Wednesday, May 1, 2013
Montgomery County Asset Building Coalition hosted its 2013 Volunteer Income Tax Assistance program.
"You can write that off, did you know that?" It was a phrase used quite often by those that volunteered their time to prepare taxes for Montgomery County residents that could not afford assistance. The Montgomery County Asset Building Coalition hosted the 2013 Volunteer Income Tax Assistance (VITA) program, which in total saved residents more than $5 million, according to a report in the Times Herald. “Our total federal refunds totalled $3.4 million; our state refunds were $950,000, so the total refunds to taxpayers were $4,360,000. That’s a lot of money,” Harriet Winokur, MCABC’s coordinator, told the Herald. “It gets better. Our services saved taxpayers approximately $675,000 in fees, which is not additional money into their pockets, …
Monday, April 15, 2013
The state will have met its obligations ahead of the country.
Tax Freedom Day, the date on which Americans will have earned enough money to pay this year’s tax obligations at the federal, state, and local levels, will fall on April 17 for residents of Pennsylvania. The nationwide date for all Americans, as announced recently by the Tax Foundation, will be Thursday, April 18. In the new study, “Tax Freedom Day 2013,” economists Will McBride, Ph.D., Elizabeth Malm, and Kyle Pomerleau, also calculate how long Americans would have to work in order to close the budget deficit. In order to pay for all spending in the current year, the government would need to raise an additional $833 billion in taxes, pushing Tax Freedom Day to May 9. “This year, Americans will pay $2.764 trillion in federal taxes and $1.…
Thursday, November 29, 2012
Do you know all the ways to win in Powerball?
If you didn't win the $579 million jackpot Wednesday night in the Powerball drawing, then be sure to check your tickets carefully. You could still have won something. It may not be millions and millions, but it may be as little as $4. The Powerball website lists the prizes along with nine ways to win. Here's the breakdown and what you could win: If you win the jackpot, you can choose 30 annual payments over 29 years, or a lump sum payment. If the winner chooses the annuity, the annual payment will be increased each year by the percentage set out in the Powerball game rules. So, a winner in Wednesday's jackpot would get a gross payment $19.3 million each year. Then, take out 25 percent in federal taxes totaling $4,832,500. Pennsylvania has…
Monday, November 12, 2012
Council plans to re-impose real estate taxes, beginning at $95,000 in 2013 and tentatively increasing to $125,000 in 2015.
Trappe Borough Council voted to impose a real estate tax upon residents next year, tentatively through 2017 and beyond, at its special budget meeting on Nov. 9. The council voted on the $95,000 real estate tax to fund a number of projects, which Borough Council President Fred Schuetz believes will result in a tax of roughly .47 mills. According to the Trappe website, the municipal real esate tax was eliminated by Borough Council in 2005. The budget shortfall resulted from increasing road improvement costs and necessary storm water repairs, according to some members of the board. "A year ago we were thinking $400,000, then $600,000, now $700,000," Council Member and Finance Committee Chair Nevin Scholl said of the Borough Line Road …
Monday, October 22, 2012
Social security taxes will increase in January as a scheduled reduction ends.
You can expect to lose around $1,000 out of next year's income. Social security taxes are going back up. After a two-year reduction is scheduled to end on Jan. 1, 2013, most working Americans can expect to lose some cash, according to a report on 6ABC. The change will affect over 163 million workers with the new tax hike. The social security reduction was intended to stimulte the economy, but according to reports many politicians do not believe it made a positive impact. "If it continues, it will threaten the revenue stream that funds social security," said the ABC report. At this point, no one in Congress nor the presidential candidates have mentioned any efforts to reverse the increase. The typical worker can expect to lose around $1,000…
Monday, July 16, 2012
HB 2552 proposes that new revenue generated by the Valley Forge Casino and Resort be distributed to local parks and heritage sites and non-profits.
