State/Local Feed

While millions of U.S. taxpayers were focusing last week on 2017 tax returns, a tax benchmark slipped past us. Tax Freedom Day 2018 arrived on April 19, a day after this year's revised Tax Day filing deadline and 109 days into the year. This day, according to the Washington, D.C.-based tax policy group The Tax Foundation, represents how long Americans as a whole have to work in order to pay the nation's tax burden. The nonprofit takes all federal, state, and local taxes and divides them by the nation’s income. The Tax Foundation has been making the annual calculations since... Read more →


Missouri taxpayers who have federal tax refunds burning holes in their pockets have a tax-saving way to spend that money. Today, Thursday, April 19, is the start of the state's annual Show-Me Green Sales Tax Holiday. Since 2009, this week-long event provides buyers the opportunity to purchase qualifying new Energy Star appliances without paying any state sales tax on the items. That's an immediate savings of 4.225 percent that, during the other 51 weeks of the year, would be added to these appliances' prices. Plus, depending on where you live (or travel to buy), the sales tax savings could be... Read more →


The Internal Revenue Service had issues with some of its online systems on Tuesday, April 17, the day that was supposed to be the filing deadline for our 2017 tax returns. Those problems notwithstanding, e-fling and electronically paying any tax that's due today, Wednesday, April 18 — yes, today, the new filing deadline provided by the IRS to make up for its online inconveniences yesterday — is still the best move for many filers. The agency for years has been encouraging, and in some cases forcing, electronic filing and paying of taxes. The reasons are that it's easier (definitely for... Read more →


Tax Day is less than a week away. But finishing up your 2017 Form 1040 is not the only tax task facing millions of Americans. Here are 10 tax matters that must be taken care of by April 17. 1. File your 2017 tax year federal tax return. Yeah, I started with the easy (so to speak), obvious one. But it is the reason for the tax season. If you don't get your return into or on the way if snail mailing by Tax Day, the late-filing penalty is 5 percent of the additional taxes owed amount for every month... Read more →


Most taxpayers have never itemized their deductions. And the new tax law that took effect this year will ensure that even fewer filers fill out a Schedule A. By nearly doubling the standard deduction amounts, the Tax Cuts and Jobs Act (TCJA) will prompt more folks to use them instead of messing with the record keeping and extra paperwork itemized deductions require. Plus, as I'm sure you've heard by now, starting with the 2018 tax year and running through, for now, 2025, other TCJA changes will make itemizing even less valuable. The amount of state and local taxes, including your... Read more →


New York magazine's Nov. 13-26, 2017, cover featured Cardi B. Click to see full image. (Photograph by Hassan Hajjaj) Things have been going great for Bronx-born rapper Cardi B. She was the musical guest on last night's Saturday Night Live, hosted by "Black Panther" star Chadwick Boseman. It seems a New York magazine cover last November got it right when it proclaimed she was made to be this famous. On her way to membership in music and pop culture's top echelon, Cardi B's career has covered an astoundingly wide spectrum. After losing her job as a teenage employee at an... Read more →


We got our notice of appraisal for our house last week. It was, as has been the case for the last few years, higher. If we were selling our house right now, we'd be thrilled. But we're not moving (yet). This week, we got our monthly neighborhood newsletter. It included a local Realtor's ad touting local listings. One was for a house down the block. The asking price was $300,000 more than our appraisal notice. Yes, that home is a bit larger than our house. And it has a pool. But is it worth $300,000 more than our home? The... Read more →


Tax Day 2018 is almost here. This mid-April deadline, which falls on April 17 this year due to the Emancipation Day federal holiday in Washington, D.C., means that millions of us are in the midst of finishing up our federal tax returns. Many filers also are doing double tax duty right now. That's because they live in a state that taxes some portion of income. And most of those income tax collecting states follow the IRS filing calendar. That means those states' deadlines this year also are April 17. No, some or all state taxable income: Here in Texas, the... Read more →


Welcome April, the Internal Revenue Service favorite month. It's when millions of us file our returns and, despite the billions of dollars in refunds that are sent (eventually), many filers also settle up with Uncle Sam. Those folks who owe tend to be the ones who enter April with tax tasks still to complete. If you're one of the procrastinators, here are some things your absolutely must do by Tuesday, April 17, again because the Emancipation Day federal holiday is celebrated in the IRS headquarters' home of Washington, D.C. That's two more days than usual, but not enough if you've... Read more →


Kids all across the country, including those in my neighborhood, spent Saturday hunting for brightly colored eggs. Or, if they're in the Washington, D.C. area, perhaps they're getting ready to participate in tomorrow's (Monday, April 2) 140th annual White House Easter Egg Roll, like the youngsters in the photo above did last year. Their parents, however, are more likely this weekend to be hunting for tax breaks as the April 17 filing deadline nears. Every tax season, lots of taxpayers overlook some deductions, credits or other tax moves that can reduce their eventual Internal Revenue Service bill. Here are some... Read more →


