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Orange County leaders approve higher property tax for fire, emergency services
Read full article: Orange County leaders approve higher property tax for fire, emergency servicesFor the first time in 17 years, Orange County leaders have approved an increase to the Fire & EMS property tax. The increase will add an estimated $150 per $250,000 of taxable value of single-family homes in unincorporated Orange County.
Orlando stormwater fees could increase 50% over the next few years. What that means for residents
Read full article: Orlando stormwater fees could increase 50% over the next few years. What that means for residentsThe City of Orlando is proposing increasing stormwater fees by at least 50% over the next four years. It’s the first time the city has raised stormwater fees since 2008.
Central Florida tax preparers arrested on federal fraud charges
Read full article: Central Florida tax preparers arrested on federal fraud chargesOwners and employees of a Central Florida tax preparation company have been arrested on federal charges for allegedly filing fraudulent tax returns on behalf of customers between 2017 and 2020, court records show.
‘The clock is ticking’ to file taxes ahead of looming deadline, expert says
Read full article: ‘The clock is ticking’ to file taxes ahead of looming deadline, expert saysIf you are not requesting an extension, the deadline to file your taxes is Monday, April 15. However, an extension to file your taxes is not an extension to pay.
Florida CFO joins financial officers in 18 states to urge IRS to drop Direct File online tax program
Read full article: Florida CFO joins financial officers in 18 states to urge IRS to drop Direct File online tax programFlorida’s chief financial officer has co-signed a letter with financial officers from 18 states urging the U.S. Treasury secretary and IRS commissioner to “shut down” the IRS Direct File online tax preparation pilot program.
IRS commissioner says new Direct File tax program is ‘very secure’
Read full article: IRS commissioner says new Direct File tax program is ‘very secure’The 12-state Direct File pilot program launched by the IRS in March will potentially serve more than 12 million taxpayers, 2.4 million in Florida alone.
Florida tax holiday kicks off on New Year’s Day. Here’s what you can save money on
Read full article: Florida tax holiday kicks off on New Year’s Day. Here’s what you can save money onThe tax holiday will last two weeks, ending on Jan. 14. State officials provided a list of items that are covered under the holiday.
Why Shohei Ohtani’s heavily-deferred contract could be model pro athletes ask for going forward
Read full article: Why Shohei Ohtani’s heavily-deferred contract could be model pro athletes ask for going forwardOhtani has decided to defer $680 million of the contract until after his playing days are over, meaning he’ll take in roughly $2 million of salary each year for the duration of the contract that will run through 2033.
‘Reedy Creek failed’: Hundreds of district employees owe over $2M in back taxes
Read full article: ‘Reedy Creek failed’: Hundreds of district employees owe over $2M in back taxesIn a letter to the IRS, district officials explained that Disney theme park passes and discounts given to employees weren't properly reported as taxable benefits.
‘Taylor Tax:’ IRS targets Taylor Swift fans over ticket sales, Florida CFO says
Read full article: ‘Taylor Tax:’ IRS targets Taylor Swift fans over ticket sales, Florida CFO saysFans who sold tickets for over $600 could be audited by the IRS if they don’t report any of the profits, according to Florida Chief Financial Officer Jimmy Patronis.
IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperwork
Read full article: IRS aims to go paperless by 2025 as part of its campaign to conquer mountains of paperworkMost taxpayers will be able to digitally submit a slew of tax documents and other communications to the IRS next filing season and the agency plans to go completely paperless in 2025.
Orange County Convention Center tops list for tax dollar uses, task force finds
Read full article: Orange County Convention Center tops list for tax dollar uses, task force findsA citizen task force examining the most responsible ways to spend millions of dollars generated by Orange County's tourist development tax produced a ranked list of recommended projects Monday.
IRS Maitland, FL Taxpayer Assistance Center moves to Orange Avenue in Orlando
Read full article: IRS Maitland, FL Taxpayer Assistance Center moves to Orange Avenue in OrlandoThe Internal Revenue Service told News 6 the Taxpayer Assistance Center in Maitland, FL, has moved to 201 South Orange Ave. in Orlando, FL 32801.
