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Cities across US making decisions on stadium construction deals for major sports teams
Read full article: Cities across US making decisions on stadium construction deals for major sports teamsCommunities across the country are trying to decide whether or not to shell out big bucks for professional sports stadiums. Supporters promise economic growth, but critics say the reality never lives up to the hype.
Could you see more relief on your taxes this year?
Read full article: Could you see more relief on your taxes this year?In a rare breakthrough, the House passed a $78 billion tax package, with bipartisan support, that would enhance the child tax credit for lower-income families and boost tax breaks for businesses.
Georgia Governor Kemp wants to amend bill to speed up state’s income tax cut
Read full article: Georgia Governor Kemp wants to amend bill to speed up state’s income tax cutIn Georgia, a bill passed in 2022 that reduces the state income tax each year until it reaches 4.9% by 2029. Governor Brian Kemp is looking to amend the bill to speed up the state’s income tax cut.
Why Shohei Ohtani’s heavily-deferred contract could be model pro athletes ask for going forward
Read full article: Why Shohei Ohtani’s heavily-deferred contract could be model pro athletes ask for going forwardOhtani has decided to defer $680 million of the contract until after his playing days are over, meaning he’ll take in roughly $2 million of salary each year for the duration of the contract that will run through 2033.
IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork
Read full article: IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperworkMost taxpayers will be able to digitally submit a slew of tax documents and other communications to the IRS next filing season and the agency plans to go completely paperless in 2025.
Ponte Vedra man must pay over $1.9M back to IRS for tax evasion
Read full article: Ponte Vedra man must pay over $1.9M back to IRS for tax evasionA Ponte Vedra man who pleaded guilty to willful tax evasion was sentenced Tuesday to a year and a day in federal prison and ordered to pay $1,927,077.90 in restitution to the Internal Revenue Service.
Tick Tock: If you need extra time for taxes, here’s what to do
Read full article: Tick Tock: If you need extra time for taxes, here’s what to doYou need to get your 2022 tax return in to the IRS by next Tuesday, but if you can’t meet that deadline, you need to request an extension as soon as possible.
You’ve filed your taxes -- now, what should you do with those documents?
Read full article: You’ve filed your taxes -- now, what should you do with those documents?If you’ve finally gotten your taxes filed, you’re probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?
IRS issues tax relief for Floridians following Hurricane Ian’s devastation
Read full article: IRS issues tax relief for Floridians following Hurricane Ian’s devastationThe Internal Revenue Service announced Thursday that taxpayers affected by Hurricane Ian are eligible to receive tax relief following the recent disaster declaration issued by the Federal Emergency Management Agency.
Inflation and car prices: What’s going on? How did this happen?
Read full article: Inflation and car prices: What’s going on? How did this happen?It seems like you hear about it more and more these days: The extreme lengths people are going to in order to buy a new house; how much it costs to fill up the gas tank; and what we’re spending at the grocery store.
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.
Report: Duval’s half-cent sales tax garners $110M in 1st year, but public awareness needs improvement
Read full article: Report: Duval’s half-cent sales tax garners $110M in 1st year, but public awareness needs improvementThe committee overseeing Duval County’s half-cent sales tax for school improvement said in its first annual report it’s already ahead of schedule for how much revenue has been collected.
High gas prices will likely mean higher taxes to keep city vehicles running
Read full article: High gas prices will likely mean higher taxes to keep city vehicles runningYou may be feeling the effects of the huge gas price increase but it is also having an impact on something you may not have considered -- the money it takes to keep city cars and trucks operating.
Quiz: How much do you know about income tax?
Read full article: Quiz: How much do you know about income tax?You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?
St. Johns County commissioners introduce sales tax increase, aiming for November ballot measure
Read full article: St. Johns County commissioners introduce sales tax increase, aiming for November ballot measureThe St. Johns County Board of Commissioners read through an official proposal Tuesday afternoon, which, if passed, would increase the county’s sales tax rate by one percent for at least the next ten years.
