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Tax

BUSINESS
March 20, 2014 | By Erin E. Arvedlund, Inquirer Columnist
What's scarier than snow on St. Patrick's Day? Taxes! Fortunately, we have some more free - yes, free - tax-filing resources, this time courtesy of the United Way. About half of all American households earn less than $55,000 a year. To help those of us who fall in that camp, United Way partnered with MyFreeTaxes ( www.myfreetaxes.com ), which provides free state and federal tax-preparation and filing assistance for families earning $58,000 or less a year. The MyFreeTaxes Partnership's online and in-person tax-preparation and filing services have helped millions of families and individuals.
NEWS
March 15, 2014 | By Suzette Parmley, Inquirer Staff Writer
ATLANTIC CITY New Mayor Don Guardian faces a Friday deadline to apply for $20 million in state aid to get this struggling resort through the next budget year. As gambling revenue and property values keep plummeting, Guardian was emphatic Wednesday before the nine-member Atlantic City Council during his State of the City address: If the state doesn't come through on a $20 million transitional aid/essential-services grant, the city will have to absorb a 47 percent municipal tax increase - or 65 cents per $100 of assessed property value - for the fiscal year starting July 1. The projected $262 million budget the mayor presented to the council did not include state aid from the Department of Community Affairs.
BUSINESS
March 13, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Since tax season is upon us, we highlight some free tax-filing resources, in particular Free File, the IRS's online tax-preparation and e-filing program, available at the website IRS.gov/freefile. The free forms - made possible by the Free File Alliance, a coalition of industry tax companies - offer step-by-step preparation and e-filing of federal tax returns for all Americans with a 2013 annual gross income of $58,000 or less. There are also other free online tax forms with no income restrictions.
NEWS
March 11, 2014 | By Bob Warner and Troy Graham, Inquirer Staff Writers
An unprecedented backlog of roughly 20,000 property-tax appeals is delaying millions of dollars in tax payments to the city and School District, the latest development in the ongoing warfare between the Nutter administration and the Board of Revision of Taxes. Several board members appeared to be holding out for a pay increase to work harder at their jobs, and City Council is poised to give them the boost, to $70,000 a year. Philadelphia voters approved a City Charter change in 2010 to abolish the BRT, a longtime patronage haven whose seven members are appointed by the city's judges, typically from a short list approved by Democratic Party leaders.
NEWS
March 10, 2014 | By Bob Warner and Troy Graham, INQUIRER STAFF WRITERS
An unprecedented backlog of roughly 20,000 property-tax appeals is delaying millions of dollars in tax payments to the city and School District, the latest development in the ongoing warfare between the Nutter administration and the Board of Revision of Taxes. Several board members appeared to be holding out for a pay increase to work harder at their jobs, and City Council is poised to give them the boost, to $70,000 a year. Philadelphia voters approved a City Charter change in 2010 to abolish the BRT, a longtime patronage haven whose seven members are appointed by the city's judges, typically from a short list approved by Democratic Party leaders.
NEWS
March 8, 2014 | By Troy Graham, Inquirer Staff Writer
Mayor Nutter couldn't have put the need for school funding in starker terms. In his budget address Thursday, he called public education the "paramount issue" facing City Council. Later he described getting more money for the schools as "a fight for the future of this city. " But his own spending plan offered no new revenue streams for schools, relying instead on two proposed taxes with uncertain fates to come up with the $195 million the School District has asked for. Education advocates were quick to say the city had "shortchanged" children again, and Nutter acknowledged that his initial budget was a bit light.
NEWS
March 8, 2014 | By Chris Mondics, Inquirer Staff Writer
It has been a mantra of American business for years - lower the tax rate on multinational corporations to boost their competitive edge and spur the economy in the United States. But a University of Pennsylvania law professor argues in a new study that cutting taxes for multinationals might not achieve the desired result. Professor Chris William Sanchirico says the reason has relatively little to do with whether wealthy Americans and U.S. companies spend additional profit reaped from U.S. tax cuts.
NEWS
March 3, 2014 | BY JENNY DeHUFF, Daily News Staff Writer dehuffj@phillynews.com, 215-854-5218
CITY CONTROLLER Alan Butkovitz says tax revenues for the current fiscal year are about $16.5 million below budgeted projections, and the city's top money manager said that could make trouble for the upcoming budget and five-year plan. Butkovitz blames the weather. "Philadelphia's slowdown in economic activity corresponds with similar concerns across the United States, that the cold weather and snowstorms could be a significant factor," he said. "With Pennsylvania's yearly revenues also falling short by 0.3 percent, it's a trend that's leaning toward the possibility that the city's lower tax revenues are a result of the harsh winter.
NEWS
February 28, 2014
AS MUCH AS you may loathe tax season, there are people who rejoice during this time of year. They see it as prime time for picking people to victimize. Unscrupulous folks know that taxpayers are eager for ways to get a large refund. They love the complexity of the tax code, which gives them the opportunity to trick people into letting their guard down. Every year, the Internal Revenue Service highlights the low-down and dirty by putting out its list of top 12 tax scams. "Scams can be sophisticated and take many different forms," IRS Commissioner John Koskinen said.
BUSINESS
February 28, 2014 | By Erin E. Arvedlund, Inquirer Columnist
Are your children or grandkids filing tax returns for the first time? Ken Yoder, tax manager at the Philadelphia-based accounting firm ParenteBeard, offers tips for novice tax filers. As the April 15 deadline for individual tax filings approaches, Yoder suggests the following: Review annual income. For first-time filers, such as new college graduates, review your annual income. Then sit down with your parents or an accountant to determine if you make enough to file taxes. It doesn't matter how old you are; your income - not your age - determines when you should begin filing.
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