Tax numbers Feed

Sunsets like this one at Zuma Beach in Malibu, California, make many Golden State coastal properties prime rental investments. But Golden State limits on property taxes on inherited homes cost cities and other jurisdictions billions of dollars. (Photo by Alex Beattie via Flickr CC) Californians love Proposition 13, the grandfather of tax-limiting ballot initiatives. Since its passage in 1978, it has kept a tight cap on property tax increases. But an expansion of the original Prop 13, enacted eight years later, and its unforeseen consequences have cost Golden State school districts, cities and counties of billions of dollars in revenue,... Read more →


Amazon makes money hand-over-fist year after year and that has propelled founder Jeff Bezos to the top of myriad "richest person" lists. But a portion of its success also can be attributed to the billions his company has received in state and local tax subsidies over the years. And that tally will balloon when eventual HQ2 tax subsidies are included. Even at Google in San Francisco, Amazon packages dominate the delivery cart. (Photo by moppet65535 via Flickr CC) Amazon has been promised or received almost $1.6 billion in subsidies from state and local governments over the last 18 years. And... Read more →


Summer is winding down, but someone needs to tell the thermometers. Across much of country, it feels like the mercury is about to burst and everyone is doing everything they can to stay cool. Sorry, I can't help you beat the heat. But I do have eight tax moves you can make in this eighth month of 2018 — which, with all those 8s, makes that this week's By the Numbers figure — that might be able to help lower the heat you're feeling when it comes to taxes. 1. Adjust your withholding. I know. I nag remind y'all of... Read more →


It's called the dismal science, but Donald J. Trump's vision of the U.S. economy was anything but gloomy after the Commerce Department on July 27 reported gross domestic product (GDP) growth for the second quarter of the year was 4.1 percent. That's a welcome amount of growth based on the economy's broadest measure of goods and services. That's why it's this week's By the Numbers figure. But, say most of the practitioners of the dismal science, aka economists, let's not get carried away. They caution that while the latest measure of economic growth is good news for both U.S. businesses... Read more →


U.S. Navy photo by Mass Communication Specialist 1st Class Patrick Gordon Some veterans who received disability severance payments after Jan. 17, 1991, and included that money as income when they filed their tax returns now are due refunds. The former military members have known since February that they were due money. Now the process of getting it has finally begun. But Uncle Sam isn't automatically sending former troops any cash due from the erroneously taxed payments. The veterans need to file an amended tax return using Form 1040X to claim a disability severance payment-related credit or tax refund. Why now?... Read more →


It's my second favorite holiday, National Ice Cream Day! Yep, it's a sorta real holiday, occurring every year on the third Sunday in July as part of National Ice Cream Month. So many ways to enjoy ice cream on National Ice Cream Day and any/every day. (Image courtesy GIFS for Humans Tumblr). National Ice Cream Day became official in 1984 when then President Ronald Reagan signed a proclamation declaring its existence. And even though the holiday was the brainchild of the dairy industry, I can't think of many more things as worthy of celebration than this beloved and iconic treat.... Read more →


Two days ago, Americans celebrated our declaration of independence from Great Britain. That July 4th revolutionary spark was ignited, of course, by our protests against taxation by King George III without adequate representation. Over the years, however, the words of our 36th president, Lyndon Baines Johnson, have proven prophetic. "The nation which had fought a revolution against taxation without representation discovered that some of its citizens weren't much happier about taxes with representation," noted my outspoken and observant fellow Texan. Still, most of us have come to realize the importance of taxes, as Supreme Court Justice Oliver Wendell Holmes, Jr.... Read more →


Charles Rettig, Donald Trump's choice to head the IRS, is expected to be confirmed, despite not originally revealing that he has an ownership stake in properties in a Trump-branded Hawaiian hotel. (Photo of Trump International Hotel Waikiki via Hotels.com) The Internal Revenue Service may soon have a new commissioner, almost eight months after the last tax agency chief retired. But before Charles P. Rettig gets his new title, some lawmakers want more information from him about his ties to Donald J. Trump. Specifically, they want to know whether Rettig would maintain his independence from the man who nominated him. That... Read more →


On June 20, Republican leaders, including Ways and Means Chairman Kevin Brady of Texas speaking, celebrated the six-month anniversary of House passage of their tax bill. (Screenshot from Speaker.gov video; click image to view full event) When the Republicans finally got the tax cuts they wanted in the Tax Cuts and Jobs Act last year, they viewed the changes as not only good tax policy but also a good political move. The debate continues as to the efficacy of the changes as far as tax policy, but there's more of a consensus on its political possibility. And the news is... Read more →


Fathers Day Happy Fathers Day GIF from Fathersday GIFs Happiest of days to all the dads out there. And thank you Sonora Dodd. Dodd was raised by her father after her mother's death during childbirth. While listening to a sermon at church on Mother's Day, Dodd thought about all her father had done for her and her siblings and decided fathers should have a day, too. Because Dodd's father was born in June, she encouraged churches in Spokane, Washington, where she was living, to honor fathers that month. The first Father's Day was celebrated in Spokane in on June 19,... Read more →


