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Income Tax

CNET

Stimulus Checks: Find Out if Your State Is Issuing a Tax Rebate

With inflation showing no sign of slowing down and with growing concern about a possible recession, more than a dozen states are helping residents with tax refunds. Up to 23 million Californians, for example, can expect a one-time inflation relief check starting in October. The "middle-class tax refund," as Democratic Gov. Gavin Newsom called it, will put up to $1,050 in the hands of eligible families.
ECONOMY
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RELATED PEOPLE

Donor-Advised Funds: The Fastest-Growing Charitable Giving Vehicle

Donor-advised funds (DAFs) have been part of charitable giving strategies since the 1930s and are now the fastest-growing charitable giving vehicle in the United States according to Fidelity Charitable. DAFs are giving accounts established at 501(c)(3) public charities, also known as sponsoring organizations, which individuals utilize to facilitate charitable giving. DAFs enable donors to coordinate charitable giving with robust tax and investment planning benefits through relatively simple and low-cost accounts.
CHARITIES
BBC

Decision on North Yorkshire second home council tax hike delayed

Plans to double council tax on second homes in North Yorkshire have been delayed to ensure there are no loopholes in the policy. North Yorkshire County Council agreed to postpone considering a policy to charge a 100% premium on second homes. The move is part of the authority's attempts to...
REAL ESTATE

Everything You Need To Know About the Unborn Child Tax Credit

When it comes to tax, there's almost no escape. And dealing with taxes when you’re already experiencing financial difficulties can only increase your burden. The good news is that you can take advantage of tax deductions and credits. If you’ve been watching for tax-saving opportunities, you may be wondering whether you can claim an unborn child on your taxes.
PERSONAL FINANCE
RELATED CONTRIBUTORS

Republican states are trying to siphon COVID relief aid to cut taxes — and it may be illegal

Florida Governor, Ron DeSantis (Paul Hennessy/SOPA Images/LightRocket via Getty Images) This article originally appeared at Common Dreams. It is licensed under a Creative Commons Attribution-Share Alike 3.0 License. Feel free to republish and share widely. Republican leaders in nearly two dozen U.S. states are attempting—potentially in violation of federal law—to...
FLORIDA STATE

National insurance: How the threshold increase will affect your payslip from tomorrow

Some people’s payslips may look better in July than they did last month, as the threshold at which national insurance (NI) kicks in will be raised from Wednesday. Here is a look at everything you need to know.What is happening?NI starting thresholds will rise from £9,880 to £12,570 from 6 July, meaning many people will see more money in their pay packets from this month.Will I be better off?That depends on how much you earn and whether it was enough to meet the previous threshold. Nearly 30 million working people will benefit, with a typical employee saving more than £330...
BUSINESS

More than half of Britons on £80,000 to £100,000 a year think they earn ‘about average’

The majority of Britons who earn between £80,000 and £100,000 are said to believe their salary is ‘about average’.And more than half of British voters paid above £40,000 say they feel ‘normal’ about their earnings, rather than ‘fortunate’.All three salaries are significantly above the median household income in the UK, which after tax deductions is £31,400 according to the Office for National Statistics.The survey comes amid soaring living costs and rising inflation. Multiple professions have either gone on or being balloted to strike over pay, including rail workers and barristers. The New Statesman poll found people are more likely to...
BUSINESS
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itechpost.com

Things One Should Know About Late Filing And Late Tax Penalties

If you fail to pay quarterly taxes on time, the IRS can charge you a late filing penalty. This is one of the most common penalties that people face. When calculating your failure-to-pay penalty, remember to include all interest and penalties that have been assessed along with the original unpaid tax balance.
PERSONAL FINANCE
CNET

Toyota Reaches EV Tax Credit Cap

All good things must come to an end eventually. Following in the footsteps of General Motors and Tesla, Toyota will soon bid farewell to the federal EV tax credit. Toyota has reached the 200,000-unit cap on electric and plug-in-hybrid vehicles eligible for a federal tax credit of $7,500, Bloomberg reports, citing its own data and a subsequent confirmation from Toyota. A spokesperson for Toyota did not immediately return CNET's request for comment. Right now, Toyota offers three vehicles that qualify for the tax credit: the Prius Prime and RAV4 Prime plug-in hybrids, and the BZ4X electric SUV. Lexus, Toyota's luxury offshoot, also offers a plug-in hybrid NX crossover.
BUYING CARS
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Tax Pros Report Increase In Erroneous IRS Notices Saying Taxes Haven’t Been Paid

While the Internal Revenue Service says its backlog of unprocessed paper-filed returns is going down, it remains clear that a huge volume of mail remains unprocessed. Unfortunately, the end of the regular 2021 filing season and the clearing of the backlog of unprocessed returns are creating more mail for both taxpayers and the IRS. One notice in particular is causing issues this summer: the CP-14.
PERSONAL FINANCE