The tax-filing season in Canada brings a mix of dread and anticipation as citizens grapple with the chore of filing taxes and the hope for a potential refund. While many Canadians receive a portion of withheld taxes back, the process involves the balancing act of payroll calculations. In this article, we explore the potential returns…
Abuja-based firm Pennek Court Estate is actively addressing Nigeria’s affordable housing challenge by urging the Federal Government to introduce tax rebates for developers. CEO Kennedy Nnadi emphasizes the impact of high land costs and calls for governmental support through accessible land and tax incentives to foster affordable housing solutions. Affordable Housing Initiative Pennek Court Estate,…
According to IRS changes, buyers of certain electric vehicle (EV) models can now claim the $3,750 or $7,500 tax credit at the time of sale. Buyers previously had to wait until tax filing to receive the credit, which reduced their tax payment by up to $7,500. Under the new method, the discount is added to…
In a proactive move to support Michigan families, the state is set to distribute checks averaging $550 to approximately 700,000 households next month. This initiative is part of the expanded Working Families Tax Credit, signed into law last year, with the checks representing the difference between the 6% credit on 2022 tax refunds and the…
The D.C. Council’s decision to allocate a budget surplus of $38 million to increase SNAP benefits for nine months has sparked controversy as Mayor Muriel Bowser questions the optimal use of the funds. Advocacy groups insist on benefit increases for about 140,000 D.C. residents relying on SNAP, while the mayor considers alternative uses such as…
Amid a nationwide surge in guaranteed income initiatives, Harris County, encompassing the City of Houston, is set to join the trend by launching a $20 million program to support low-income households. Short-Term Gain or Long-Term Strain? Scheduled to begin accepting applications on January 8th, the program aims to provide monthly checks of $500 for…
In a move to ease financial burdens caused by the pandemic, the IRS announced last week that it will waive penalty fees for individuals and entities failing to pay back taxes totaling less than $100,000 annually for tax years 2020 and 2021. Nearly 5 million eligible taxpayers, mainly those earning under $400,000 per year, will…
Paterson Mayor Andre Sayegh revived the Paterson Guaranteed Income Program to help 200 low-income people. These individuals will receive a $400 monthly stipend for a year, helping community members in financial need. Mayor Sayegh Delivers Early Christmas Joy with Paterson’s Revived Guaranteed Income Program Sayegh, enthusiastic about the program, compared it to an early Christmas…
As the new year unfolds, Congress is poised to make significant strides in reshaping the tax landscape for 2024. The anticipated changes are currently under scrutiny, with lawmakers exploring various adjustments that could impact individuals, businesses, and the overall economic landscape. In this edition of The Tax Letter, we delve into the key areas under…
New York City residents are grappling with the repercussions of widespread budget cuts affecting essential services, making it an inopportune time for the Adams administration to embark on an expensive housing program. The Department of Housing Preservation and Development’s recent announcement of the Mixed-Income Market Initiative (MIMI) raises concerns, as it involves using the city’s…