New ratings are out for the state of Indiana and their tax climate. Continue reading →
Tag / income tax
U.S. government spending $12 Billion daily in 2016
Government spends money…..a lot of money.
U.S. Government Debt Getting Worse
Via The Washington Examiner –
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The Government Will Tax You On Everything
In the mail I recently got an advertisement pack that contained various business coupons. Huntington Bank had this offer if you opened a checking account:
I then took a look at the back for the details. Get ready to get an IRS 1099-INT tax form if you accept the $150.
Tax Season: Deductions, Credits & More
Tax filing season is underway so here is some basic information for deductions and tax credits. Read more at Forbes as they have a big list for all types of taxpayers.
Standard Deductions. The standard deduction rises to $6,200 for single taxpayers and married taxpayers filing separately. The standard deduction is $12,400 for married couples filing jointly and $9,100 for heads of household.
Earned Income Tax Credit (EITC). For 2014, the maximum EITC amount available is $3,304 for taxpayers filing jointly with one child; $5,460 for two children; $6,143 for three or more children and $496 for no children.
Child Tax Credit. For taxable years beginning in 2014, the value used to determine the amount of credit that may be refundable is $3,000 (the credit amount has not changed).
Kiddie Tax. For 2014, the threshold for the kiddie tax – meaning the amount a child can take home without paying any federal income tax – remains at $1,000.
Federal Government Deficit for 2015 Fiscal Year
CNSNews.com is reporting the federal governments 2015 first two fiscal months of tax revenue collected and how much it spent.
The U.S. Treasury continued to rake in tax dollars at a record rate in November as the federal government closed out the first two months of fiscal 2015 with $404,155,000,000 in total receipts, according to the Monthly Treasury Statement released today.
Even with these record revenues, the Treasury ran a deficit of $178.531 billion deficit in October and November as it spent $582.686 billion.
What were the sources of revenue?
The biggest source for the record federal revenue during the two-month period was the individual income tax. It brought in $192,619,000,000 in October and November. The second biggest source was “Social Insurance and Retirement Receipts,” the taxes Americans pay for Social Security and Medicare. These brought in $146,263,000,000.
Hoosier Econ 