What is in store for California State Taxes? After the governor seat has been won, glimpses of the coming changes are on the horizon. In his article “California Focus: This honeymoon will end quickly,” Tom Elias of the Morgan Hill Times explains that Governor Brown’s ‘honeymoon’ may be ending January 10th, 2011 when the governor presents his budget plan to Californians.
In a 2011 series, The IRS gives savvy tax tips. A recent press release assessed the 1040EZ verses the 1040 verses the 1040A, entitled “Tax Tip 2011-3: Which tax form to file?” and released January 4th, 2011. The IRS gave a simple look at the different forms. In a bulleted glance, they overview who should file the long 1040, and who can get away with filing the simpler 1040EZ.
Older Americans with individual retirement accounts have a new reason to celebrate this month. The tax break for charitable donations from IRA accounts has been reinstated for 2011, allowing older citizens to make up to $100,000 in donations to their favorite charity without having that money count as taxable income.
For the first time ever, people earning less than $35,000 annually may be able to take advantage of a new government program that enables them to receive their tax refunds on a debit card rather than in the form of a paper check. Program backers hope that the new program will make it easier for low-income families who don’t maintain checking accounts to access their refund money quickly and easily.
As you fill out your 1040 online and figure in your deductions, don’t forget some often over-looked deductions for caregivers. Catey Hill from Smartmoney’s The Tax Blog explains some of the lesser mentioned deductions that you can deduct from you 1040. Online, she titles her article “A Look at Tax Breaks for Caregivers,” posts it on the December 23, 2010 tax site, and brings in the new year with some smart advice.
Elections are over and we’ve had some shake-ups at the state level. How will these changes affect state taxes? New Governors are coming in to office facing two big things: frustrated, over taxed citizens, and state budget deficits. What will this mean for state taxes? In a December 20, 2010 article from the Associated Press entitled “New Govs Take Office Amid Historic Budget Crisis” Beth Fouhy gives an overview of how things are looking in the different states.
The IRS has announced that, as of January first of 2011, they will be lowering their interest rates by 1% as opposed to what the rates were in this last quarter of 2010.
Even though the budget is tight, New Jersey, in a not-so-surprising move, may lift New Jersey state income taxes off of retirees.
Why? The reason is that more and more retirees are determining where they will be spending their retirement years based on whether or not their states have income taxes.
As you are trying to figure out your financial picture and the latest legislation on the extension of the cuts?
In an article published December 16th 2010 called “Highlights of the Tax Package Passed by the Senate” which was written by the Associated Press and published in the Bloomberg Businessweek, a quick and simple overview of the Senate’s tax package is presented.
From the Dickens’ Christmas Carol to the closing scene of “It’s a Wonderful Life,” charitable giving and philanthropy are themes of the Christmas season. It’s the time of year for giving.
However, charitable giving should not just be a spontaneous act; for financial reasons, it should be done with as much thought as any other financial decision.
