066 President Obama’s Tax Proposal
Federal Tax Update:
Obama’s Budget and Tax Proposal released March 4th
State Taxes Update:
MN – House backs $500 Million Tax Cut
CA – Comcast and QVC are not Unitary
MO – Food Processor purchases are both taxable and nontaxable (Nontaxble)
Louisiana – The State hasn’t make up pre-recession tax revenue.
AZ – Marketplace Fairness Act – A proposal has been introduced in the house to cut the income tax rate dollar for dollar if the online sales tax initiative called the Marketplace Fairness Act is passed by Congress.
Question – When long can I take the child tax credit? At what age is no longer a dependent
Main Topic – Interest – Taxable, Nontaxable, OID, Accrued Interest
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Navigating The Tax Headline of the Week
NewsletterQ&A coming soon.
Tax TipsThe Additional Child Tax Credit is available on dependents under the age of 17.
- CIRCULAR 230 DISCLOSURE "We are required by IRS Circular 230 to inform you that the advice contained herein (including all attachments) was not intended or written to be used for the purpose of avoiding any penalties that may be imposed under Federal tax law and cannot be used by you or any other taxpayer for the purpose of avoiding such penalties."
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