Internet shopping is now the preferred purchasing method for millions. Just ask Toys R Us, which has blamed its decision to shutter its operations largely on losses to remote sellers. But the taxation of products bought online is still a mish-mash of state laws. That could change in a few months depending on what the Supreme Court of the United States (SCOTUS) decides in a high-profile remote sales tax case. The oral arguments in the case, South Dakota vs. Wayfair, are set for April 17, which just happens to be this year's federal tax return filing deadline. SCOTUS' decision is... Read more →


Are you still waiting to file your taxes because you want additional guidance from the Internal Revenue Service about the 2018 property taxes you prepaid last year? You are not alone. A group of Democratic lawmakers, some of who met with the acting head of the IRS last month on this topic, are continuing to press the agency for a final rule about this deduction that was reduced under the newly enacted Tax Cuts and Jobs Act. The latest demand for deduction clarification came earlier this week when some Democrats on the House Ways and Means Committee sent Acting IRS... Read more →


Many of us used to spend Saturday afternoons at the movies. Streaming and on demand options have cut into those ticket sales, but Oscar nominations and wins still boost ticket sales and the taxes collected on those admission slips. (Photo from Keith Page archives via Kevin Dooley on Flickr) It's an honor to win an Oscar. Or, according to those who don't, just to be nominated. It's also usually provides films an economic boost, even before the statuettes are handed out. And that could also help out those states, like Texas, that collect sales tax on movie theater tickets. Nominations... Read more →


Will you be watching the Academy Awards this Sunday, March 4? You might want to since, depending on where you live, you helped pay for some of the Oscar-nominated movies. New Yorkers have the most at stake, both financially and in connection with the gold statuettes. New York budgets $420 million for its film-tax-credit program. The Empire State's film production tax credit offers reimbursement of up to 40 percent on most production costs depending on what part of the state a movie is shot. It also reward TV programs, like the Big Apple-based "The Tonight Show" with Jimmy Fallon, that... Read more →


Lawmakers in Arizona and Georgia think their residents don't have enough ways to pay their state taxes. To remedy that, they've introduced bills that would cryptocurrency payments. While fans of bitcoin and the myriad other digital assets may applaud the idea, they also need to note the downside. Paying state taxes — or for anything else — with cryptocurrency could mean more federal taxes. Grand Canyon state takes first leap: Arizona is the first state to jump at cryptocurrency tax payments. A bill by state Sen. Warren Petersen, a Republican representing Gilbert, would allow income taxes to be paid in... Read more →


Here in Central Texas, many of us have been complaining (guilty!) about the dreary patch of weather that's settled over the area. Yes, we can be whiny, especially when you look at really severe conditions elsewhere in the United States. Some Alabamans also are thinking about weather this weekend, but in a forward looking way. The Yellowhammer State's severe weather preparedness sales tax holiday kicked off yesterday, Friday, Feb. 23, and runs through Sunday, Feb. 25. During this time, Alabama's 4 percent state sales tax is waived on eligible purchases. Many cities and counties also have chosen to participate in... Read more →


Throwing a Super Bowl Party? Gunaxin has some tips to help you make it the best party ever, regardless of which team wins. Are you hosting a Super Bowl party tomorrow? If your NFL championship game is typical — and I'm talking expense-wise, not your exemplar hosting abilities! — then you'll probably spend more than 200 bucks. That's what 1,000 folks recently surveyed by LendEDU, an online marketplace for student loan refinancing, said they planned to spend. The precise amount, according the results of the online inquiry conducted by Pollfish, was $207.16. That amount is this week's By the Numbers... Read more →


The 2018 tax filing season officially starts today. Many folks have already filed, by using Free File (which opened on Jan. 12), going with software on their own or turning over their tax material to paid preparers. The Internal Revenue Service will now process all those 1040s that were completed earlier this month and were on hold. If you, however, haven't gotten around to filling out your taxes yet, here's a checklist of what you'll need to accurately and easily complete your return. You might not need some of the stuff noted in this latest checklist. Feel free to skip... Read more →


If the New England Patriots win their sixth NFL championship next Sunday, it probably will be because of some key catches by Robert Gronkowski. (Photo via NFL.com Super Bowl LII media kit) Next Sunday, Feb. 4, we'll have a new Super Bowl champ. Or, more likely, an old Super Bowl championship team taking the National Football League title yet again. Yes, I'm going with Nevada's sports books and taking the surer bet that once Super Bowl LII ends, the New England Patriots will take their sixth Lombardi Trophy back to Foxborough, Massachusetts. Jimmy Garoppolo joins those of us betting on/rooting... Read more →


Anger over the new Tax Cuts and Jobs Act's limits on federal tax deductions for state and local taxes (SALT) has spilled over into 2018, with lawmakers from high-tax states still looking for ways to undo this provision. Some have petitioned the Internal Revenue Service for revised, more filer-friendly property tax guidance. Other have introduced legislation to fully restore the now-limited SALT itemized write-offs. You thought the battle over paying 2018 local property taxes so that they could be claimed on 2017 tax returns ended on Jan. 1. You were wrong. Asking IRS to reconsider: Sen. Chuck Schumer, Senate minority... Read more →