Florida House approves $1.38B bill offering expanded sales tax holidays
Read full article: Florida House approves $1.38B bill offering expanded sales tax holidaysThe Florida House on Thursday unanimously approved a wide-ranging $1.38 billion tax package that would include savings for shoppers and businesses, as leaders work out differences with the Senate.
DeSantis’ Disney district board: ‘We are going to have to raise taxes’
Read full article: DeSantis’ Disney district board: ‘We are going to have to raise taxes’Gov. Ron DeSantis’ hand-picked board members told concerned business owners their taxes would be raised to help pay for lawyers during the governor’s ongoing fight with Disney.
Florida senators back wide-ranging tax breaks, sales-tax holidays
Read full article: Florida senators back wide-ranging tax breaks, sales-tax holidaysA Senate committee Tuesday moved forward with a package that would provide $973 million in tax breaks next fiscal year, with proposals ranging from holding tax holidays to boosting the thoroughbred horse-racing industry.
You’ve filed your taxes -- now, what should you do with those documents?
Read full article: You’ve filed your taxes -- now, what should you do with those documents?If you’ve finally gotten your taxes filed, you’re probably ready to put it all away and move on. Have you considered which documents you should keep? And for how long?
Flagler County’s half-cent school tax renewal proposal passes
Read full article: Flagler County’s half-cent school tax renewal proposal passesFlagler County residents approved the continuation of a half-cent school tax referendum which aims to help fund school improvement projects within the district.
Results 2022: Here’s what to know about Flagler County’s half-cent school tax renewal proposal
Read full article: Results 2022: Here’s what to know about Flagler County’s half-cent school tax renewal proposalFlagler County residents voting in the November election will be determining whether to approve the continuation of a half-cent school tax referendum which aims to help fund school improvement projects within the district.
IRS ups standard deductions, tax brackets due to inflation
Read full article: IRS ups standard deductions, tax brackets due to inflationTaxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation because of persistently high inflation.
Will rising mortgage rates shift the real estate market for buyers?
Read full article: Will rising mortgage rates shift the real estate market for buyers?On the latest episode of “You Have Real Estate with Justin Clark,” Orlando-area realtor Jack Luiz and tax accountant Brian Fay join Clark to discuss the latest trends in the industry.
Why do taxes of a property go up when it’s sold?
Read full article: Why do taxes of a property go up when it’s sold?On this latest episode of “You Have Real Estate” with Attorney Justin Clark, Seminole County appraiser David Johnson gives insight on property taxes and home values in the area.
IRS warns promises of big tax refunds could lead to an audit
Read full article: IRS warns promises of big tax refunds could lead to an auditThe IRS Criminal Investigations Division reported a staggering $2.19 billion dollars in tax fraud with an 89.4% conviction rate, according to its 2021 annual report.
Inflation and car prices: What’s going on? How did this happen?
Read full article: Inflation and car prices: What’s going on? How did this happen?It seems like you hear about it more and more these days: The extreme lengths people are going to in order to buy a new house; how much it costs to fill up the gas tank; and what we’re spending at the grocery store.
5 situations in which pets can be used for tax breaks
Read full article: 5 situations in which pets can be used for tax breaksFor those animal lovers who spend so much money on their pets and hope to recoup some of that cash spent when tax season arrives, this is the cold, hard reality: For the most part, you can’t.
Quiz: How much do you know about income tax?
Read full article: Quiz: How much do you know about income tax?You likely know what “income” means, and of course you’re aware of federal and state taxes, and the fact that we have to do them (or have them prepared for us, in some cases), every year. But how much do you know about income tax overall?
Omicron fuels roller coaster ride for January tourist tax receipts in Orange County
Read full article: Omicron fuels roller coaster ride for January tourist tax receipts in Orange CountyVisit Orlando attributes the drop in tourism tax dollars due to the impact of the omicron variant of COVID-19, as well as “seasonal travel patterns.”
