Three key points to grasp Iowa property tax notices
3 Things to Understand Iowa Property Tax Notices You might have received a property tax notice in the mail last week. This letter is important, but it’s not your actual property tax bill. What it really contains is information about proposed budget increases that could impact your taxes. That’s the key takeaway. This marks the […]
Small businesses, the 75 Hard challenge, tax deductions: A recap of today’s stories
👋 Welcome to 5 Things PM! The 75 Hard Challenge comes with a strict regimen: five tasks each day for seventy-five days, no breaks, no leeway. While this might sound motivating, experts caution that the potential downsides could be significant. Here are some other stories to catch up on during your busy day. American shoppers […]
New estate tax proposal by NYC Mayor Mamdani may affect middle-class families
Debate Over NYC Inheritance Tax Proposal New York City’s Mayor Zoran Mamdani is facing criticism for endorsing a plan to dramatically reduce the city’s inheritance tax exemption—by nearly 90%. Critics argue this change could extend the tax burden to middle-class families, a group previously considered less affected by such taxes. New York already imposes its […]
Expert critiques Newsom’s assertion that Texas and Florida are the ‘real high tax states’: ‘Seriously mistaken’
Experts Challenge Newsom’s Tax Claims Comparing California with Florida and Texas Recently, California Governor Gavin Newsom stated that his state’s tax system is superior to those in Florida and Texas, but experts argue that the data doesn’t support his claims. In a post on X, Newsom highlighted California’s “most progressive tax rate in America” while […]
Increased focus on tax resistance during ICE protests and the Iran conflict, with potential IRS penalties ahead
Chicago Attorney Protests Taxes, Faces Legal Consequences Rachel Cohen, a Chicago attorney, currently owes over $8,000 in federal income taxes and has opted to leave that amount unpaid. In a widely circulated article, she noted, “I paid no federal income taxes this year.” This 31-year-old community organizer filed a federal tax return indicating a balance […]
Looking to take advantage of new tax deductions for tips, overtime, seniors, or car loan interest? Pay attention to the details.
New Tax Breaks and Deductions: What to Know There are new tax breaks being announced, focusing on areas like tips, overtime pay, senior deductions, and even interest on car loans. Many people filing income taxes are anticipating larger refunds or reduced tax liabilities this year. However, while this may hold true for some, others might […]
IRS tax refunds have increased by 10.8%, according to new filing data.
Average Tax Refunds Rise This Season This tax season, the average refund is up by 10.8% compared to the same time last year, based on the latest data from the IRS. As of March 13, individual filers are seeing an average refund of $3,623, which is a jump from $3,271 at the same time last […]
Debate arises over ‘marriage penalty’ in Washington state’s new millionaire tax
Washington State’s Proposed Income Tax Raises Concerns Washington state’s proposed income tax, which includes what tax experts say is the largest “marriage penalty” in the country, could lead to higher taxes for some couples filing jointly. The state House of Representatives has approved this new income tax, which imposes a 9.9% rate on earnings exceeding […]
Authorities Cancel Citizenship of Immigrant Found Guilty of Tax Fraud
Justice Department Moves to Revoke Citizenship of Nigerian National The Justice Department has initiated a lawsuit to revoke the U.S. citizenship of Emmanuel Oluwatosin Kazeem, a Nigerian national, due to his involvement in a substantial tax fraud scheme. Filed on Wednesday, the lawsuit alleges that Kazeem engaged in conspiracy to steal the identity of a […]
Chicago increases hotel tax for tourists to 19% to enhance tourism marketing budget
Chicago City Council Approves Increase in Tourism Tax The Chicago City Council has decided to raise tourism taxes, aiming to boost marketing programs for tourists. Specifically, an ordinance has been voted on that raises the lodging tax for hotels in the area from 17.5% to 19%. This figure includes various city, county, and state taxes. […]