On Monday, July 16, the Montgomery County Commissioners, along with state Representatives Marcy Toepel (R-147), Mike Vereb (R-150) and Todd Stephens (R-151), held a press conference to reveal new legislation that would redistribute casino revenue from the county’s share assessment. If House Bill 2552 is passed, the casino would give 2% of its gross revenue back to the community – 75% of that will be going to maintenance and refurbishment services of parks and heritage sites, while the final 25% would be split evenly between local nonprofits Laurel House and Mission Kids. "An estimated $1.2 million will be generated. $900,000 to the parks and heritage sites, and $150,000 each to Mission Kids and Laurel House," explained Toepel. Currently, …
Thursday, July 12, 2012
The rapper, known for his Philadelphia roots, formerly owned a home on Steven Lane in Towamencin Township. Sigel, aka Dwight Grant, pleaded guilty to not filing income tax returns between 2003 and 2005
Philadelphia rapper Beanie Sigel, aka Dwight Grant, who used to own a home on Steven Lane in Towamencin Township until it went into foreclosure, has been sentenced to two years in prison after pleading guilty to failing to pay income taxes between 2003 and 2005. Grant was ordered to report to prison on Sept. 12, 2012. The U.S. District Attorney's Office of the Eastern District of Pennsylvania has Grant listed with a Lansdale mailing address. Grant, 38, bought 1383 Steven Lane in Towamencin in February 2001 for $316,500, according to Montgomery County property records. It was bought by U.S. Bank N.A. in September 2010. According to a press release from the U.S. District Attorney, Grant pleaded guilty on August 9, 2011 to failing to file …
Thursday, June 21, 2012
Largest taxpayer-supported incentives package in state history
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Thursday, June 21, 2012
Governor Tom Corbett spoke at a Harrisburg news conference this week to present “the largest taxpayer-paid financial incentives project in Pennsylvania history," the Associated Press reports. The move comes as Netherlands-based Royal Dutch Shell PLC has inked a preliminary deal to build a large refinery about 30 miles northwest of Pittsburgh. Watch the video to see Gov. Corbett talk about the proposed Shell refinery in March. The proposed tax credit would take effect in 2017 and be worth up to $66 million a year to the energy company for 25 years. Characterized by Corbett as an effort to "invest in a new industrial revolution," the plan's supporters say it would create as many as 17,000 "spin-off jobs," in addition to the 400 jobs at the …
Wednesday, November 30, 2011
Parks department, library services on the chopping block.
Montgomery County residents may yet avoid a tax increase for 2012, but only at the cost of massive reductions or eliminations of iconic county services and amenities. A $384.8 million preliminary operating budget for 2012 would eliminate the county’s parks department and planning commission while slashing or ending appropriations to the county library system, the Elmwood Park Zoo, Montgomery County Community College, and other institutions. The budget, which was approved for advertisement Wednesday by the Montgomery County Board of Commissioners, “would change county government as we know it,” according to James Maza, the county’s deputy chief operating officer. Average tax increase of $130 per homeowner would cover budget shortfall If …
Wednesday, October 26, 2011
A question about plans for a possible tax hike prompted Montco Commissioner James Matthews to express his opinion that an increase is needed or county services will suffer.
Though not exactly on the agenda for the Montgomery County Board of Commissioners' meeting this morning at One Montgomery Plaza, an impromptu discussion of the county's current budget situation arose, as did the possibility of a tax hike. The tax hike question was addressed when a reporter asked about rumors of one coming before the current commissioners leave office. The county's current budget status was raised by Commissioner Joe Hoeffel who took the opportunity to chide fellow commissioner Bruce Castor for his comments during his campaign about the county's perceived budget woes. "I'm disappointed in the public comments and the lack of public understanding with the county's [current] financial situation," said Hoeffel. He suggested …
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Steven T Miller
9:43 am on Wednesday, May 1, 2013
Let me tell you how it will be, There’s one for you, nineteen for me, ‘Cause I’m the Taxman, Yeah, I’m the Taxman. Should five per cent appear too small, Be thankful I don’t take it all. ‘Cause I’m the Taxman, Yeah, I’m the Taxman. (If you drive a car ), I’ll tax the street, (If you try to sit ), I’ll tax your seat, (If you get too cold ), I’ll tax the heat, (If you take a walk ), I’ll tax your … more ›