How can going solar save you money on your taxes?
Read full article: How can going solar save you money on your taxes?Solar panels on your house are becoming more and more of a popular option: They can save you money over the long run, they’re good for the environment and can even earn you a tax credit.
Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributions
Read full article: Giving Tuesday: How these 4 tax break changes for 2021 can enhance contributionsFor those who plan on donating to a charitable organization for Giving Tuesday, there could be some opportunities to receive money back when filing taxes next year.
Freedom Week begins in Florida. Here’s what you can buy without paying sales tax
Read full article: Freedom Week begins in Florida. Here’s what you can buy without paying sales taxStarting Thursday, in what lawmakers dubbed “Freedom Week,” people will receive sales-tax breaks when they make a wide range of purchases that could help spur them to be more active after being limited by the coronavirus pandemic.
File your taxes yet? IRS says face masks and PPE are tax-deductible
Read full article: File your taxes yet? IRS says face masks and PPE are tax-deductibleORLANDO, Fla. – The purchases of face masks and personal protective equipment to help prevent the spread of the coronavirus will be tax-deductible, according to the IRS. These items will fall under deductible medical expenses. The IRS said the purchases must be itemized. This has to be attached to your tax return, according to the IRS. The IRS has set up this questionnaire to help you determine if a purchase you have made is tax-deductible.
IRS to delay tax filing deadline to mid-May
Read full article: IRS to delay tax filing deadline to mid-MayThe IRS plans to delay the tax filing deadline until May 17, according to an official. Along with @IRSnews, we’re announcing today that the federal income tax filing due date for the 2020 tax year will be automatically extended fromApril 15, 2021, to May 17, 2021. AdThe service is still processing millions 2020 tax returns. But keep in mind, even if the IRS gives you more time, state taxes in most cases are still due by April 15. If you’re filing in Hawaii, Delaware, Iowa, Virginia, Louisiana, or Maryland, you have more time for state taxes as well.
Taxes: Answers to top FAQs about Social Security income
Read full article: Taxes: Answers to top FAQs about Social Security incomeEven for those of us who think we have some knowledge about anything tax related, it can be a stressful time. And it's certainly not a time when you want to play a guessing game.
How do I file taxes if I’m working remotely in another state that’s not my residence?
Read full article: How do I file taxes if I’m working remotely in another state that’s not my residence?A common aspect of the COVID-19 pandemic over the past two or so years has been more employees working remotely, but that doesn’t necessarily mean all those people were working from their homes.
Top 20 money-saving tips for stay-at-home moms and dads
Read full article: Top 20 money-saving tips for stay-at-home moms and dadsComparison shop everything to get the best deals - homeowner’s insurance, car insurance, prescription drug prices, groceries, customer rewards programs and credit card rewards. Use rewards points before they expire. AwardWallet is a site offering a free online service -- and it will track points from more than 700 loyalty programs. And, don’t forget to sign up the kids (and yourself) for birthday rewards where free gifts, free treats, free drinks and discount coupons are typically offered. AdAdopt all (or just a few) of the money-saving tips listed above that other stay-at-home parents find helpful in budgeting their finances.
How do you adjust your job search in a pandemic?
Read full article: How do you adjust your job search in a pandemic?(AP Photo/John Minchillo, File)When a pandemic strikes, it’s possible that employers will have to turn to layoffs and furloughs. Here are some tips on how to navigate the job application process during a pandemic. If you can put your job search on hold without too much inconvenience, waiting out the pandemic makes sense, simply because it can be hard to attract the attention of a hiring manager at such a time. If you don’t have a job right now, your aim shouldn’t be to hold out for the perfect job, which is likely to be difficult. When the job market slows down amid a pandemic, it can be the perfect opportunity to gain new skills and qualifications.
