Why Shohei Ohtaniโs heavily-deferred contract could be model pro athletes ask for going forward
Ohtani has decided to defer $680 million of the contract until after his playing days are over, meaning heโll take in roughly $2 million of salary each year for the duration of the contract that will run through 2033.
A property tax deal has eluded Texas lawmakers. Hereโs where things stand at the start of another special session.
Top Republicans promised property tax cuts, but have been locked in standoffs on how to achieve it. Gov. Greg Abbott has called another overtime legislative session in hopes of solidifying a plan.
Texas House votes to repeal sales tax on menstrual products and diapers
The bill, which Democrats have been pushing for years, has become a top priority after the overturn of Roe v. Wade. The Senate has already passed the bill, which would provide tax relief on the purchase of menstrual products, diapers and other child care necessities.
Texas leaders want a new way to attract businesses here. But they canโt agree on how to do it.
The two chambers have 10 days to cut a deal before the end of the legislative session, and they are miles apart on some of the very foundations of a corporate tax-abatement bill considered to be a priority for Republican state leaders.
The Texas House and Senate differ on how to cut property taxes. Hereโs what their proposals say.
Cuts to school property tax bills. Bigger tax benefits for homeowners. A controversial idea to limit property tax growth. Hereโs what you need to know about the brewing property tax debate at the Texas Legislature.
Analysis: Property tax relief that doesnโt lower your tax bill
Texas lawmakers tried to lower property tax bills during their 2019 session, and a new report says they put a dent in the problem: Taxes arenโt rising as quickly as they would have. But they didnโt solve it: Property taxes are still rising.
Property tax notices are coming. Hereโs what you need to know and how to file an appeal.
The Bexar County Appraisal District is set to start mailing out hundreds of thousands of notices to property owners in the coming weeks for anyone whose property has increased in appraisal value since last year.
Analysis: Texas governmentโs favorite local tax
State lawmakers will tell you they hate property taxes as much as anyone. But the state itself doesnโt levy the tax โ local governments do. And lowering it in a meaningful way would require state officials to raise taxes or cut programs. For them, talking about it is easier than doing something.
Bexar County commissioners approve โsymbolicโ property tax cut
Commissioners voted 3-1, with one abstention, to cut the tax rate for the countyโs portion of property tax bills from $0.301097 to $0.299999 for every $100 of valuation. That equates to somewhere between a $3 to $4 savings a year for the average homeowner, staff said.
Not even a pandemic can squash rising property values in Bexar County
RELATED: U.S. home prices soared in January by most in seven yearsMost Bexar County residential property owners will get a notice this week of their new valuations, and they are up an average of 6.9% despite lockdowns, shutdowns and vanishing paychecks. โPandemic or no pandemic, thereโs a market thatโs quite active,โ said Chief Appraiser Mike Amezquita, with the Bexar County Appraisal District. โItโs our job to follow the market and try to reflect what values are doing in each and every neighborhood.โAdEven Amezquita anticipated values would cool off this year. โWe like living in a historic district,โ White said. The deadline for most to file an appeal in Bexar County is May 17.
The art of filing taxes: What could go wrong?
With tax season now well underway, we thought weโd offer up some tax filing basics, along with answers to common misconceptions regarding filing. Filers owed a refund based on the taxes theyโve paid throughout the year typically receive their refund within about three weeks of filing. Tax fraud and evasionTax fraud convictions are rare, however, the penalties are severe for those caught committing tax evasion or fraud. Often, those convicted of tax fraud must repay the taxes with a penalty and might serve up to five years of jail time. Donโt let your desire to get a tax refund lead to errors or missed opportunity.
Need some extra time to file your taxes? You got it
The Internal Revenue Service says itโs delaying the traditional tax filing deadline from April 15 until May 17. The new deadline does not apply to estimated tax payments that are due on April 15; those remain due by that day. The pandemic hit in the middle of last yearโs tax filing season, setting the agency back in terms of processing. A number of lawmakers and professionals from the tax community have urged the tax filing season be extended to accommodate for these pressures. Rettig is expected to speak to the committee tomorrow about how the IRS is managing this filing season and the need for this extension.
