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There are many tax changes to consider when filing this year. Kathy Pickering, Chief Tax Officer for H&R Block, touches on some notable ones to look out for. First, the IRS updated tax brackets for inflation, and if your earnings stayed the same, you'll pay less in taxes this year, which means a bigger refund. Additionally, federal tax credits for electric vehicles (EVs) have been revised, potentially affecting the amount you can claim. Lastly, the Child Tax Credit. Although the current rules for these credits haven't changed from last year, Congress is presently re-evaluating where these stand as many of the inflation numbers that these rules rely upon for calculation have increased. Congress is looking at making significant changes to the Child Tax Credit for the 2023 tax year. These changes are not finalized, and we are unsure when or if they will be. Still, taxpayers should file their taxes now instead of waiting to see if the child tax credit will be passed. If passed, the legislation as it's currently written, gives the IRS maximum flexibility to issue additional refunds for those who have already filed without requiring further action. Starting your return early with H&R Block gives you more time to gather the necessary information that could increase the size of your refund. Often, taxpayers forgo itemizing their deductions because of the time required to gather receipts and other evidence. Also, filing early locks your social security number, preventing someone else from filing using it. It also means you will get your return sooner. H&R Block offers easy-to-use DIY options featuring AI Tax Assist to full-service tax filing assistance at an H&R Block office located in every state or virtually. Visit hrblock.com for more information.
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Calls have been made to cut a ‘hidden’ tax which is estimated to cost the public and businesses as much as £8 billion every year.<br/><br/>Insurance tax adds an extra 12 per cent on to most insurance policies - which means an average of £67 is added to premiums for car insurance.<br/><br/>This tax shoots up to more than £100 for household with a car when home insurance is added.<br/><br/>It comes after research of 2,000 adults with insurance found 31 per cent have no idea Insurance Premium Tax (IPT) even existed, while another 36 per cent only have a little knowledge about it. <br/><br/>And half are unaware about exactly how much gets added to their policy cost because of this tax. <br/><br/>Mervyn Skeet, director of general insurance policy at The Association of British Insurers, which has launched a campaign calling on the Chancellor to cut the tax levied on insurance, said: “It is high time we unmask this tax which penalises people and businesses for being responsible.<br/><br/>“This tax hits the poorest hardest because they normally spend more on insurance, such as home and motor cover, as a proportion of their income.<br/><br/>“Such a move would not only provide relief to hardworking families and businesses but also foster economic resilience.”<br/><br/>The study also found 49 per cent of those polled have become more conscious about how much they are spending on insurance since the start of the cost-of-living crisis. <br/><br/>As a result, 58 per cent have reduced cover or changed to a cheaper provider within the last 12 months. <br/><br/>While 26 per cent opted for a provider they had never heard of because they wanted to save money and 21 per cent removed additional extras they had previously included.<br/><br/>Now, 36 per cent are worried they might not have the appropriate level of cover in the event of an emergency. <br/><br/>Consequently, just six per cent of those polled, via OnePoll, who have taken out insurance would oppose a cut on this taxation. <br/><br/>Nearly seven in 10 (68 per cent) feel people are being penalised for being responsible and getting insurance, while 63 per cent are of the belief that taxing on essential items should be minimal. <br/><br/>As a result, the Association of British Insurers campaign has seen Plunge Creations, the costume makers of ITV’s The Masked Singer, create Snippy, a giant pair of scissors unmasking this ‘hidden’ tax ahead of the budget.<br/><br/>Mervyn Skeet added: “Since its introduction, Insurance Premium Tax has increased more rapidly than the tax rate applied to alcohol and gambling.3<br/><br/>“Today we call on the Chancellor to use next week’s Spring budget to cut the standard insurance premium tax rate.<br/><br/>“It penalises people for being responsible and a cut will help hard working households and businesses offset escalating costs and protect their families and livelihoods against sudden financial shocks. <br/><br/>“There has never been a better time for the government to show its support to the millions of homeowners and businesses who do the right thing by buying insurance.”
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London Gatwick has cut carbon emissions from its diesel vehicles by 90% by swapping the fuel for Hydrotreated Vegetable Oil (HVO). The switch means London Gatwick will save more than 950 tonnes of carbon emissions per annum.Steve Kelso, Head of Engineering, London Gatwick, said: “The implementation of Hydrotreated Vegetable Oil to power our 300 diesel vehicles is an exciting milestone for London Gatwick’s sustainability journey and a big step in our fleet transition. It is vital we invest in sustainably sourced HVO to reduce emissions in all areas as soon as possible on our journey to reach net zero for our own Scope 1 and 2 emissions by 2030. \
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Things go from bad to worse for Manchester United as they crash out of the Champions League at the first hurdle. Things are bad enough on the pitch already, but could the financial implications of this early exit impact the club?
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Allrounder BaBa
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Worldwide Dictionary
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