Is it time to switch to paying quarterly taxes? Here’s when to decide, and how to get it done
Read full article: Is it time to switch to paying quarterly taxes? Here’s when to decide, and how to get it doneThere’s one day each year that sticks out to American taxpayers everywhere, and this year is April 18: Tax Day. But to another group of people -- the ones who make quarterly payments -- there are three other times a year to pay up.
This checklist will help ensure you have everything prepared for filing this tax season
Read full article: This checklist will help ensure you have everything prepared for filing this tax seasonRegardless of whether you’ve paid someone for help or tried to do it on your own, even just gathering all the data you need for filing your federal income taxes can seem daunting.
Here’s what you need to know to file your 2020 taxes
Read full article: Here’s what you need to know to file your 2020 taxesCertified public accountant Jeff Lareau, with Lareau and Lareau CPAs in Apopka, said they have been helping clients receive assistance. If you lost your job last year and received unemployment benefits, that money is taxable. Lareau said you do not owe taxes on the two rounds of stimulus payments you received. Another great option for taxpayers this year is, Lareau said, people can use their earned income from 2019 to qualify for earned income credit. Ad“My suggestion is, if you’re an earned income credit recipient, that you should look at it both ways.
IRS delays tax filing season -- here’s what you need to know
Read full article: IRS delays tax filing season -- here’s what you need to knowThe IRS announced on Friday that tax filing season, which typically begins in late January, will not start until Feb. 12, when the IRS will begin accepting and processing 2020 tax returns. If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers. IRS officials said tax filing season always requires a significant amount of planning and that that’s even more true with the coronavirus pandemic adding extra responsibilities to the agency’s plate this year. People can begin filing their tax returns immediately with tax software companies, including IRS Free File partners,” the IRS wrote in the release. Taxpayers can begin filing returns through Free File partners; tax returns will be transmitted to the IRS starting Feb. 12.
The IRS has made changes to the tax bracket -- here’s what it will mean for you
Read full article: The IRS has made changes to the tax bracket -- here’s what it will mean for youEarlier this week, the IRS announced the 2021 tax year annual inflation adjustments for more than 60 tax previsions. Those include tax rate schedules and other tax changes. The following are the 2021 tax rates, which will be used when filing taxes in 2022 for the previous year of income. Taxpayers with lower incomes with have lower federal tax rates. Click or tap here to learn about more changes that have come with tax inflation adjustments for tax year 2021.
Here’s how the top tax preparation softwares stack up against each other
Read full article: Here’s how the top tax preparation softwares stack up against each otherThe clock’s winding down on the extended tax season, and for those who might have procrastinated, we’re here to fill you in on your options, so you can decide for yourself which tax preparation service is best for you. With the help of Consumers Advocate, we’ve provided a comprehensive list for you. Click on the following company names to learn more about how the services they provide stack up: Jackson Hewitt | TaxPoint | Taxbrain | OnePriceTaxes.
Want your stimulus payment via direct deposit? Wednesday is the deadline to give the IRS your info
Read full article: Want your stimulus payment via direct deposit? Wednesday is the deadline to give the IRS your infoWednesday at noon is the deadline to provide the IRS with your direct deposit information, otherwise, you will have to wait for the physical paper copy of the check to be mailed to you. According to the IRS, about 130 million payments have been sent out thus far, but the agency said it will transition to sending primarily paper checks to deliver the remaining stimulus payments later this month. [RELATED: Will people on Social Security receive coronavirus stimulus money?] If you receive Social Security retirement benefits, Social Security Disability Insurance benefits, or Railroad Retirement and Survivor Benefits you should not fill out the aforementioned form, according to the IRS. The IRS must print and mail paper checks to Americans who did not file taxes electronically.
