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Tax Break Opportunity: Don’t Miss Out on Retirement Saver’s Credit for 2023 Taxes

Fresno, California – Tax filers have an opportunity to benefit from a tax break known as the retirement saver’s credit for the 2023 tax year. Despite this opportunity, the IRS estimates that only a small percentage—5.7%—of taxpayers claimed the saver’s credit for their 2021 taxes. The retirement saving contribution credit, also known as the saver’s credit, aims to assist low- to moderate-income individuals in offsetting a portion of the funds they contribute to individual retirement …

Income Tax on Social Security Benefits in West Virginia Phased Out Over Three Years by New Bill

Charleston, West Virginia – Governor Jim Justice has signed House Bill 4880, which will phase out the state income tax on Social Security benefits over the next three years. This move comes as a relief to many retirees and seniors in West Virginia who have been burdened by this tax on their retirement income. The bill will eliminate the state income tax on Social Security benefits for single filers earning more than $50,000 and couples …

Tax Credit Crunch: Trump Administration Takes Aim at Climate-friendly Energy Subsidies

WASHINGTON, D.C. – Lawmakers recently passed a Democrat-led infrastructure and climate package that includes a range of tax credits for eco-friendly energy sources and electric vehicles. The legislation also allocates funds for grants supporting projects that reduce pollution and combat climate change, along with measures to hold oil and gas companies accountable for methane leaks. The new law has sparked controversy, particularly among Republicans who have expressed intentions to repeal at least parts of it …

Retirement Planning: The Key to Tax Diversification in Uncertain Times

Minneapolis, MN – As the tax deadline of April 15 approaches, many individuals are contemplating the best strategies for retirement savings, considering the uncertainties that come with planning for the future. One major consideration is the concept of tax diversification, a smart strategy to include in retirement planning. With traditional retirement accounts like IRAs and 401(k)s, contributions are made with pre-tax dollars, and taxes are paid upon withdrawal in retirement. On the other hand, Roth …

Tax and Toll Increase Package Launched by Democrats in Maryland House of Delegates Holding State Budget Hostage

ANNAPOLIS, Maryland – Democrats in the Maryland House of Delegates unveiled a bold $1.2 billion tax, toll, and fee increase package on Friday, setting the stage for a contentious budget battle in the state. The proposal aims to address mounting deficit projections in Maryland, reminiscent of the challenges faced during the Great Recession. The comprehensive plan includes measures such as legalizing and taxing online poker and other forms of internet gambling, introducing new fees for …

Tax Refunds in 2024: Key Considerations for Social Security Beneficiaries

Tax season is in full swing in the United States, with the IRS processing millions of tax returns and issuing billions of dollars in refunds. For individuals receiving Social Security benefits, filing a tax return may not be a top priority if not required. However, there are benefits to consider, as tax refunds could be on the horizon for some. Factors such as age, marital status, and other sources of income aside from Social Security …

Tax on Social Security Benefits Phased Out in West Virginia, Bringing Relief to Retirees

CHARLESTON, West Virginia – Retiree advocacy groups are celebrating the recent passage of a bill aimed at phasing out state taxes on Social Security benefits. The new legislation, championed by Governor Jim Justice, proposes a three-year plan to completely eliminate taxes on Social Security income, with an estimated impact of over $37 million. AARP West Virginia State Director, Gaylene Miller, expressed joy over the decision to gradually remove this financial burden on retirees. The bill …

Retirees Benefit: 10 States That Won’t Tax Social Security Income in 2024

Seattle, Washington – Many retirees in the U.S. heavily rely on Social Security as their primary source of income, a recent analysis by AARP revealed. However, these benefits may come with taxation implications that could affect retirees’ financial well-being. Taxation on Social Security benefits was introduced in 1984, following amendments signed into law by President Reagan in 1983. This law stipulated that up to 50% of Social Security benefits could be considered taxable income if …

Tax Triggers Tied to West Virginia Pay Raises and Social Security Cuts

CHARLESTON, West Virginia – Negotiations are underway in the West Virginia Legislature to finalize the budget before the end of the session on Saturday. The state Senate has introduced amendments to House Bill 4883, which focuses on increasing the annual salaries of certain state employees, including teachers, school service personnel, and West Virginia State Police troopers and employees. Originally, Governor Jim Justice proposed a 5% pay raise for these employees, costing over $80 million. However, …

Tax Cuts for West Virginia Seniors on the Horizon as Lawmakers Debate Elimination of Social Security Tax

Charleston, West Virginia – More than 50,000 senior citizen households in West Virginia stand to benefit from the proposed elimination of the state’s income tax on Social Security benefits. Governor Jim Justice put forward this proposal during his State of the State address in January, aiming to provide significant relief to retirees. This initiative comes on the heels of a record income tax cut for all earners implemented in the previous year, leading House and …