Explainer: Duval County schools’ half-cent sales tax vs. millage rate increase
Read full article: Explainer: Duval County schools’ half-cent sales tax vs. millage rate increaseAs Duval County Public Schools continues to grapple with a crippling teacher shortage and retention problem, superintendent Diana Greene recommended that the school board consider hiking property taxes by one mill in order to boost salaries, fill the record number of vacant staffing positions and bolster the district’s arts and athletic programs.
Child tax credit causing headaches for parents across the country as tax filing season gets underway
Read full article: Child tax credit causing headaches for parents across the country as tax filing season gets underwayAs tax filing season gets underway, parents are working to figure out what to do about the child tax credit, including those monthly advanced payments.
Jacksonville City Council votes against repealing local option gas tax
Read full article: Jacksonville City Council votes against repealing local option gas taxJacksonville city leaders on Tuesday voted 5-13 against repealing the implementation of a six-cent gas tax increase, which is set to go into effect in January.
Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributions
Read full article: Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributionsFor those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.
3 million Florida families to receive Child Tax Credit payments, starting Thursday
Read full article: 3 million Florida families to receive Child Tax Credit payments, starting ThursdayStarting Thursday, an estimated 40,000 Florida families will begin receiving $250 to $300 payments as part of the American Rescue Plan’s Child Tax Credit program.
Online dashboard will allow residents to track Duval school’s half-cent tax revenue
Read full article: Online dashboard will allow residents to track Duval school’s half-cent tax revenueRevenue generated from a half-cent sales tax, which was approved by Duval County voters in November, has started rolling in and taxpayers will soon be able to track exactly how the money is being used.
Taxes: Answers to top FAQs about Social Security income
Read full article: Taxes: Answers to top FAQs about Social Security incomeEven for those of us who think we have some knowledge about anything tax related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.
Explainer: How the child tax credit will change once the stimulus bill is signed
Read full article: Explainer: How the child tax credit will change once the stimulus bill is signedBelow is a brief look at how the child tax credit will change under the $1.9 trillion stimulus package, which is expected to be signed by President Joe Biden:AGE: Only children under the age of 16 are eligible for the current child tax credit, but the stimulus bill will make most children under the age of 18 eligible. AMOUNT: While the current child tax credit provides $2,000 per child each year, the stimulus bill will boost that to $3,000 for each child ages 6-17 years old; and $3,600 for each child under 6 years old. DISTRIBUTION: Like most credits, the current child tax credit is received as part of your annual filing process and is either applied to your income tax or your refund balance. The other half willLIABILITY: The new version of the child tax credit is expanded to be The new version of the child tax credit is expanded to be fully available to the poorest families , instead of restricting it based on the parents’ tax liability. To read the full text of the child tax credit section of the stimulus bill, refer to page 475 of the full document.
How do I file taxes if I’m working remotely in another state that’s not my residence?
Read full article: How do I file taxes if I’m working remotely in another state that’s not my residence?A common aspect of the COVID-19 pandemic over the past two or so years has been more employees working remotely, but that doesn’t necessarily mean all those people were working from their homes.
How to file your taxes online securely
Read full article: How to file your taxes online securelyNinety percent of Americans will file their taxes online, either using a professional tax preparer or tax software. It’s the only one tested to earn top marks for data privacy, data security, and usability. You can also protect your personal tax information by simply looking for the HTTPS or a little lock at the beginning of a web address. So if either is lost or stolen, your personal data can’t be accessed. Consumer Reports has created a free online security planner to help you secure your devices and accounts.
Tax Time: How COVID-19 is impacting your W-2
Read full article: Tax Time: How COVID-19 is impacting your W-2Your job, health, and finances may look a little different in the year of COVID-19, and that doesn’t stop with taxes. “If you work in a high tax state or a state that’s separate from yours now you’ve got two state income tax returns you’re going to have to file,” said Gary Kane, CPA at Kane & Associates. Each state has their own tax laws, which varies by the number of days worked, so check with your advisor. Ad“The tax brackets are like stair steps and so if your income is down, you’ve gone down the stair steps, and you’re paying tax at a lower rate,” said Kane. “That can grow and earn tax free, and you can use that money to pay your medical bills,” said Kane.
