Tax Relief Checks

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Tax Relief Checks

Tax-relief checks are checks that the tax authorities mail to taxpayers as a means to lessen the tax burden. They can also be refund checks that are received from tax authorities for taxes paid in advance. After computing the tax assessment for the current assessment year or for the previous year, the tax authorities send any excess tax paid back to the taxpayer.

Tax-relief checks assumed prominence recently with the passing of the Economic Growth and Tax Relief Reconciliation Act of 2001, arguably the first major tax-relief program in the nation in the last two decades. The objective of the legislation is to reduce the burden on taxpayers by disbursing in advance tax-relief checks. The U.S. Treasury mailed checks for up to $300 for singles or $600 for couples in the summer of 2001, and the process is expected to be phased in over the coming years. Significantly, these tax-relief checks heralded the switch from the old 15 percent tax rate to the new 10 percent tax bracket. The objective here was to accord the highest priority to low- and moderate-income families by timely disbursal of the tax-relief checks based on the income tax burden.

The tax-relief legislation also has provisions to lighten the tax burden by allowing deductions for college tuition, student loan interest deductions, and tax benefits from government bonds that are issued specifically for constructing public school buildings. The fact that the relief checks are being sent as a refund to the taxpayers has drawn criticism from various sections of the population who believe that the money should have been directly used for education. Also, an important aspect of the tax-relief checks that has been brought to light is that these relief checks are not rebates or refunds from past overpaid taxes, but an advance on the refund for the future taxes to be filed.

Tax Relief provides detailed information on Tax Relief, Income Tax Relief, Property Tax Relief, Tax Relief For Small Businesses and more. Tax Relief is affiliated with State Tax Refunds .

Article Source: http://EzineArticles.com/?expert=Steve_Valentino

Thornhill homeowners get property tax break

While land values keep rising, Thornhill homeowners keep groaning under steadily rising property taxes.

Relief, though, is on the way, thanks to Betty von Hardenberg, who took on BC Assessment this spring and won.

While appealing the value of a Thornhill property on behalf of an elderly couple, she learned that residents can have their properties revalued, and possibly their taxes trimmed, through a section of the Assessment Act.

BC Assessment lawyers conferred and agreed. And to make sure everyone knew it, the agency hand-delivered letters in April explaining it all to residents in 65 Thornhill homes.

“I want people to know that this is available to them," von Hardenberg said Wednesday.

Many people didn't even know about the option and weren't told about it when they inquired by phone, she added.

Merkel faces rebellion as MPs demand early tax cuts

Angela Merkel could be forced to renounce her pledge to eradicate Germany's budget deficit by 2011 in the face of a challenge by rebellious MPs calling for immediate tax cuts.

The German chancellor, who returns to Berlin from Latin America next week, is facing a confrontation with MPs claiming to represent nearly 90 per cent of her Christian Democratic Union's parliamentary group who this week demanded tax cuts as early as next year.

New York's Gas Tax Debate

As gas prices continue to climb in Western New York State there are competing political proposals on the state gas tax to provide some relief to motorists.

There is also some confusion as some stations may offer a separate price for credit versus cash. One local service station is charging
$4.03 for regular on its sign while it also offers $3.99 for "Cash". The station owner would not discuss the issue on camera with 2 On Your Side but did say he wants to offer a cash discount to customers. State Law prohibits a surcharge on credit cards. But the State Attorney General's office notes it is a gray area with a potential loophole for cash discounts based on some court decisions.

In Albany, state lawmakers are offering differing approaches to ease the pump price which carries some of the highest state gas taxes in the country.

Gov. orders $10 million in property tax rebates to Lake homeowners

CROWN POINT | Gov. Mitch Daniels ordered the Lake County auditor Friday to restore $9.7 million in property tax rebates to about 30,000 homeowners who were improperly denied the relief.(PDF Document: Gov. Daniels letter to Lake County Auditor)Daniels ordered the immediate cutting of supplementary refund checks to those taxpayers -- many of whom received $0 rebate notices last week.At a news conference Friday, Daniels said the rebates were withheld from the Lake County homeowners -- who primarily live in Gary, Hammond, East Chicago and Whiting -- "through innocent confusion.""There are 29,000 property owners -- homeowners in some of the poorest neighborhoods who deserve more money," Daniels said.County Auditor Peggy Katona said Friday her office had begun generating the checks, which she said will go out by the end of the month."I'm happy this is finally resolved, and the rest will be getting their rebates," she said.The governor's intervention culminates a series of complaints from taxpayers who had been waiting months for rebates authorized by the Indiana General Assembly only to receive murky letters stating their rebates had been reduced because they already had received other tax breaks.State Rep.

AIG Commits $1 Million to Support Relief and Rebuilding Efforts in . China s Sichuan Province

China s Sichuan Province 16/05/2008 15:53:00 Business Wire American International Group, Inc.
(AIG) today announced a US $1 million (approximately 7 million RMB) donation to support relief and rebuilding efforts following the recent 7.9-magnitude earthquake that struck China s Sichuan Province.
AIG also announced that it would match all employee contributions to the AIG Disaster Relief Fund.
"AIG is deeply committed to providing financial assistance to our friends in China who have been greatly affected by this devastating natural catastrophe.
Our thoughts and prayers are with the Chinese people during this extremely difficult time," said AIG President and CEO Martin J.
Sullivan.
"Our contributions will hopefully help residents of Sichuan Province to begin the process of healing and rebuilding.

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