income tax

South Carolina Legislature Passes Competing Income Tax Bills | Caroline from the south

(The Center Square) – South Carolina taxpayers could get an income tax reduction or an income tax reduction and refund, but the details will depend on how his two legislative bodies are negotiating after the state House and Senate passed various income tax reduction bills. these last weeks. The South Carolina Senate approved S.1087 by […]

Income tax

What makes more sense, a minimum income tax or a maximum income?

How much would Scott’s proposal cost Americans who currently pay no federal income tax? Scott’s plan – which chairs the Republican National Senate Committee, the deep-pocketed group coordinating the push for a GOP majority in the Senate — offers no details. Tax policy groups have filled the void. Adopting Scott’s plan, calculated the Institute on […]

Income tax

Georgia House Approves $1 Billion Income Tax Cut |

Representative of Georgia Shaw Blackmon ATLANTA — The Republican-controlled Georgia House of Representatives on Wednesday passed a $1 billion state income tax cut despite objections from Democrats that most of the benefits would go to high-income taxpayers while some Georgians would pay more. The bill, which passed 115 to 52 and is now moving to […]

Income tax

Income Tax on Cash Gifts to Wife: How Much Can You Gift on Women’s Day Tax-Free?

Wife Cash Gift Tax: Experts say a cash gift of up to Rs 50,000 from anyone will have no tax implications under normal circumstances. On this Women’s Day, how about giving a cash gift to your wife? Giving a cash gift can be a good idea because it is something useful in all circumstances. But […]

Income tax

South Carolina offers valuable income tax credits to eligible homeowners | Business

There are two valuable tax breaks South Carolina homeowners should know about this tax season, and they’re surprisingly easy to overlook. The first is quite simple and is worth up to $1,250. This is a state-specific tax break, and I’ve found in over a decade of writing this personal finance column that many homeowners and […]

Income tax

Brook Park notifies other cities and agencies when issuing income tax refunds

BROOK PARK, Ohio — People who worked from home during the pandemic instead of their usual office in another city can apply for an income tax refund, but Brook Park wants to make sure it gets its share of any income tax due. As of March 1 municipal Council Meet, Chief Financial Officer Greg Cingle […]

Income tax

Proposed State Working Income Tax Credit | News, Sports, Jobs

Senator Mario Scavello, R-Monroe/Northampton, speaks on the floor of the State Senate. By JOHN WHITTAKER [email protected] Legislation was introduced to add Pennsylvania to the states offering an earned income tax credit on state taxes. Sen. Mario Scavello, R-Monroe/Northampton, introduced Senate Bill 1082 with bipartisan support of two Republicans, two Democrats and […]

Income tax

The North Carolina Department of Revenue is ready for your 2021 tax return

RALEIGH, NC (WGHP) – North Carolina tax preparers, start your returns. Stay up to date with the latest news and weather with the FOX8 mobile app. Delayed due to state budget adjustments that changed income tax rates, the North Carolina Department of Revenue declared itself open for business beginning Tuesday to accept tax returns of […]

Income tax

New year, new corporate income tax rate for ROHQs

It has been almost a year since Republic Act No. 11534, otherwise known as the Business Recovery and Tax Incentive Act (CREATE), was signed into law. It took thffect on April 11th. Its main objective is to reduce tax rates for domestic and foreign corporations in order to mitigate the effeffects of the COVID-19 pandemic […]

Income tax

If your life has changed in 2021, watch for tax surprises

The investment information provided on this page is for educational purposes only. NerdWallet does not provide advisory or brokerage services, and does not recommend or advise investors to buy or sell particular stocks or securities. The events of 2021 have not always gone as planned. A lingering pandemic, shifting government response and a flurry of […]

Income tax

Proposal to scrap Wisconsin income tax would blow $9.3 billion hole in state budget

Already a failure in Kansas, the idea would cut a huge chunk — last year, 46% — of what the state uses for schools, roads, medical assistance and vital services. A Republican-drafted proposal to phase out state income tax would further tilt Wisconsin’s tax system in favor of rich and hungry essential services like public […]

Income tax

Senate approves Democrats’ bill creating tax credit for low-income earners

The proposed $74 million plan would give the average Arizona family $128 a year. PHOENIX — A Democratic proposal that creates a new tax credit for low-income Arizona workers has passed the Arizona Senate. Democratic Sen. Sean Bowie’s proposal won support from 10 of 16 Senate Republicans and 11 Democrats voting on Wednesday. Ducey included […]

Income tax

GOP plan cuts Minnesota Social Security income tax, DFL sees it as a gift to the well-to-do

GOP plan cuts Minnesota Social Security income tax, DFL sees it as a gift to the well-to-do Republican lawmakers say the answer to stopping more snowbirds from leaving Minnesota is to get rid of the state Social Security income tax. ST. PAUL, Minnesota (FOX 9) – Republican lawmakers say the answer to stopping more snowbirds […]

Income tax

If a resident becomes an NRI, what would be the tax impact on existing investments?

In each edition of ET Wealth, our panel of experts answer questions related to all aspects of personal finance. If you have a question, send it to us immediately at [email protected] If a resident converts the NRI for tax purposes, what would be the tax impact on existing investments? How long can an NRI hold […]

Income tax

Free Tax Help Available at 2 New Orleans Libraries | Entertainment/Life

The New Orleans Public Library is once again partnering with the AARP Foundation Tax-Aide to provide in-person tax preparation assistance. This free service is available to everyone, but is designed with a focus on low to middle income taxpayers over the age of 50. Through April 11, the Algiers Regional Library, 3014 Holiday Drive, and […]