Is it time to switch to paying quarterly taxes? Here’s when to decide, and how to get it done
Read full article: Is it time to switch to paying quarterly taxes? Here’s when to decide, and how to get it doneThere’s one day each year that sticks out to American taxpayers everywhere, and this year is April 18: Tax Day. But to another group of people -- the ones who make quarterly payments -- there are three other times a year to pay up.
Collecting internet taxes in Florida has a new twist
Read full article: Collecting internet taxes in Florida has a new twistTALLAHASSEE, Fla. – The Florida Senate Finance and Tax Committee approved a bill Thursday requiring out-of-state retailers to collect sales tax on internet purchases. Florida is one of only two states that don’t require out-of-state retailers to collect the sales tax due from online purchases. He wants any added revenue from the collection of internet sales tax to be offset by tax cuts elsewhere. If they want to do internet sales, what’s the revenue increase? AdFlorida is the only state that collects a sales tax on commercial rent payments.
2 steps to protect yourself from identity theft during tax filing season
Read full article: 2 steps to protect yourself from identity theft during tax filing seasonJACKSONVILLE, Fla. – Tax season is here, and with more people filing online than ever before, the risk for identity theft is even greater. According to the IRS, 80% of all Americans file their tax return online. According to the Federal Trade Commission, more than 100,000 people reported either tax- or employment-related identity theft in 2020. The second is getting an Identity Protection PIN (IP PIN). This is not a new tool for the IRS, but the first time anyone can use it -- not just someone who has already been an identity theft victim.
This checklist will help ensure you have everything prepared for filing this tax season
Read full article: This checklist will help ensure you have everything prepared for filing this tax seasonRegardless of whether you’ve paid someone for help or tried to do it on your own, even just gathering all the data you need for filing your federal income taxes can seem daunting.
Answers to your questions about tax filing season
Read full article: Answers to your questions about tax filing seasonAnd if you lost your job, you may actually owe money to the government. Here are the most common questions News4Jax has been asked:Will I owe taxes on my stimulus payments? If you did not receive all of your stimulus money, on your 2020 tax return, you need to request that money under the Recovery Rebate Credit on your 1040 form. AdDo I owe taxes if I received unemployment benefits? The IRS is aware of those who received unemployment money and will expect you to include income on your tax return.
Lost a job or income? Don’t lose access to key tax credits
Read full article: Lost a job or income? Don’t lose access to key tax creditsThe “lookback” rule allows taxpayers to use either their 2019 or 2020 income, whichever is most beneficial, in order to get the most out of the Earned Income Tax Credit and the Child Tax Credit. These are considered the two most valuable tax credits for low- and moderate-income working families. And they are refundable tax credits, which are particularly beneficial because they can reduce the amount of tax someone owes to zero or potentially yield a refund. That is because people need some earned income to claim the credits and money from unemployment benefits is not considered earned income in the eyes of the IRS. The Earned Income Tax Credit is worth $538 to $6,660 depending on income and number of children.
DeSantis proposes holding tax ‘holidays’ again
Read full article: DeSantis proposes holding tax ‘holidays’ againRon DeSantis is again seeking to hold sales-tax “holidays” for disaster-preparedness supplies and back-to-school shopping as part of economic initiatives included in a proposed $96.6 billion budget released Thursday. In his new budget proposal, DeSantis projected $65 million in savings for Floridians from the two proposed sales-tax holidays. AdDeSantis also asked for a 10-day disaster-preparedness tax holiday before hurricane season, with shoppers able to avoid sales taxes on storm supplies, including generators priced up to $750. DeSantis’ proposed budget also includes $5 million for Enterprise Florida, the state’s business recruitment agency, and $50 million for Visit Florida, its tourism-marketing arm. The Visit Florida funding would be the same as in the current fiscal year.
Avoid the Audit: How to properly handle home office tax deductions
Read full article: Avoid the Audit: How to properly handle home office tax deductionsIf you’ve been working from home, you may be wondering if you qualify for a home office tax deduction. The 2020 rate is $5 per square foot with a maximum of 300 square feet. So, if your office is 200 square feet that would be $1,000. Certain businesses, such as day cares, may have different qualifications for a home office deduction. These are complicated tax issues so be sure to check with your own tax advisor.
