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taxes

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Legislative leaders say they may consider a special session to look at potential problems with the state’s tax incentive programs for businesses. An audit of economic development incentives administered by state officials has found inaccuracies in both the level of tax credits and the amount of job creation achieved by the companies that benefited. 

Frankie Graziano / Connecticut Public Radio

The deadline to file federal income taxes is Tuesday. Many filers will use a paid preparation service on top of having to pay their taxes. But if you qualify for something the IRS calls the “Volunteer Income Tax Assistance” program or VITA, you can get them done for free.

Jennifer Sanchez, an employee at Lifebridge Community Services in Bridgeport, benefits from the EITC
Harriet Jones / Connecticut Public Radio

As tax time comes down to the wire, an advocacy group is trying to raise awareness of one very under-used tax credit. It’s called the Earned Income Tax Credit, and it’s been boosting the income of low-wage workers for more than 40 years. But it’s still such a well-kept secret that it’s estimated as many as one in five people who are eligible never claim it. 

Ryan Caron King / WNPR

Governor Dannel Malloy is introducing a proposal to restore funding for transportation projects.

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The Affordable Care Act required Americans to carry some form of health insurance. But the new federal tax bill will eliminate what’s called an “individual mandate” for the 2019 tax year.

Mary Anne Williams

The IRS has clarified that Connecticut homeowners who have already incurred expenses to repair crumbling foundations will be able to deduct existing losses from their federal taxes. 

This story was originally published Jan. 8, 2017 at 5:22 p.m. ET.

New England electricity customers could get a direct benefit from a cut in federal corporate taxes — lower utility bills.

Consumer advocates in New England are calling on regulators and utilities to turn over to ratepayers any savings from a reduction in the corporate income tax rate, which the recent tax law knocked down by 40 percent.

The week after Christmas is usually a short and slow one for town officials in New Paltz, N.Y. — but not this time.

"When we opened town hall Wednesday we had almost 100 voicemails from people inquiring about how they could prepay their taxes," says Daniel Torres, the town's deputy supervisor.

And the phones kept ringing. People started lining up. Torres says the clerk's office has a only few people working in it.

"The clerk's office was so overrun. After a certain while we couldn't even pick up the phones anymore," he says.

A glitch in the Republican tax overhaul has created an uncertain future for Newman’s Own Foundation and the food company it operates.

A little-remarked-upon provision changing the way inflation is calculated is among the big changes contained in the tax overhaul signed by President Trump last week.

The new method, using the so-called "chained" consumer price index to determine when to adjust tax brackets and eligibility for deductions, is expected to push more Americans into higher tax brackets more quickly. In the past, the tax code used the traditional CPI measure issued by the Labor Department each month.

Mary Anne Williams

State residents whose homes have crumbling foundations are among those who'll be out of luck under the new federal tax overhaul.

Chris Potter / Flickr

When you file your 2018 income taxes, you might notice that the standard deduction has essentially doubled. Exemptions will likely be eliminated and in its place, you might see a larger tax credit per dependent claimed. But it also raises at least one other big question: will you give as much to charity?

Updated on Dec. 22 on 12:02 p.m. ET

Congressional Republicans delivered on their first major legislative accomplishment of the Trump era on Wednesday, when the House voted 224-201 to pass a $1.5 trillion tax package. The bill cuts individual rates for eight years and slashes the top corporate tax rate to 21 percent permanently.

Ron Cogswell / Creative Commons

The U.S. Senate passed a GOP-sponsored tax bill on Tuesday evening, after the House of Representatives did the same earlier in the day.

Updated at 6:25 p.m. ET

Congressional Republicans released a final draft of their tax bill Friday. With newfound support from two wavering senators, lawmakers appear to be on track to pass the measure and deliver it to President Trump for his signature by Christmas.

Votes in the House and Senate are expected next week.

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