The Daily Deduction

Weekly Tax Inventory - 01-17-2014

 N.C. residents left confused by tax changes under new law – Fayetteville Observer

On Jan. 1, income tax rates were reduced and standard tax deductions were increased by 250percent. With the tax reductions, taxpayers should already see more take-home pay on their paychecks than they did in December. When they fill out their 2014 income tax forms early next year, they should find they have smaller tax bills. But some tax credits were eliminated. Sales taxes on some items rose Jan. 1, and taxes will rise again on electricity and natural gas in the summer.

Beanie Babies creator Ty Warner gets 2 years probation for tax evasion – Chicago Tribune

A federal judge on Tuesday sentenced Beanie Babies founder Ty Warner to two years of probation for failing to pay income taxes on millions of dollars he hid for years in a Swiss bank account.

California has $16M in returned income tax refunds – The Press-Enterprise

The Franchise Tax Board is holding more than $16 million in returned-to-sender state income tax refunds and wants to know: Is some of it yours? The U.S. Postal Service had nearly 48,000 personal income tax refunds that were sent in 2013 to California taxpayers that were worked back to the mail delivery service.

Tax Identity Theft: 5 Tips to Help You Not Get Got This Year – The Huffington Post

Tax Identity Theft is on the rise.  Stay informed to avoid tax cam nightmares.

Taxes Get Complicated for Same-Sex Couples in Utah – Christian Science Monitor

While courts hash out the legality of Utah’s same-sex marriages, gay couples who married in Utah must file state income tax returns as individuals but federal returns as married.

Posted To: The Daily Deduction By: Lauryn on 1/17/2014 11:07:54 AM
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