Thursday, January 24, 2013
The IRS has announced a delayed start to the 2012 tax filing season. Here's the date of when you can file, plus some locations in Ferndale to get help on your taxes.
- LOCAL CONNECTIONS
Thursday, January 24
You'll have to wait if you are used to filing your annual tax return at the earliest possible date. The Internal Revenue Service has revised its opening date for tax season — pushing it back eight days to Jan. 30, 2013. The tax filing deadline is Monday, April 15, 2013. The IRS will begin accepting tax returns on Jan. 30, 2013. Most taxpayers should be able to file on that date, though some revised forms may not be immediately available. You can blame the delay on the federal "fiscal cliff" crisis and the new tax bill Congress passed just after Dec. 31. You can find more information in this Forbes article. Electronic filing season was originally set to start on Jan. 22 this year. As a result of the delay, nobody will get a refund in …
Tuesday, January 8, 2013
With a fiscal cliff looming, the Department of Employment Security said last month that a solution was necessary to help improve jobless rates; Plainfield's rate has been steadily improving, and is lower than county, state and national averages.
Unemployment rates in Illinois dropped slightly from October 2012 to November, to 8.2 percent, and are a full percentage point compared to 2011, according to new figures released last week. In Plainfield, unemployment dropped .1 percentage point to 6.8 percent, besting both the state (8.2 percent) and national (7.4 percent) averages. Since November 2012, the unemployment rate in Plainfield has dropped .9 percent. Sign up for the Plainfield Patch newsletter, and follow us on Facebook. November local unemployment rates fell in 11 of 12 metro areas compared to last year, according to data released by the U.S. Department of Labor and the Illinois Department of Employment Security. "The trend of falling unemployment rates across Illinois shows…
Friday, January 4, 2013
Four Republicans voted against the Senate bill.
With the clock ticking, Congress voted 257-167 to pass a Senate bill to stop the country from going over the so-called "fiscal cliff." On Tuesday, members of the House of Representatives from Illinois voted 14-4 in favor of the bill. For Republican Judy Biggert, who was defeated in November by Bill Foster, her vote in favor of the bill was her last as a member of the House of Representatives. Adam Kinzinger, R-Manteno, joined Biggert in voting yes, along with Dan Lipinski, D-Western Springs. Four House Republicans from Illinois voted no: Randy Hultgren (Winfield), Peter Roskam (Wheaton), Bobby Schilling (Colona) and Joe Walsh (McHenry). In the Senate, Dick Durbin, D-Springfield, voted to pass the measure. Mark Kirk, R-Highland Park, did …
Wednesday, January 2, 2013
Bill clears Congress, heads off crisis with expiration of Bush, Obama tax cuts, plus new taxes.
Congressional action late Tuesday night ended months of the nation teetering on the edge of the so-called fiscal cliff, a significant tax increase set to begin Jan. 1 with the expiration of the Bush tax cuts and temporary tax cuts put through by President Barack Obama, as well as new taxes and automatic spending cuts. Many feared that had Congress failed to address the issue, the tax increases and automatic spending cuts would have pushed the nation once again headlong into recession. Politico reported that the bipartisan solution was approved in a 257-257 cote by the U.S. House. U.S. Rep. Randy Hultgren, R-14th District, was one of those voting against the measure. “The lack of spending cuts in this package is indefensible, which is why I…
Friday, December 28, 2012
If Congress fails to pass an extension of the Bush era tax cuts by midnight Monday, American paychecks will get smaller. You can use the fiscal cliff calculator to see the impact on your paycheck.
With leaders of Congress becoming more and more skeptical that a deal will be reached before midnight Monday to avoid the fiscal cliff, it becomes increasingly likely that American paychecks will get smaller Tuesday, according to a story in today’s New York Times. “I have to be very honest,” Senate Majority Leader Harry Reid said in the New York Times article. “I don’t know time-wise how it can happen now.” The Senate reconvened today in an unusual session between Christmas and Jan. 1. Even if the Senate passes legislation, the House of Representatives will not come back into session until Sunday barely 24 hours before the deadline, according to a story today on Politico. If no deal is reached, a single person with two exemptions earning $…
Thursday, December 27, 2012
Take our poll below and tell us whether you think a tax increase for the most wealthy or spending cuts to social service programs is the way to go.
A crisis is looming if the federal government cannot resolve the so-called "fiscal cliff" dilemma by Dec. 31. In a simplified nutshell, that means that a long-term, bipartisan budget reduction plan must be agreed upon by the president and Congress or two things will be triggered: all of the tax cuts put into effect during the George W. Bush administration will expire and $1.2 million in mandatory spending cuts will start kicking in. President Obama and the Democrats want taxes to increase for those who make the most money, which Republicans oppose. The Republicans want to see spending cuts, and favor reducing money earmarked for many social service programs, which Democrats oppose. So, which side of the coin do you fall on? Take our poll …
Monday, October 1, 2012
Bush, Obama tax cuts set to expire on Jan. 1, as new taxes are set to begin. The bite s expected to affect 84 percent of Americans.
Three months from Monday, Oct. 1, the nation will see the largest tax increase in history unless federal lawmakers act first to extend existing tax rates, U.S. Rep. Randy Hultgren, R-14th District, said in a release Monday. The tax rates set to expire Jan. 1 are the Bush-era tax cuts, which would push taxes back to 2001 levels, and President Barack Obama’s temporary tax cuts — a 2 percent payroll tax holiday and the earned income credit. The combination of the expiration of those two sets of tax cuts and new tax increases set to begin on Jan. 1 has been dubbed by CBS as a “fiscal cliff.” The impact is expected to mean a tax increase for 84 percent of Americans, according to the CBS report, and CBS’ Moneywatch is advising taxpayers prepare …