Florida gets boost in tax revenues in December
Read full article: Florida gets boost in tax revenues in DecemberTALLAHASSEE, Fla. – Florida in December recorded its best monthly general-revenue collections since the start of the coronavirus pandemic. The Legislature’s Office of Economic & Demographic Research estimated revenue for December at $336.7 million over a forecast revised in August. What’s more, the $2.999.4 billion in overall revenue was $154.4 million higher than what had been forecast before the pandemic hit. “The December results were above the pre-pandemic estimates for the month by the largest margin seen since the pandemic began,” the revenue report released Tuesday said. Sales tax numbers were up $178.3 million over the revised August forecast.
Local tax referendums on the ballot throughout Florida
Read full article: Local tax referendums on the ballot throughout FloridaTALLAHASSEE, Fla. – Voters in at least two dozen Florida counties are being asked to increase taxes on themselves or provide tax breaks for businesses creating jobs. The success of local tax referendums is often tied to how much control citizens have over the use of the funds. There are more than 25 tax referendums in the hands of local voters around the state. In nine counties, school boards are seeking to raise money through penny or half-penny sales taxes, or property tax increases. “So clearly the communities wanted to support their local school districts,” Messina said.
The IRS has made changes to the tax bracket -- here’s what it will mean for you
Read full article: The IRS has made changes to the tax bracket -- here’s what it will mean for youEarlier this week, the IRS announced the 2021 tax year annual inflation adjustments for more than 60 tax previsions. Those include tax rate schedules and other tax changes. The following are the 2021 tax rates, which will be used when filing taxes in 2022 for the previous year of income. Taxpayers with lower incomes with have lower federal tax rates. Click or tap here to learn about more changes that have come with tax inflation adjustments for tax year 2021.
Here’s how the top tax preparation softwares stack up against each other
Read full article: Here’s how the top tax preparation softwares stack up against each otherThe clock’s winding down on the extended tax season, and for those who might have procrastinated, we’re here to fill you in on your options, so you can decide for yourself which tax preparation service is best for you. With the help of Consumers Advocate, we’ve provided a comprehensive list for you. Click on the following company names to learn more about how the services they provide stack up: Jackson Hewitt | TaxPoint | Taxbrain | OnePriceTaxes.
Income tax filing deadline moved to July 15: What does it all mean?
Read full article: Income tax filing deadline moved to July 15: What does it all mean?WASHINGTON – The income tax filing date has been pushed back from April 15, to July 15, Treasury Secretary Steven Mnuchin said late last week. Mnuchin announced the decision in a tweet Friday, saying that at President Donald Trump’s direction, “We are moving Tax Day from April 15 to July 15. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less. It is expected that many states will follow the lead of the federal government and delay their tax filing deadlines as well but that will be a state by state decision. The administration is working with Congress to develop a $1 trillion support package and Mnuchin has said the IRS payment delay will add $300 billion to that effort.
For some, credit cards are a major part of tax season, survey finds
Read full article: For some, credit cards are a major part of tax season, survey findsTax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.
Are you one of the many asking, ‘When will I get my tax refund?’
Read full article: Are you one of the many asking, ‘When will I get my tax refund?’Are you one of the many asking, ‘When will I get my tax refund?’Published: February 24, 2020, 6:05 pmTiming can vary, but we’ll break down some guidelines on what to expect
Waiting for a tax refund? Here’s when you can expect to get it
Read full article: Waiting for a tax refund? Here’s when you can expect to get itBut listen, if you’re thinking you might be getting a refund, that’s pretty good incentive to get it taken care of. If IRS accepts return by: Direct deposit sent (or paper check mailed one week later): Feb. 3 Feb. 14 (Feb 21) Feb. 10 Feb. 21 (Feb 28) Feb. 18 Feb. 28 (Mar. 6) Feb. 24 Mar. 10) March 29 Apr. Are you currently waiting on a refund?
