The most wonderful time of the year means the least favorite time of the year is approaching: Tax time.
There are some things taxpayers can do now to help alleviate individual tax burdens in April, certified public account Lance Weiss of SFW Partners LLC told “St. Louis on the Air” host Don Marsh on Tuesday.
Tax breaks for food pantries, pregnancy resource centers and the Children in Crisis program all expired last year when lawmakers failed to pass any type of tax credit reform package. Scott Baker, State Director of the Missouri Food Bank Association, testified today in favor of renewing the incentives. He says according to the USDA, Missouri has the nation’s 7th highest food insecurity rate.
It’s said that one of the certainties in life is taxes. However, taxes for 2012 are to some degree, uncertain because of ongoing negotiations over the so-called fiscal cliff.
Host Don Marsh talked with tax expert Lance Weiss, C.P.A., of SFW Partners, LLC about end-of-year tax preparations and what can be done to minimize the amount owed on federal and state income tax returns due in April.
Despite being rejected by voters last month, there’s a new proposal to raise Missouri’s cigarette tax.
It’s part of a bill prefiled in the Missouri Senate that would also raise the state’s sales tax by one-half percent while fixing the state income tax rate at a flat 4 percent. The proposal would raise the cigarette tax by 26 cents, from its current 17 cents per pack to 43 cents per pack. It’s sponsored by Republican Senator John Lamping of St. Louis County.
Illinois is getting $2.7 million to strengthen its efforts to fight waste and fraud in unemployment claims.
The grant from the U.S. Labor Department will help beef up anti-fraud programs launched in the past year.
The Illinois Department of Employment Security says it has begun garnishing tax returns of unemployment cheats, working more closely with the attorney general and holding business leaders personally liable for misstating company obligations.
Democratic Sen. Claire McCaskill garnered some unwanted attention last year when she paid about $320,000 in overdue taxes and penalties on an airplane. As it turns out, her three leading Republican opponents also have paid penalties for late taxes.
Local officials and Missouri vehicle dealers are sending emails urging Gov. Jay Nixon to sign legislation allowing communities to continue levying taxes on vehicle purchases.
But it appears to be an uphill effort because Nixon previously said the legislation would "bypass" a public vote and improperly impose a tax. Nixon has not specifically said whether he will sign or veto the bill.
The state Office of Administration released figures on Wednesday that show Missouri's net revenues were up 3.1 percent through April - or the first 10 months of the fiscal year. The 2012 budget is based on 2.7 percent growth.