Before you file taxes online, hereโs how to do it securely
SAN ANTONIO โ Like most Americans, Matthew Starcez is filing his tax return online. โWeโve been doing our taxes online for the last seven years,โ he said. Even if someone steals your password, multi-factor or two-factor authentication could still stop them from getting into your account. But before you even file, security experts say itโs a good idea to make sure your sensitive online financial accounts and router are secure with strong passwords. Itโs also available for Mac and Windows computers, but you may need to enable it in the security settings.
You may qualify for a property tax exemption if your home was damaged by the winter storm
SAN ANTONIO โ If your property sustained damaged during last monthโs winter storm, you could qualify for a temporary property tax exemption. Qualified properties include:tangible personal property used for income production if the owner filed a renditionresidential buildings (homes)commercial buildings (businesses)industrial buildings (manufacturing)multi-family buildings (apartments), and other real property buildingscertain manufactured homes. The temporary disaster area exemption applies to all counties in Texas and expires on Jan. 1, 2022. If you live in Bexar County, click here for more information and to download the application form. You can contact the Bexar County Appraisal District by phone at 210-242-2432.
Beware of these scams during tax season
Tax season is about more than just refunds or determining how much you will owe. Some of the tips to avoid scams are as follows:Understand how the IRS gets in touch. Donโt respond to phone messages, text messages, social media messages or email from those claiming to be the IRS or demanding payment. By law, anyone who is paid to prepare or assist in preparing federal tax returns must sign the return and include a Preparer Tax Identification Number. Beware of direct deposit/wire transfer scams.
Whatโs the catch when it comes to a โfreeโ tax prep site?
But as an article in The Washington Post asks, whatโs the price of free? The story looks largely at the website Credit Karma, and says if you use the site, you might be paying with your privacy. Credit Karma CEO Kenneth Lin spoke with the Post about how the site operates. But when it comes to tax services, Forbes once described Credit Karma as โBig Brother with benefits.โ The site doesnโt make money by selling data, but it does so another way. When you consent in the first place, Credit Karma has the legal right to use your data for 10 years, the Post added.
Millions of taxpayers still waiting for 2019 refunds to arrive, report says
As people get ready to either file their tax returns or receive refunds from returns already filed for 2020, the IRS is still dealing with a big problem. In mid-February and based on data through Jan. 30, the IRS said it hadnโt yet processed 6.7 million individual income tax returns for 2019. The issue is so serious that the House Ways and Means Committee is asking the IRS to return the deadline for 2020 returns beyond April 15. AdIt remains unclear how much longer those anticipating their refunds from 2019 will have to wait, or if this yearโs deadline will be extended. But for the IRS, it could be difficult to focus completely on 2020 in the coming months with millions of 2019 returns still not processed.
Some tax tips following a year of coronavirus
But did you know where you dialed in from could impact your tax refund? โIf you work in a high tax state or a state thatโs separate from yours now youโve got two state income tax returns youโre going to have to file,โ said Gary Kane, CPA, at Kane & Associates. Each state has their own tax laws, which varies by the number of days worked, so check with your advisor. โThe tax brackets are like stair steps and so if your income is down, youโve gone down the stair steps, and youโre paying tax at a lower rate,โ said Kane. Gary Kane does say that if youโre questioning your stimulus check, know that you donโt need to report your stimulus payment on the tax return unless you failed to get one.
Texan taxpayers affected by winter storms have two extra months to file their returns this year, IRS says
SAN ANTONIO โ The Internal Revenue Service is extending tax season deadlines for Texans affected by last weekโs winter storms. Individuals and businesses included in the Federal Emergency Management Agencyโs recent disaster declaration now have until June 15, 2021, to file their tax returns and pay anything they owe to the IRS. For example, individual tax returns and quarterly estimated income tax payments -- typically due on April 15 -- are now due on June 15. Affected taxpayers can deduct personal property losses not covered by their insurance or through other reimbursements, according to the IRS. For more information on the IRSโs changes for those affected by the winter storms, click here.
Is it time to switch to paying quarterly taxes? Hereโs when to decide, and how to get it done.
Thereโs 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.
