Even though President Trump recently promised that your 401(k) retirement accounts would not be negatively affected by the ongoing effort to cut taxes, the folks in Congress who are actually deciding what tax laws will be changed say that putting limits on retirement plans is still a distinct possibility. [More]
taxes
Trump Promises Tax Overhaul Will Not Include Cuts To 401(k) Plans
By 10.23.17
The Republican tax outline currently calls for large scale cuts to some taxes but has not yet provided much in the way of detail about how some of the government would offset some of those revenue losses. Recent reports said that the GOP was looking at lowering the maximum amount you can contribute to your 401(k) retirement savings — a proposal that chafed more than a few Americans. Now, President Trump is claiming that the tax plan will not touch your 401(k). [More]
Will Republican Tax Cuts Mean Lower Limit On 401(k) Contributions?
By 10.20.17
Some people with 401(k) retirement plans will put as much money into it as they can, but there are whispers that the tax cuts being drafted by Republicans in Congress could reduce the maximum amount of money you contribute to your retirement savings each year. [More]
Which Tax Deduction Would You Rather Lose: Your Mortgage Interest Or Your State/Local Taxes?
By 10.4.17
The Trump administration is moving forward with its plan to slash taxes on businesses, which means the government will have to get at least some of that money from elsewhere. Now comes news that taxpayers may have to choose between two common tax deductions that millions of Americans have long benefited from. [More]
If You Win Tonight’s Powerball, Where You Bought Your Ticket Matters
By 8.23.17
The odds are that you are going to win tonight’s Powerball multi-state lottery drawing are very small. You’re more likely to be struck by lightning, or eaten by a shark. Still, that doesn’t stop people from paying $2 for a slip of hope. As long as you’re planning what you’re going to do with that money, you should keep in mind that where you buy a ticket matters for tax reasons. [More]
Verizon Wireless Customers In New York Are Receiving Surprise Checks: Here’s Why
By 8.16.17
If you’re a current or former Verizon Wireless customer in New York state, you may get a check in the mail soon from Verizon. It’s a refund of taxes paid on your wireless bill in the past, as far back as 2008. [More]
Which States Have Tax-Free Holidays, And When Do They Happen?
By 8.4.17
As families prepare to send their little ones back to school, they’re heading to malls, big box stores, and other retailers to fill their backpacks and closets. While many companies offer deals and programs targeting back-to-school season — we’re looking at you Target — many states are also offering their own deals in the way of sales tax-free weekends. [More]
Appeals Court: Sorry, Still No Soda Tax For You, Chicago
By 7.11.17
Cook County, which encompasses the city of Chicago and a bunch of its suburbs, passed a $.01 per ounce tax on sweetened beverages last year. The tax was supposed to go into effect on July 1, but a state judge put a temporary restraining order in place that keeps the tax from going into effect, though certain McDonald’s restaurants didn’t get the memo. Now a state appeals court has upheld the decision, leaving drinks untaxed for now. [More]
Nevada’s Marijuana Stores Are Running Out Of Drugs And It’s Officially An “Emergency”
By 7.10.17
Days after Nevada became the fifth state in the U.S. to allow recreational marijuana stores, the drug has proved so popular, the state’s governor is pushing for a “statement of emergency” because dispensaries can’t keep up with the demand. [More]
Stopping Dark Stores: The Fight To Prevent Thriving Retailers From Being Taxed Like Vacant Lots
By 7.10.17
There’s a neat trick that big-box stores like Lowe’s have pulled off in some states. They claim that for tax purposes, their open, thriving businesses should be valued the same as empty property, so that they pay way less. In one state, though, a lawmaker being called back for a special session of the legislature is hoping he can end the practice locally. [More]
Should You Move? See How Your State Gets Its Tax Money
By 7.5.17
Ever wonder where your state gets its tax money? Whether you’re thinking about moving or just want to know more about how your state’s government is funded, there’s a handy guide that breaks it all down. [More]
Seattle City Council Passes Soda Tax That Doesn’t Include Diet Drinks
By 6.7.17
Taxes on sweetened beverages are a hot new trend among cities, sweeping progressive spots like Philadelphia, San Francisco, Oakland, the Chicago area, Boulder, and now Seattle. Like other cities, Seattle will charge the tax at the distributor level, but it will not include “diet” drinks with non-nutritive sweeteners. [More]
Colorado To Spend Marijuana Tax Money To Fight Addiction And Homelessness
By 5.31.17
The state of Colorado collected more than $100 million in taxes on retail recreational marijuana sales last last year. So what’s it going to do with all that extra cash? The governor’s new budget allocates that money for supportive housing, health screening in public schools, addiction treatment, and on regulating the cannabis industry. [More]
Strip Club Claimed Dancers Were Therapists To Skirt $3.1M In State Taxes
By 5.8.17
It’s not uncommon for companies to try to finesse their way out of a hefty tax bill, but one Manhattan strip club tried a unique excuse when attempting to skirt $3.1 million in state taxes: Its dancers were providing therapy to customers, and not just entertainment. [More]
Santa Fe Residents Vote Down $.02 Per Ounce Sugary Beverage Tax
By 5.3.17
Santa Fe residents have rejected a city proposal that would have added a $.02 per ounce tax to all sugar-sweetened beverages in the city, ending a heated battle between opposing organizations that spent at least $163 per voter trying to win people to their side. [More]
Don’t Have Time To Finish Your Tax Return? Here’s How To File An Extension
By 4.18.17 — Updated: 5.9.17
Thanks to the holidays, Americans got a few extra days this year to file their tax returns. But even with the later deadline, you might still be lacking free time to finish your return. In that case, you should request an extension for filing (which does not extend the deadline for paying your taxes). [More]
FAFSA Tool Vulnerability May Have Exposed 100K Individuals’ Personal Info
By 4.7.17
The Free Application for Federal Student Aid is a bit cumbersome, so the Department of Education tried to ease that burden by creating a tool that automatically filled in an applicant’s previous year’s tax information. That tool was suddenly taken offline last month over concerns about data security, and now we have some idea of how many applicants may have had their information exposed. [More]
IRS Will Begin Working With Private Debt Collectors This Month
By 4.4.17 — Updated: 5.10.17
The Internal Revenue Service has released additional details about its new program that turns certain delinquent accounts over to private debt collectors, giving us some idea of when these collection calls will begin, and how many accounts will be affected.
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