Posts tagged "state tax"

Federal tax credits may save Hotel Syracuse

The Hotel Syracuse has been closed for about nine years now. There have been various attempts at reviving the hotel over the past years, but all of the attempts have failed; however, there may be a way to do it after all.

Senator Charles Schumer stated that the fight to hang on to the Federal New Market Tax Credits, which is part of the deal to head off the fiscal cliff crisis, may play an important role in turning things around for Hotel Syracuse.

$75 million of New Market Tax Credits to CenterState CEO will need to be delivered by the Department of the Treasury. The CenterState CEO will then need to use that funding to help financially aid the development projects within that region. This includes a hefty $10 million for the most important of the projects: Hotel Syracuse. In short, federal tax credits just might help revive Hotel Syracuse. The local leaders are stating that the $10 million will help in forming a new attempt to bringing the hotel back out of the ashes.

There is a particular project that has been delayed for a while, consisting of building a new hotel on a parking lot site right across the convention center. Local leaders had stated that a revival of Hotel Syracuse would erase the need for that long delayed project. There is not big downtown hotel, and if federal tax credits indeed do save Hotel Syracuse it can be that big downtown hotel.





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Posted by Taxmaster - June 20, 2013 at 8:38 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , , ,

Useful tax tips for filing your federal tax return

It’s the time again: tax season.  Although individual tax returns aren’t due until April 15, America’s CPAs would like to remind you that the taxpayers that get working on their taxes early will make the filing process easier. Below are some of the things you might like to know about getting your taxes done, especially if you’re new at doing them:

First of all, you’re going to need to gather your W-2s and 1099s. When you get this paperwork, put them in a place where you won’t easily lose them, and in a place where you’ll remember because you can’t complete a tax return without them.

Remember that you should check on the rules to see if you’re required to file a federal tax return due to the amount of income that you earn. In other cases, it may benefit you to file a federal income tax return because you had too much income tax withheld.

You’ll have to collect your records. This means you have to round up all of your canceled checks, receipts, and various documents that support your current income. You will also need to gather your deductions and credits that you will be reporting or claiming on your tax return. Try and get your records in the best shape possible so that you’ll only be paying what you owe and nothing extra.

Keep in mind that you may have credits and deductions that may apply to you; you may not need to pay more tax than you need to. This includes the earned income tax credit, child tax credit, adoption credit, and so forth. It’s best to check with your local CPA or the IRS website for qualifications.



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Posted by Taxmaster - May 15, 2013 at 7:58 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , , , ,

Minnesota taxpayers will get more federal tax deductions because of new measure

There’s good financial news for Minnesota taxpayers, concerning their federal tax. The Legislature sent Governor Mark Dayton a bill that’s going to allow about 250,000 Minnesota taxpayers to claim brand new federal tax deductions. These tax deductions will be coming out of their state releases

These federal tax deductions were finalized on Monday when the House of Representatives gave the legislation its final approval. The process was a little difficult and the approval of the new measure sat in the House for a little while. This was due to some Republicans that objected to several of the changes that were made by the Senate from an earlier version of the House bill.

There will be plenty of people that will be eligible to benefits from the new bill that has been passed. Some of those that are eligible for the deductions are teachers who will be able to claim education expenses, homeowners that can take itemized deductions for their mortgage insurance premiums, and also college students that use higher education tuition deductions. Parents can also use the higher education tuition deductions.

Governor Mark Dayton had mentioned that he would gladly sign the bill. Minnesota taxpayers will be happy to know about these federal tax deductions, and should look to see if they are eligible to take advantage of them. Be sure to check if you’re one of the 250,000 or so Minnesota taxpayers that are eligible.


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Posted by Taxmaster - May 5, 2013 at 7:54 pm

Categories: Federal Tax, Income Tax, State Tax   Tags: , , , , , ,

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