066 President Obama’s Tax Proposal

Your Tax Teacher Podcast6In this week’s episode,

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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