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Posts tagged ‘tax’

Congressman Courtney’s Bill to Repeal Health Care Tax Passes House

Connecticut Congressman Joe Courtney has been fighting for a decade to repeal a tax on health care plans. His bill overwhelmingly passed the House this week.

This week the U.S. House of Representatives voted 419-6 to approve Congressman Joe Courtney’s Middle Class Health Benefits Tax Repeal Act of 2019. This bill would do away with a looming tax on higher-cost health care plans that would disproportionately affect those in high cost of living areas and groups with higher percentages of women, people with families, and older employees.

“Teachers have continued to accept salary freezes and cuts in order to save their health care coverage,” says CEA President Jeff Leake. “This tax would be devastating for educators, and we thank Congressman Courtney for his advocacy.” Read more

How to Pay for an Unexpected Tax Bill

Maybe you didn’t withhold enough, forgot to pay estimated taxes for a side gig or you made another kind of honest mistake, and now you have a big, looming tax bill coming your way. This happens to many Americans, and, in certain cases, they will struggle to settle up on what they owe.

The consequences can grow quite costly: If you can’t pay taxes owed by the original filing due date, you’ll be subject to both interest and late-payment penalties, according to the IRS. The IRS advises taxpayers in this situation to file on time even if they can’t pay the entire balance. And it’s best to pay that balance as soon as possible to avoid additional charges. Specifically, the additional charges could amount to penalties of 5% of the tax due for every month, or fraction of month, that the return is overdue, according to Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting. Read more