3 ways to handle unemployment benefits when it comes to income taxes
For those who turned to unemployment benefits last year, with tax season upon us, you might be wondering how itโs all going to shake out when it comes to filing your income taxes. But hereโs the thing: You still have to pay federal taxes on said unemployment benefits. It ensures you wonโt have that burden later, giving you a head start when tax season approaches. Pay quarterlyIf you didnโt have your taxes withheld, another option is to send quarterly estimated taxes on that money to the IRS. When quarterly taxes are due:When you get paid Tax due date Jan. 1โMarch 31 April 15 April 1โMay 31 June 15 June 1โAug.
How much more is James Hardenโs tax bill now that heโs with the Nets?
By going to the Nets from the Houston Rockets and the state of Texas, Harden has gone from a state with no state income tax to a state with a 12.7% state income tax rate. If Harden stayed in Houston, he would have paid $3.26 million in state, city and jock taxes, according to Celebrity Net Worth. AdIn New York, heโll be paying $16.89 million in taxes. Heโs not exactly broke, with $225 million made in salary and endorsements. But whoever does his taxes will have a little extra work and a lot bigger tax check to sign off on as a result of his big move.
Eligible educators can deduct out-of-pocket expenses for COVID-19 protective items used in classroom, IRS says
SAN ANTONIO โ If youโre an educator filing a tax return this year, you may be eligible to deduct unreimbursed expenses for COVID-19 protective items used in the classroom. The educator expense deduction applies to eligible educators for unreimbursed expenses paid or incurred after March 12, 2020, for the COVID-19 protective items. The IRS says eligible educators include any individual who is a kindergarten through 12th grade teacher, instructor, counselor, principal or aide in a school for at least 900 hours during a school year. The IRS will allow educators to deduct up to $250 of qualifying expenses per year. AdThe IRS says the deduction applies to expenses paid or incurred only during the tax year.
Working from home? Donโt expect a tax break
โUnfortunately, if you are an employee only, that is not something you can deduct,โ said Jose Garcia, CPA and owner of Mission Tax and Financial. The Tax Cuts and Jobs Act eliminated home office deductions and replaced them with a fatter standard deduction. But some people can write off their home office expenses. Those who are self-employed, independent contractors or working in the gig economy can deduct qualified expenses. โWhat I suggest is try to negotiate something with your employer and see what options they provide to you,โ Garcia said.
Filing a tax return? Here are some ways to avoid scams and keep your personal information safe.
The IRS says it will never call or email you to ask for personal information, nor will it demand immediate payment without sending you a bill in the mail. The agency will also not ask for your credit card information over the phone, nor will it threaten to have you arrested for not paying immediately. Filing a tax return? Itโs recommended to do the following to ensure your personal information is safer:File your taxes electronically and request the refund be deposited directly into your bank account. If you have one, donโt carry your Medicare card unless youโre going to the doctor for the first time.
Filing a tax return? Hereโs what you need to know this year.
SAN ANTONIO โ Tax season is right around the corner, and youโll want to be prepared for some of the changes coming this year before you file. The IRS will use the time before tax season to test its systems due to some tax law changes last year. IRS Free File opened on Jan. 15, so youโre able to begin filing your return now if you have all the documents you need. The IRS says tax preparation software should help you determine what youโre due if you are eligible. RELATED STORIES:San Antonio tax services preparing for season amid pandemicDo you have to pay taxes on unemployment compensation?
How to know if you qualify for a home office tax deduction
ORLANDO, Fla. (Ivanhoe Newswire) โ The coronavirus pandemic has forced millions of working Americans out of their offices and into their homes. If youโve been working from home, you may be wondering if you qualify for a home office tax deduction. So, if your office is 200 square feet that would be $1,000. Certain businesses, such as daycares, may have different qualifications for a home office deduction. These are complicated tax issues so be sure to check with your own tax advisor.
Do you have to pay taxes on unemployment compensation? Yes, you do.
All unemployment compensation received in 2019 must be reported on 2020 federal tax returns. Haywood also told KSAT that people who received unemployment benefits will not be eligible for the child credit. โYour state will send you Form 1099-G, which will show the amount of unemployment compensation paid to you during the year. If you repaid a portion of the benefits received, you can reduce the benefits received by the amount repaid,โ according to H&R Block. While unemployment income is subject to federal and state taxes, Texas is one of 15 states that does not tax unemployment income because Texas does not have a state income tax.