At a time when top combined federal and California state income tax rates approach nearly 50%, and many tax breaks are set to expire soon, understanding the basics of tax planning is crucial if you want to secure your financial future. Drawing from over three decades of experience, I have distilled the top five tips … Read more
A bipartisan group of Colorado policymakers approved nearly a dozen recommendations to soften the pinch of property tax increases Friday, including an “adjustable cap” on future hikes and mechanisms to spread out hefty tax bills. State Sen. Chris Hansen is chairman of the state Property Tax Commission, which issued its recommendations Friday. (Photo by AAron … Read more
A city only exists with tax revenues — and the collection of those taxes should be simple, streamlined and fair. Candidates for San Jose City Council are calling for a complicated, dubious and unwieldy new tax. It’s called The Empty Homes Tax (EHT), and it would create an invasive new bureaucracy with little promise of … Read more
New Delhi: The Income Tax Department has identified some persons and entities whose payment of taxes for financial year 2023-24 is not commensurate with the financial transactions made by them during this period, the Finance Ministry said on Sunday. “Hence, as a part of taxpayer service initiative, the Department is undertaking an e-campaign, which aims … Read more
The average Gen Z American estimates that they only understand about 44% of the tax filing process, according to new research. A survey of 2,000 Americans 18-26 looked at how they’re feeling about tax season and found that over half (56%) admit they’re intimidated by the process of filing their taxes. Interestingly, the same percentage … Read more
California taxpayers can now use IRS Direct File, a free electronic filing service that debuted earlier this year for federal tax returns. The IRS’ pilot program launched in January for government workers and was expanded Monday, March 4 to qualifying taxpayers across the state. The agency said income earners who typically claim a standard deduction … Read more
The IRS is going after high-income earners who skipped out on filing federal income tax returns in more than 125,000 instances since 2017, the agency said Thursday. They’re believed to owe, based on a conservative estimate, hundreds of millions of dollars, the IRS said. The number could be much higher – but the IRS said … Read more
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners. Business owners know better than most that keeping efficient operations is one of the primary keys to success. … Read more
Colorado Democrats are eying a large portion of the state’s $1.8 billion-plus surplus this year to provide child tax credits targeted to help lower-income families — along with another slice devoted to helping people working in health- and child-care fields. The proposals are costly policy moves that could put state lawmakers on a path for … Read more
Tax refunds so far this year are noticeably smaller than they were at the same time last year, according to early data published by the IRS. The average refund check so far this year is worth $1,395 as of Feb. 2, about 29% lower compared to the $1,963 average recorded last year. That is based on … Read more