Your stimulus check could be delayed if you used tax preparation company, reports say
Read full article: Your stimulus check could be delayed if you used tax preparation company, reports sayMillions of Americans started receiving their government stimulus checks this week, but some found out their money had been deposited into the wrong account. For individuals who used a tax preparation company to file their taxes, their money was likely deposited into that company’s bank account instead of the individual’s account, according to Fox 5. Customers have flocked to tax preparation company offices around the county, according to Fox 5, but those companies say the problem rests with the IRS. News 6 has received several messages from viewers complaining their money was put into the wrong account and each one responded they too had used a tax preparation company to file their taxes and are likely facing this same scenario. It’s unclear when the stimulus checks will be redistributed to people who used tax preparation companies and are facing this issue of missing money.
Didn’t file taxes? Here’s how you can get your stimulus check faster and electronically
Read full article: Didn’t file taxes? Here’s how you can get your stimulus check faster and electronicallyDirect deposit is the preferred method for the government to issue the money, but paper checks will be mailed eventually as well. Many Americans do not file taxes or haven’t updated their banking information since the last time they filed. [RELATED: Will people on Social Security receive coronavirus stimulus money?] The IRS must print and mail paper checks to Americans who did not file taxes electronically. They should start receiving their checks after April 24, when about $30 million in paper checks are scheduled to be mailed out.
Income tax filing deadline moved to July 15: What does it all mean?
Read full article: Income tax filing deadline moved to July 15: What does it all mean?WASHINGTON – The income tax filing date has been pushed back from April 15, to July 15, Treasury Secretary Steven Mnuchin said late last week. Mnuchin announced the decision in a tweet Friday, saying that at President Donald Trump’s direction, “We are moving Tax Day from April 15 to July 15. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less. It is expected that many states will follow the lead of the federal government and delay their tax filing deadlines as well but that will be a state by state decision. The administration is working with Congress to develop a $1 trillion support package and Mnuchin has said the IRS payment delay will add $300 billion to that effort.
For some, credit cards are a major part of tax season, survey finds
Read full article: For some, credit cards are a major part of tax season, survey findsTax season and credit cards seem to go hand-in-hand like peanut butter and jelly, at least if you believe the findings of a recent study conducted by Credit Card Insider. Using SurveyMonkey to conduct an online survey of 3,114 adults from Feb. 3-5, Credit Card Insider found out the following information when it comes to how important credit cards are for people during tax season. 14% of respondents who expected to owe this year planned on using a credit card to pay their taxes. Of those expecting a tax refund, 40% had credit card debt. 75% of those with debt plan to use their tax refund toward paying it off.
Waiting for a tax refund? Here’s when you can expect to get it
Read full article: Waiting for a tax refund? Here’s when you can expect to get itBut listen, if you’re thinking you might be getting a refund, that’s pretty good incentive to get it taken care of. If IRS accepts return by: Direct deposit sent (or paper check mailed one week later): Feb. 3 Feb. 14 (Feb 21) Feb. 10 Feb. 21 (Feb 28) Feb. 18 Feb. 28 (Mar. 6) Feb. 24 Mar. 10) March 29 Apr. Are you currently waiting on a refund?
8 unusual tips to help you make, save more money
Read full article: 8 unusual tips to help you make, save more moneyThere are many maxims on how to make and save money, but media mogul Edward W. Scripps has some that are a little unorthodox. Scripps was very keen on ethics and keeping his money, business and life in balanced perspective. In his life, he followed a 23-point code of conduct which he detailed in his essay "Some Outlandish Rules for Making Money." You may even find the things that are not worth doing today are not worth doing at all. There is always a better way of doing something.
Social Security & Tax Breaks
Read full article: Social Security & Tax BreaksFiguring out what you owe can be complicated, here is some information to understand what is taxable under Social Security. Social Security is taxable at three different levels, based upon how much other income you have and your income tax filing status. This is 50% of your household Social Security benefits plus all of your other taxable income, plus any tax-free income. These breakpoints are the same if your filing status is Married Filing Separately and the couple does not live together during the tax year. If your Provisional Income (defined above) is less than the first breakpoint based on your filing status, then none of your Social Security is taxable.