Tax Refunds Down Over 8%
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Tax Tips & News: state
Hurricane Harvey & Irma Tax Relief
4 minutes read
In the wake of the devastation of Hurricane Harvey, and the recent disaster declaration by President Trump, the IRS is offering tax relief to Texas victims affected by the storm:
Why Low Oil Prices Are Bad News for State Budgets
4 minutes read
While many states rely heavily on taxes levied on the oil and gas industry, the falling price of oil in recent months is contributing to the drying-up of much-needed tax revenues. How do states such as Alaska, Texas and other mineral-rich states get creative when they need to supplement their budgets? Here’s a quick look at why low oil prices are bad news for state budgets.
Which States Are Tax-Friendliest?
5 minutes read
If you’re willing to relocate, you can save quite a bit of money on taxes. By shopping around from state to state, you can save significant amounts on your bill for business or personal taxes. According to Entrepreneur, individuals can save 10% to 30% simply by moving. States and municipalities set widely different tax rates on personal income, gas, property and sales. Your business could enjoy major savings in a different state.
Native American Tribes, with Tax-Free Advantage in Mind, Consider the Recreational Marijuana Industry
4 minutes read
With growth from the gaming industry leveling off in most locations, many Native American tribes are now considering a brand new source of income in states where marijuana has been legalized, either medically and recreationally. As more and more states–including New York–legalize marijuana in one form or another, Native Americans will have a huge advantage over other retailers in the business: Tribal earnings are not subject to...
What NOT to Do on Your Taxes
6 minutes read
Filing taxes is a painstaking process for almost everyone and every year, without fail, many returns full of mistakes are sent in to the IRS. In fact, mistakes are extremely common on tax returns, with an error rate of 50 percent; on self-prepared returns, according to the Government Accountability Office. There is a near-infinite number of things that can be done wrong on tax returns, from simple computational errors to missing out on deductions. Knowing...
Getting to Know Your W-2 Form
5 minutes read
The Internal Revenue Service (IRS) requires all employers to provide employees with a W-2 form, which lists the employee’s income information for the previous year. It doesn’t matter how long you worked for the company; if you earn more than $600, your employer must issue you a W-2. If any of your wages were withheld for Social Security or Medicare, the employer must issue a W-2 no matter how much you earned. Employers are required to provide you with this...
Why Hasn’t My Tax Return Come Yet?
4 minutes read
Filing your tax return was stressful, but now that it’s done you know the amount you’ve got coming and you can’t wait to get your hands on it. This is understandable; we all usually have that refund earmarked for something. That’s why it can be so frustrating when your tax refund doesn’t arrive on time. Read on to learn what to do if you’ve been waiting an exceptionally long time for your tax refund.
IRS: $760 Million In Unclaimed Refunds
13 minutes read
The IRS currently has over $760 Million in unclaimed refunds from tax year 2010, and the clock is running out for taxpayers to claim them. Any rightful refunds from 2010 not claimed by April 15, 2014 will become the property of the US Government. The majority of these refunds are in excess of $571 each.