Articles tagged with: Taxes

Feb20

Free tax preparation available

If you earned $50,000 or less in 2011, you can receive free tax preparation. You also may be eligible for the Earned Income Tax Credit, the Child Tax Credit and e-Filing. Meet with an IRS-certified tax preparer at a United Way tax site near you. Call 2-1-1 to make an appointment, or to find out more about this service.

Feb16

Cutting taxes for working families, small businesses across Iowa

In the Senate, we’ve unanimously approved a bill to give more than 260,000 Iowa households a boost in their state tax return, including the families of 37 percent of Iowa’s children.

Boosting the Earned Income Tax Credit (EITC) supports working families, places value on raising children and puts money into local economies. That’s why we made raising Iowa’s EITC our first priority for tax reform this year.

Senate File 2161 is a $54 million tax cut that increases Iowa’s EITC from 7 percent of the federal EITC to 13 percent in the 2012 tax year, 15 percent in 2013 and to 20 percent in 2014.

Republican and Democratic legislators and many experts agree that Earned Income Tax Credit is one of the best anti-poverty programs in the nation. Iowa is one of only six states that taxes families earning less than poverty-level wages, which is one reason the United Way of Iowa has made increasing the state EITC a high priority.

Feb15

Cutting taxes for working families

If new legislation becomes law, more than 260,000 Iowa households could see an increase in their state tax return, including the families of 37 percent of Iowa’s children.

The Senate Ways & Means Committee has approved Senate Study Bill 3116 to increase Iowa’s Earned Income Tax Credit (EITC) from 7 percent of the federal EITC to 13 percent.

Last year, the Iowa Legislature twice approved a similar tax cut for Iowa’s working families, once by unanimous votes in the Iowa Senate and the Iowa House. Governor Branstad, however, vetoed the legislation twice.

Jan30

Avoid tax refund anticipation loans & checks

This income tax season, taxpayers are being warned away from tax refund anticipation loans and checks. These options are expensive and don’t always provide faster access to your tax return dollars. Free income tax preparation assistance is available through the Volunteer Income Tax Assistance program. To learn more, call 515-281-5926 or visit the Iowa Attorney General’s website at www.iowaattorneygeneral.org/consumer_advisories/credit_finance/rapid_tax_refund.html.

Jan30

eFiling your taxes gets your return quicker

Iowa taxpayers may now file their income tax returns online at the Iowa Department of Revenue’s e-File website. When you file electronically, your refund is issued in days, compared to weeks for returns filed on paper. Join 85 percent of Iowans who filed this way in 2010. Visit www.iowa.gov/tax for details. While you’re there, see if you’re eligible to file your federal and state income tax returns together for free.

May05

Don’t miss out on new tax benefits

This session, we approved changes to Iowa tax law that simplify your taxes by making deductions the same for state and federal tax returns. These changes, which were signed into law on April 12, might give you additional deductions or credits on your tax return—and they’re retroactive to January 1, 2010. For example, educators can take a $250 deduction for expenses, and students can deduct tuition and fees for higher education.

If you qualify for any of the deductions or credits that were changed to match the federal level, you can file an amended return for 2010. Find all the changes on the Department of Revenue’s Web site at www.iowa.gov/tax/educate/TY2010Changes2.html.

Mar11

Greater accountability for tax dollars

Iowans deserve to know what state government is doing with their tax dollars.

That’s why I voted for a bill that was signed this week by the Governor to develop a single, searchable database and Web site that will make it easier for Iowans to see how their tax dollars are spent. The Web site will also allow Iowans to review all Iowa tax rates and learn about state tax credits and who receives those credits.

This new initiative is a great start to providing more accountability and transparency in our state government.

Mar06

Assault on middle-class Iowans

When Governor Branstad and legislative Republicans push to cut Iowans’ health care, cut Iowans’ wages, cut Iowans’ retirement benefits and eliminate the ability of Iowans to bargain collectively, it is obvious they have launched an all-out attack on middle-class Iowans.

Iowa’s teachers, firefighters, police officers, nurses, prison guards, snowplow drivers and other public employees provide high-quality services.

Iowa’s collective bargaining law was approved nearly 40 years ago by a Republican-controlled Legislature and signed by Republican Governor Bob Ray.

Feb19

Tax break puts money in the pockets of all Iowans

The Senate took steps this week toward a more responsible and fair approach to taxes. Our plan will help Iowa families and promote job creation by Iowa small businesses.

This approach is different from Governor Branstad’s plan in several important ways. His tax proposals do not help the small businesses that create most of the jobs in Iowa. Instead, the Branstad tax cut gives 80 percent of the money to large out-of-state corporations.

Our Senate plan “couples” with various federal provisions. These changes will help all Iowans.

Feb19

A tax break for low-income working families

Over the last 25 years, poverty has increased among Iowans who work full time for a living.

Iowa’s hard-working families deserve to be able to make ends meet. The Earned Income Tax Credit has been a big help in lifting workers out of poverty. It helps families make ends meet by providing extra income to pay for important needs, such as child care, groceries, doctor bills and home heating. In the process, this tax cut gives an economic boost to every Iowa community.

I support increasing this important refundable state tax credit from 7 to 10 percent. It’ll benefit 240,000 Iowa households with incomes below $45,000.

Studies show that nationwide, this tax credit lifts 4 million people—half of them children—out of poverty each year and is the most effective antipoverty program for working families.

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