Hochul will not support Trump’s ‘no tax on tips’ approach, frustrating NY restaurant staff
New York Lawmakers Remain Silent on Tax Relief for Service Workers Governor Kathy Hochul and Democratic lawmakers in New York have chosen not to extend the federal “tip-free” policy to state income taxes, which significantly impacts bartenders and restaurant workers amidst ongoing discussions about affordability in the state. Leon Gallagher, a 30-year-old bartender at The […]
These blue states are preventing Trump’s popular tax cut measures.
Tax Break Legislation Stalls in Blue States WASHINGTON — Only eight states are progressing with plans to implement tax breaks under President Trump’s significant 2026 bill. Meanwhile, some blue states are holding back on tax exemptions for tips and overtime, as experts have noted. Democratic-leaning states like New York, Illinois, and California have opted not […]
Recent research places all 67 Florida counties in order based on property taxes as GOP leaders focus on tax reductions.
Property Tax Rankings for Florida Counties Released Florida Tax Watch has unveiled new findings on property tax rankings across all 67 counties in the state. The CEO of this nonpartisan nonprofit asserts that the report sheds light on the current debate, which is often clouded by confusion surrounding property taxes and their potential repeal in […]
Important tax changes ahead: What to know before you file
CINCINNATI As tax season draws near, various changes to federal tax legislation could impact refunds, deductions, and the methods taxpayers use to pay the IRS, say tax professionals. Importance of Record-Keeping Gary Friedhoff, an adjunct lecturer at the University of Cincinnati College of Business, emphasizes that preparation and maintaining organized records are crucial. “Having your […]
Significant tax refunds expected from next year’s Big Beautiful Bill, according to Bessent.
Tax Refund Expectations for 2026 Secretary of the Treasury Scott Bessent recently indicated that American families can look forward to “very large refunds” when they file taxes early next year. This comes as a result of new policies introduced under the One Big Beautiful Bill Act (OBBBA). In a discussion on NBC10 Philadelphia, Bessent highlighted […]
Property tax relief might be available for millions in Texas.
A new initiative in Texas aims to cut the residential property tax exemption period by ten years, which could help decrease property taxes for residents aged 55 to 65. On December 11, Lieutenant Governor Dan Patrick, a Republican, introduced a significant property tax plan dubbed “Operation Double Nickel,” intended to alleviate financial strain on elderly […]
Woman Discovers 1949 Tax Return of DINK Grandparents, One Number Leaves Her Amazed
A Tax Return from 1949 Offers a Glimpse into the Past A woman recently discovered her grandparents’ tax return from 1949, and her reaction was one of disbelief. Carly Wenger, residing in Olympia, Washington, was rummaging through an old storage room when she stumbled upon a pile of documents bearing her grandmother’s name. “I found […]
IRS Reveals New Tax Credit for 2027
IRS Unveils New Education Tax Credit Guidance The Internal Revenue Service (IRS) has released guidance that sets the stage for an important education tax credit set to launch in 2027. According to the IRS, the Treasury Department will permit states to enroll early in this new program, which is part of a larger federal tax […]
Maximize Your Opportunities for the New Tip Tax Break With This Expert’s Guidance
Key Points You can deduct up to $25,000 from your taxable income through tips earned in 2025, which, of course, will help lower your tax bill. That said, you’ll need to do the calculations for the deduction yourself. If you’re a tip-earning worker in 2025, it’s a good idea to start gathering your records now […]
This tax strategy is among the IRS’ best-kept secrets for retirees. Why do 90% of retired Americans overlook it?
Maximizing Charitable Giving for Retirees The holiday season often inspires retirees to give back generously, and there’s a useful IRS-approved method that could make this even more effective. Qualified Charitable Distributions (QCDs) allow individuals to donate directly from their IRA, which can lower their tax bills while supporting chosen charities. This method is described by […]