Virginia’s revenue collections soared in December, increasing the possibility that the General Assembly will have more money to spend on budget priorities — including raises for teachers — in the session that began on Wednesday.
While most states rely heavily on three sources of taxes, many of the lowest-tax states for residents generate tax revenue in ways that do not financially burden those residents in a direct way.
Q: My partner and I plan to purchase a duplex with friends. We would live on one side, and our friends (who already own their forever home) would rent out the other side. Eventually we plan to purchase a home for ourselves and rent out both sides of the duplex.
An expected decline in state revenues last month, compared with the same month a year ago, wasn't as bad as Virginia officials had feared.
Depending on local tax rates and home values, property taxes can account for a substantial portion of housing costs. Living in a high-tax state has become increasingly more expensive.
TRUMP on his taxes: "They keep talking about $750, which I think is a filing fee. ... Tens of millions of dollars (in income taxes) I prepaid.…
Q: Is mortgage interest still deductible on our federal income taxes? Is there something new that I am not aware of? Is there some reason to not have a mortgage that is different from what we’ve always believed?
Trump paid $750 in taxes in 2016 and again in 2017, but paid no tax most years, according to a report Sunday in The New York Times. A lawyer for Trump called the report inaccurate.
A net shortfall of 1.1% triggers a legal requirement that the state formally reforecast expected revenues for the budget, which the governor will announce on Aug. 18 in advance of calling a special session of the General Assembly to revise the spending plan.
The $1 billion budget loss that Virginia officials feared turned into a manageable $236.5 million shortfall at the end of the fiscal year last week, boosting the state's balance sheet as Gov. Ralph Northam and the General Assembly prepare to revise the two-year budget that has been upended by the coronavirus pandemic.
Virginia income tax payments were due on Monday, as the state tries to figure out how big the hole will be in its budget when the fiscal year ends on June 30.
Eligible taxpayers will receive $110 if they filed individually and $220 if they filed jointly as a married couple.
To pay self-employment tax, an individual must have a Social Security number or an individual taxpayer identification number.
The state grants an automatic six-month extension to taxpayers who miss the deadline, but taxes still need to be paid by May 1 to avoid penalties and interest.
When the General Assembly meets in January, it should fully conform Virginia's tax system to the new federal Tax Cuts and Jobs Act, but it should not stop there. It should also take immediate steps to reduce the tax increases that conforming the tax code will automatically create for many Virginia families and businesses.
What do you call a state that has$35.8 billion in assets, but $41.2billion of debt? You could call it broke. Or Virginia. The commonwealth's f…
What do you call a state that has $35.8 billion in assets, but $41.2 billion of debt? You could call it broke. Or Virginia.
Like just about every major issue of public debate, who will pay for I-81 improvements and upgrades in Virginia, boils down to Democrats or Republicans.
The News Virginian’s Aug. 20 editorial, concerning Gov. Ralph Northam’s proposal for the state’s expected $594 million tax windfall, is a good read.
You've diligently put money into retirement accounts like 401(k)s, 403(b)s, or IRAs throughout your working life. That was the easy part: save…
Once you inherit a retirement account, make sure to place such inherited money in a separate inherited IRA. Do not put it into your own IRA — that’s illegal.
If one wants to glimpse the end state American Progressivism seeks one must look to Left-coast California, where your humble narrator is visiting. California is peculiar. From the mid-1800s it was seen as a key part of America’s destiny; resource-rich, beautiful, strategically located, with a population that from the beginning was a mixture of local and exotic, the place fired the imagination.