Social Security & Tax Breaks
Read full article: Social Security & Tax BreaksFiguring out what you owe can be complicated, here is some information to understand what is taxable under Social Security. Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status. This is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income. These breakpoints are the same if your filing status is Married Filing Separately and the couple does not live together during the tax year. If your Provisional Income (defined above) is less than the first breakpoint based on your filing status, then none of your Social Security is taxable.
How to prepare for next year's taxes now
Read full article: How to prepare for next year's taxes nowTo avoid the chaos that can come with filing taxes, use these tips to start preparing for next year's return. Start filing: Dedicate a box to all of your documents that you will need to file next year's taxes. When it's time to do your taxes all of your materials will already be gathered. Find a tax specialist: If you are in the need of a tax specialist for next year, now is the time to look. Keep a list of questions: If you have questions throughout the year about your taxes, keep a running list so you can ask your tax professional when it is time to file.
Million-dollar ideas that paid off
Read full article: Million-dollar ideas that paid offMany Americans are fascinated with the concept of the "million-dollar idea." Many of the big million-dollar (or billion-dollar) ideas of this generation are related to technology, from Apple and Microsoft to Google, from MySpace and YouTube to Facebook. Here's a small sampling of million-dollar ideas, past and present. Great Depression Basic: Spic and Span The problem with economic hard times is that even if an inventor comes up with a million-dollar idea, who's going to buy it? Ron Popeil wasn't a man with just one million-dollar idea.
5 things buisness owners could be writing of in taxes
Read full article: 5 things buisness owners could be writing of in taxesIf you are a business owner, no matter the business size, these are a few things you should be tracking over the year, as you could be writing them off in your taxes:1. Auto expenses: from home to office, to client visit. If you are expensing things - make sure you track the CC fees that could go along with your purchases. Anything you're buying and giving away (to the office, or outside of it) could be a potential write-off. Make sure to track all business expenses so you can review them with your CPA when it comes to doing your taxes!
Can't pay your taxes? There are options
Read full article: Can't pay your taxes? There are optionsBy Kevin Hagen, Contributing writerIf you can't pay your taxes, you should file your return anyway to avoid a late filing penalty. If after preparing your tax return you find that you owe taxes and don't have the money to pay, you have some options. File Your Return When you can't pay your taxes, you should file your return anyway. If you don't, you will be charged a late filing penalty in addition to late payment penalties and interest. There is a fee for requesting an installment agreement, and late payment penalties and interest accrue on the balance.
Florida attorney general warns of tax season scam
Read full article: Florida attorney general warns of tax season scamTALLAHASSEE, Fla. – Florida Attorney General Pam Bondi is warning Floridians to be aware of the threat of identity theft during tax season. "Tax identify theft is one of the most common forms of identity theft and can cause people financial issues for years," Bondi wrote on myfloridalegal.com, the website of the attorney general's office. "Identity thieves will use a taxpayer’s Social Security number and personal information to steal their tax refund, open a credit card, take out a loan or find employment, causing problems for victims when filing with the Internal Revenue Service." The site lists several recommendations to prevent identity theft and other tax-related scams:File tax returns earlyUse a secure internet connection, not public wireless networks, if filing electronicallySend returns directly from the post office if you are filing by mailShred documents containing personal informationGet recommendations and research a tax preparer thoroughly before providing personal informationFlorida residents who believe that they have been victimized by identity theft are urged to call local law enforcement or file an online complaint with the Federal Trade Commission. Consumers can also file complaints about identity theft and other types of fraud with Bondi's office by visiting MyFloridaLegal.com or calling 866-9-NO-SCAM.
Most common tax mistakes
Read full article: Most common tax mistakesJACKSONVILLE, Fla. – Some tax forms are even called EZ, and most basic ones may be. We turned to HR Block to find out the most common errors people make so you'll know what to double check if you do your tax returns alone. Kellar says hands down, the biggest mistake is people not taking full advantage of the available deductions. "The education credits, the adoption credits, taking the child tax credit, the additional child tax credit, childcare credit," says Kellar. New Tax Laws: H&R Block's top things to know before you file taxes in 2012