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Child tax credit: What you need to know about the new stimulus benefit
The stimulus package raises the size of the credit, makes it fully refundable so more households can qualify and calls for it to be sent out in periodic payments rather than rolled into regular tax-time refunds — a dramatic shift designed to help families pay their bills. Already, some Democrats are pushing to make the …
UK hikes corporation tax to 25% as pandemic supports hits £407 billion
Britain’s Chancellor of the Exchequer Rishi Sunak takes part in a national “clap for carers” to show thanks for the work of Britain’s National Health Service (NHS) workers and frontline medical staff around the country as they battle with the coronavirus pandemic, on the steps of the Foreign and Commonwealth Office (FCO) on April 16, …
Tax hikes, furlough extensions, hawkish tone: Predictions for UK budget
Chancellor of the Exchequer Rishi Sunak leaves 10 Downing Street after attending a Cabinet meeting on 14 February, 2020. Barcroft Media As British Finance Minister Rishi Sunak prepares to set out the country’s economic path to recovery, analysts are weighing the possibility of tax hikes and a nod to future fiscal tightening. The budget, due …
NERDWALLET: Breaking down the tax implications of PPP loans | Business
The approaching tax season is raising fresh questions for business owners who received a loan through the Paycheck Protection Program. Can you deduct expenses paid with your loan funds? Do you need to do anything differently this year? And if your loan is forgiven, is it considered taxable income? Answers to these questions have been …
Opinion | A tax break for paying your taxes? Please.
Because so few lower-income taxpayers itemize deductions, some 96 percent of the SALT benefit flows to the top 20 percent of households. The deduction becomes more valuable as your tax rate climbs, so more than half the benefit accrues to the top 1 percent. Fully a quarter benefits people in the top 0.1 percent of …
Virginia House, Senate at odds on tax break for small businesses | State
(The Center Square) – Virginia businesses would see a tax break on expenses under a substitute version of a bill that passed the House of Delegates on Friday, but that break is smaller than the one that passed the Senate on Thursday. House Bill 1935, sponsored by Del. Vivian Watts, D-Annandale, would allow businesses to …
Illinois tax break for businesses in limbo
The Legislature balked at Gov. J.B. Pritzker’s effort to close that loophole by decoupling from the federal tax code in its lame-duck session in early January. Administration members and allies at the time said they thought they’d quickly be able to round up enough votes to pass their bill not too far into the General …
Stock Futures Slide on Tax Concerns
U.S. stock futures edged lower Friday as some investors grew concerned that President-elect Joe Biden’s $1.9 trillion Covid-19 relief plan could lead to higher taxes. Futures tied to the S&P 500 fell 0.3%, indicating the benchmark index may decline for a second day. Contracts tied to the Nasdaq-100 edged less than 0.1% lower and those …
Tax break saves USTA national campus $1 million
The United States Tennis Association is a nonprofit — but it’s a wealthy one. The organization, which organizes the prestigious U.S. Open tennis tournament and sells sponsorships to companies like Mercedes, Rolex and J.P. Morgan, generated more than $300 million in revenue, had more than $400 million in assets, and paid its top executive more …
Warped Wing, other craft alcohol makers get break on excise tax
Without the tax cut, beer brewers and most alcoholic-beverage producers would have been looking at a higher tax bill in January that would have either been forced upon customers or caused some brewers to close up shop. Distillers faced a 400 percent tax hike without the legislation. The tax cut reduced the amount that distilleries …