Donald J. Trump arrived in Quebec for the G-7 meeting with some controversial ideas (notably, letting Russia back in the club) and he left the international meeting the same way. Tweeting from Air Force One as he headed to Singapore to meet with North Korea's Kim Jung Un, Trump gave notice he's ready to escalate trade disagreements with Canada by imposing automobile tariffs. The initial reaction has been what such a move could actually mean to the U.S. automotive industry. Tax cut tariff costs: But auto tariffs also could undermine any gains from the TCJA, according to a Washington, D.C.-based... Read more →


In preparation for the summer cookout season, the hubby and I have been sprucing up our patio. The biggest job, aside from cleaning the thick layer of pollen off the outdoor dining table (yes, the hubby is appalled I'm showing that in the above photo), is replacing our almost 20-year-old patio furniture cushions. We tried buying replacements at local outdoor stores. Then we went to a couple of big box chains. Finally, we found what we wanted at a reasonable price in one of the many gardening/outdoor living catalogs that fill up our snail mail box. So we ordered them... Read more →


A sampling of some of my favorite beers. Yes, this photo is a few years old (note the 2011 Christmas brew label), but rest assured, I regularly restock the refrigerator. Across much of the United States this Memorial Day weekend Sunday it's hot. Very hot. We're pushing 100 here in Austin. That's why many beverages will be consumed by folks out today at beaches, picnics and sporting events. Tax collectors thank you for your thirst, especially if you're slaking it with a cold brewski. Beer tax tallies: Beer drinkers annually make a $5.3 billion excise tax payment to state and... Read more →


California has the highest gas tax in the United States. Opponents are hoping to repeal it via a ballot measure this November. I filled up my mid-sized Chevy sedan's tank this morning, something I do every two weeks or so. I was stunned to see my local gas station, which usually sells gas at the lower end of the prevailing price scale, had regular unleaded going for $2.63 a gallon. That's a more than 50-cent hike from my previous tank top-off in April. It also put the Austin area (or at least my neighborhood) closer than it's been for a... Read more →


Lava slowly flows from a fissure that opened on a Leilani Estates street on May 5, 2018, after Hawaii's Kilauea volcano erupted. (United States Geological Survey public domain photo via Wikimedia Commons) The United States' 50th state is home to many extraordinary things. Exotic flowers. Magical beaches. Unique birds. An active volcano. It's that last thing that's got folks worried right now. Hawaii's Kilauea volcano erupted Thursday, May 3, accompanied by dozens of earthquakes, the release of dangerous sulfur dioxide and lava flows. The 6.9 magnitude Kilauea-associated earthquake that shook the Big Island on May 4 was the most powerful... Read more →


May 4. That's the day the Ways and Means Oversight Subcommittee wants the Internal Revenue Service to explain exactly what happened on this year's Tax Day. If you were a last-minute filer, especially one trying to pay your 2017 tax bill, you remember the hassle on April 17 when the IRS experienced a spectacularly ill-timed systems crash. That day, one of the busiest of the year for the IRS, one of the agency's core systems in West Virginia failed. Unfortunately for the IRS and millions of tax-owing filers, it was the system that powered the IRS' Direct Pay and Payment... Read more →


While millions of U.S. taxpayers were focusing last week on 2017 tax returns, a tax benchmark slipped past us. Tax Freedom Day 2018 arrived on April 19, a day after this year's revised Tax Day filing deadline and 109 days into the year. This day, according to the Washington, D.C.-based tax policy group The Tax Foundation, represents how long Americans as a whole have to work in order to pay the nation's tax burden. The nonprofit takes all federal, state, and local taxes and divides them by the nation’s income. The Tax Foundation has been making the annual calculations since... Read more →


Source: CafePress tax jigsaw puzzle Still trying to put the pieces of your Form 1040 (or 1040A or even 1040EZ) together? Time's running out. Tax Day is almost here. Since the tax filing deadline is April 17 this year, here are 17 tax tips. Not only do they earn this week's By the Numbers honor, some could help you put together a return to send to Uncle Sam on time and at the least possible tax cost to you. 1. File on time. Yes, this first tip is obvious, but a lot of people let the filing date slip by... Read more →


New York magazine's Nov. 13-26, 2017, cover featured Cardi B. Click to see full image. (Photograph by Hassan Hajjaj) Things have been going great for Bronx-born rapper Cardi B. She was the musical guest on last night's Saturday Night Live, hosted by "Black Panther" star Chadwick Boseman. It seems a New York magazine cover last November got it right when it proclaimed she was made to be this famous. On her way to membership in music and pop culture's top echelon, Cardi B's career has covered an astoundingly wide spectrum. After losing her job as a teenage employee at an... Read more →


Employers were supposed to have new withholding tables in place by mid-February to reflect the Tax Cuts and Jobs Act income tax rate changes. Treasury Secretary Steven Mnuchin said once those payroll changes were in place, 90 percent of workers would see bigger paychecks thanks to the GOP tax bill. Mnuchin might want to rethink his prediction. A CNBC survey conducted March 17-20 of 800 Americans, 60 percent of whom were working, found that 52 percent of the employed haven't seen a change in their paychecks. In fact, just 32 percent of the working adults that CNBC talked to said... Read more →