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Nebraska State Tax Updates

Withum

For the latest news and updates on Nebraska state and local tax. Nebraska Implements Corporate Income Tax Rate Reductions. 873 which reduces Nebraska’s corporate income tax rate over the next five years. Nebraska Update on Extension of Filing Deadline. Tax Filing and Deadline Extended.

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House Bill Proposes to End Social Security Tax for Retirees

CPA Practice

However, this isn’t the first time lawmakers have introduced legislation to end income tax on Social Security benefits. State tax on Social Security in retirement The proposed legislation only applies to federal income tax, so even if enacted, some retirees will still pay state income tax on Social Security income.

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The accountant’s guide to state taxes on retirement income

ThomsonReuters

As an accountant, understanding state tax considerations for various sources of retirement income — including pensions, Social Security benefits, 401(k) and IRA distributions, Thrift Savings Plans (TSPs), and military retirement income — is crucial in helping your clients minimize their tax liability and make the most of their golden years.

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$1.5 Billion in Unclaimed Tax Refunds from 2019 Set to Expire in July 2023, Says IRS

CPA Practice

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2019. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). The EITC helps individuals and families whose incomes are below certain thresholds in 2019.

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Excise Tax versus Sales Tax

TaxConnex

Excise taxes vary widely from state to state, but in recent years states collecting the highest per-capita excise taxes include Vermont, Nevada, Hawaii, Minnesota, and Maryland. The lowest per-capita excise tax states have included South Carolina, Nebraska, Idaho, and Arizona.

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A List of the 10 Worst Property Taxes By States

LyfeAccounting

We tried to find some fun facts about Nebraska, but we’ve got nothing other than the fact that Kool-Aid was invented there if you’re old enough to remember those days. And its property tax rate is also not so fun. Nebraska’s property tax rates are even higher than New York’s, coming in at 1.73%. So what’s going on?

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Employer Payroll Tax Obligations When Employees Work Out-Of-State

Anders CPA

Below we dive into the state and unemployment tax responsibilities employers need to know. It’s important to remember an out-of-state employee will be considered an employee in the state in which they work , not the state in which the business is based or in which the employee lives.