As the clocks roll over and a new year begins, plenty of Americans have resolutions that they want to focus on. But it’s also the signal that tax season is upon us again, and for millions of people that means that a tax refund may be on the way.
As tax season rolls into full swing, it’s important that you take the time to really make sure that you’re doing all you can to get the best return possible. For many, deductions will have a huge impact on your tax return and whether or not you can get a refund, and one thing to think about will be charitable contributions that you’ve made over the year.
Hobbies. Most people have them, and they’re a source of relaxation and enjoyment for millions. But for some, they may also be a source of income. And like any other source of income, what you earn from your hobby must be reported on your tax return. Whether it’s scrapbooking, music, or metalworking, the fact is that if you’re earning money, you need to claim it.
Are you an investor who capitalized on cryptocurrency gains? If so, you’re not alone. People around the globe have been rushing to maximize returns. At one point in November, Coinbase, a popular cryptocurrency exchange based in the United States, added 100,000 users in just 24 hours.
The state of California has been looking for ways to raise funds for its $52 billion infrastructure plan. Earlier this year, California raised taxes on gas and approved additional vehicle fees, both in an effort to fund the infrastructure project. But a new study being conducted by the California Department of Transportation indicates that a radical change may be coming.
A couple years ago, the IRS adopted a Taxpayer Bill of Rights. The rights in and of themselves are not new – they were simply embedded deep within the tax code. The Bill of Rights simplified these rights for taxpayers and grouped them into ten broader categories.
Four years ago, California Governor Jerry Brown created a program, known as “California Competes,” in an effort to stimulate job creation in the state. The program awarded tax credits to businesses that created jobs. Recent reports, however, have indicated that many of the credits have been left unclaimed.
As you’ve likely seen recently in the news, Congress is considering a widespread tax overhaul. They are making efforts to pass the legislation before the end of 2017. Even though the effects of the bill would not take place until the 2019 tax deadline, it’s still interesting to consider how California would be affected by this bill.