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State Tax Credits in Alabama and Mississippi: New and Expanded Investment Opportunities

Cherry Bekaert

Alabama and Mississippi are two of the latest states to create new state tax credits and extend existing state tax credits. These state tax credits were implemented to reward taxpayers who invest and contribute funds toward economic development initiatives in these states.

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Why are some states’ sale taxes higher than others?

TaxConnex

When you sell across multiple states – or even within various localities in a single state – one striking observation emerges: the consistent inconsistency of sales tax rates. The federal income tax has just seven brackets to cover the whole span of what somebody can make.

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Top 10 States for Credits and Incentives Opportunities

Cherry Bekaert

However, all job creation incentives typically require: 1) A minimum net job increase 2) Maintained jobs 3) Operations in certain industries or activities Jobs Tax Credits may be claimed on a retroactive basis in Georgia, South Carolina, Mississippi, Tennessee and Virginia in any open tax years. taxable wages for up to 15 years.

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Maximizing Manufacturing Profits: Five State Tax Credits You Need to Know About

Cherry Bekaert

The carryforward period is extended to ten years for a credit against the personal income tax. Credit is also available for property taxes paid on natural gas used in a natural gas storage facility. The credit also applies to property taxes paid on rental equipment. Excess credits may be carried forward five years.

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The accountant’s guide to state taxes on retirement income

ThomsonReuters

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

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IRS to Mail Taxpayers in Disaster Areas CP14CL Notices

CPA Practice

Taylor, Kiplinger Consumer News Service (TNS) The IRS, after confusing millions of California taxpayers with tax balance-due notices in May and June, will send follow-up letters to people in states that received extra time to file their federal income tax returns due to severe weather events. 16, 2023 to file.

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A history of sales tax

TaxConnex

West Virginia initiated the first official statewide sales tax, and during the Great Depression, 25 states introduced sales taxes to bolster tax coffers hammered by the bad economy. Mississippi introduced their sales tax in 1930, followed by many others (including Hawaii, which didn’t even become a state until 1959).