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For example, if you deducted your state and local income taxes in your 2024 return and received a state tax refund, your state refund is regarded as taxable when you file your 2025 taxes.
That state tax refund you just got is a nice little chunk of change; but, before you spend it, ask yourself this: Will I need to pay taxes on it when I file taxes next year? Depending on the method...
*LA - The state of Louisiana has redeemable tax credit where production can exchange tax credit for cash at an excellent rate of 88% of the tax credits earned after paying for the transfer fees. With a 25% base rate on certified production expenditures, there is a 5% increase to the base rate if over 60% of production takes place outside of ...
A tax credit is a tax incentive which allows certain taxpayers to subtract the amount of the credit they have accrued from the total they owe the state. [1] It may also be a credit granted in recognition of taxes already paid or a form of state "discount" applied in certain cases. Another way to think of a tax credit is as a rebate.
Most taxpayers in 21 states that sent out stimulus checks or tax rebates in 2022 don’t need to pay federal taxes on those payments. ... The payment is a refund of state taxes paid, and.
A "mirror" tax is a tax in a U.S. dependency in which the dependency adopts wholesale the U.S. federal income tax code, revising it by substituting the dependency's name for "United States" everywhere, and vice versa. The effect is that residents pay the equivalent of the federal income tax to the dependency, rather than to the U.S. government.
According to the IRS, taxpayers generally receive a 1099-G for a state tax refund. ... Payment amounts ranged from $50 to $1,050 for individuals, depending on the state and income level of the ...
Road Home is a program funded by the U.S. government which has provided federal grant money to help Louisiana residents rebuild or sell houses severely damaged by Hurricanes Katrina and Rita. This federally funded program is administered by the State of Louisiana.