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Tax Breaks

Aug 05, 2010 (The Sedalia Democrat – McClatchy-Tribune Information Services via COMTEX) — Shoppers will be out in full force this weekend purchasing school related items as Pettis County participates in the statewide Back to School Sales Tax Holiday.
Beginning at 12:01 a.m. Friday, shoppers can stock up on school supplies, computers and clothing that will [...]

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Form 990s due from non-profits

by taxnick on May 11, 2010

Monday is the deadline for tax exempt organizations to file their annual Form 990 series tax returns.
Any tax-exempt organization that has not filed the required form in the last three years will automatically lose it’s federal tax exempt status effective on the due date of the annual filing. The Pension Protection Act of 2006 requires [...]

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After breaking up with her longtime boyfriend and finding a job she loves in Denver, Quinn Kelsey decided last Friday to take advantage of the home buyers’ tax credit.
She found a condo she liked in her neighborhood and called a local Realtor’s office to hire an agent. She got preapproved for a loan in an [...]

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As many as 400,000 nonprofit organizations are weeks away from a doomsday.
At midnight on May 15, an estimated one-fifth to one-quarter of some 1.6 million charities, trade associations and membership groups will lose their tax exemptions, thanks to a provision buried in a 2006 federal bill aimed at pension reform.
“It’s going to be an unholy [...]

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Haiti tax relief bill passes Minn. House

by taxnick on March 1, 2010

A tax break meant to spur donations to Haitian earthquake relief has received unanimous approval from the Minnesota House.
It should reach Gov. Tim Pawlenty’s desk sometime this week. The Senate needs to take one more vote to line up two slightly different versions.
The bill would allow donors to deduct charitable contributions from their 2009 state [...]

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Taxpayers wishing to claim their Haiti relief donations on the tax return they are filling out this season must make those donations by the end of this month, according to the Internal Revenue Service.
Individuals and corporations have until midnight on Sunday, Feb. 28, to make cash contributions to charities providing earthquake relief in Haiti. These [...]

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Managing household paperwork, finances and taxes for military families just got easier thanks to the new Military Spouses Residency Relief Act, according to H&R Block (NYSE: HRB).
The act affects the tax status of families when they move on military orders by allowing more flexibility when it comes to state taxes. Servicemembers often retain their permanent [...]

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College students strapped for cash are in for a treat this tax season. Under a change in the tax code, the cost of textbooks and course materials are eligible for a tax credit for the first time for students and their families.
The American Opportunity Tax Credit makes textbooks and other course material expenses—including tuition and [...]

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Haiti donation tax break clears MN House panel

by taxnick on February 8, 2010

A legislative tax panel approved a bill Monday that would let state taxpayers deduct donations to Haiti earthquake relief efforts when they file their 2009 taxes this spring.
It would make state tax law match up with a federal law allowing taxpayers to deduct donations made by the end of February from their 2009 tax returns [...]

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The Paterson administration wants to change the way New York businesses get tax breaks for job creation, proposing credits for research and development, capital investment and payroll costs for new jobs in high technology, biotechnology, clean energy, finance and manufacturing.
The proposed Excelsior Jobs Program would replace the Empire Zones Program, which provides tax incentives for [...]

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