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Obama Touts Tax Breaks

admin — Sat, 10 Apr 2010 15:19:05 +0000

WASHINGTON—With less than a week to go before Tax Day, President Barack Obama is urging Americans to make sure they take advantage of all the tax breaks available in last year’s economic-stimulus package.

In his weekly address Saturday, Mr. Obama said a new interactive tax savings tool on the White House’s Web site can help take some of the stress out of April 15, the day taxes are due. The tool, which can be found at www.WhiteHouse.gov/Recovery, is designed to show people exactly what they are owed by the government.

“The big guys know how to find their tax breaks; it’s time you did, too,” Mr. Obama said.

So far this year, the average tax refund is up almost 10% to around $3,000, according to the White House, an increase it attributes to the Recovery Act. About 40% of Americans still haven’t filed their taxes. Those who have can amend their returns if they’ve overlooked any tax credits.

Among the breaks that the White House wants taxpayers to utilize: a tax credit of up to $2,500 for college expenses, a credit of up to $8,000 for first homes purchased by April 30, and up to $1,500 in tax credits for energy-efficiency home improvements. The White House also wants taxpayers to know they may be able to deduct the state and local sales taxes they paid for new vehicles and could be eligible for an increase in the Earned Income Tax Credit.

“It’s been a tough couple years for America,” Mr. Obama said. “But the economy is growing again. Companies are beginning to hire again. We are rewarding work and helping more of our people reach for the American Dream again.”

“And while there’s no doubt we still face a long journey together, with more steps to take, more obstacles to overcome, and more challenges to face along the way; if there is one thing of which the people of this great country have convinced me, it’s that the United States of America will recover, stronger than before,” he added.

Delivering the Republicans’ weekly address, Sen. Jon Kyl (R., Ariz.) said that Washington must rein in runaway government spending and keep taxes at a “manageable level.” He said tax cuts passed during the Bush administration must not be allowed to expire at the end of the year, warning that small businesses would be reluctant to hire due to uncertainty over their tax costs.

“Unfortunately, Democrats in Congress have yet to say whether they will prevent this massive tax hike,” Mr. Kyl said. “And, they’ve even proposed new taxes like the cap-and-trade bill. Republicans believe we need to act now, in a bipartisan way, to head off these tax increases. That would show job creators and families that it’s safe to invest and save.”

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Source – Wall Street Journal

Couple get probation for filing false tax return

admin — Thu, 01 Apr 2010 05:13:12 +0000

A former San Antonio doctor and nurse caught up in a fraudulent offshore investment scheme were sentenced Monday to two years of probation for filing a false tax return.

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Control a big issue in sales tax tussle

admin — Thu, 01 Apr 2010 05:12:49 +0000

Control a big issue in sales tax tussle
Determining whether Fargo or Cass County will ask the public to approve a half-percent sales tax this June will be a balance between which entity makes the best case for passage, fairness to voters, and ultimately, control of the project’s construction and maintenance, officials say.

UPDATE: Mississippi tax collections look rosier in March

admin — Thu, 01 Apr 2010 05:12:31 +0000

UPDATE: Mississippi tax collections look rosier in March
JACKSON – With one day left in March, the state has made its official estimate of the amount of revenue to be collected during the month, according to Sen. Hob Bryan, D-Amory, who has been monitoring tax collections.

Businesses may need to get tax filing extensions

admin — Thu, 01 Apr 2010 05:12:29 +0000

Businesses may need to get tax filing extensions
NEW YORK — With April 15 not far off, many small business owners will get six-month extensions of the deadline to file their income tax returns. This year, the procrastinators have company as the economy makes tax issues more complicated for everyone.

Tax Return Forms | Tax Bankruptcy

admin — Thu, 01 Apr 2010 05:12:28 +0000

According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually.

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Tax Return Forms | Tax Bankruptcy

admin — Thu, 01 Apr 2010 05:12:28 +0000

According to federal laws governing taxation, any person, receiving an income in one form or the other, need to pay income taxes to the government annually.

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Halifax News Net: News | Get help filing your low-income tax return

admin — Thu, 01 Apr 2010 05:05:14 +0000

Halifax residents who are unable to complete their income tax and benefit returns may be eligible for assistance through the Canada Revenue Agency Community Volunteer Income Tax Program. Trained vol.

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State finally makes revenue estimate

admin — Thu, 01 Apr 2010 05:05:07 +0000

State finally makes revenue estimate
JACKSON – Finally, the state has good news about tax collections. The state has made its official revenue estimate for March with one day left in the month.

Can I claim a late State tax return? :Tax Lawyer NYC | Tax Lawyer …

admin — Thu, 01 Apr 2010 05:05:07 +0000

I know I can file for my 2003 federal tax return, but can I also file for my state taxes from past years?

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