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Tag Archives: taxes

Jury out on whether tax cuts have resulted in more investing

By BECKY GILLETTE The recent GOP tax cuts have put more money in the pockets of some workers who are now having less federal tax deducted from their paychecks. And some taxpayers such as those with Subchapter S corporations might end up with a windfall because of changes in the tax law. It has been estimated that three quarters of ...

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Time to look ahead at 2019 tax year

By CALLIE DANIELS BRYANT Pencils down. Papers filed. Tense shoulders can now relax – we’re a month past the 2018 tax deadline, unless your tax return was smaller than hoped, or worse, you owe IRS.  It’s never too early to plan ahead on how you can have a better tax season by 2019’s deadline, so we spoke to accountants and ...

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JOHN FLETCHER: Internet sales tax gets its day in court

» Supreme Court hears arguments in major case challenging Quill Like kids queuing for the next iPhone or Star Wars episode, state and local tax experts from across the country last week camped out overnight to witness U.S. Supreme Court arguments in the internet sales tax case, South Dakota v. Wayfair.  The online seller, along with Overstock.com and Newegg, challenged ...

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Many other states have increased gas tax for transportation

Mississippi is not the only state struggling with transportation needs, according to a report by the Legislature’s Performance Evaluation and Expenditure Review Committee. The report released this week cites the National Conference of State Legislatures as saying states have been in “a near constant state of crisis for about a decade” in terms of funding for transportation needs. The report ...

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Tax break might mean relief for craft brewers

By BECKY GILLETTE Here’s news you can lift a mug and do a “cheers” to. In late December the U.S. Congress passed a two-year version of the Craft Beverage Modernization and Tax Reform Act, which cuts the federal excise tax for craft breweries in half from $7/barrel to $3.50/barrel for domestic brewers producing less than two million barrels annually. The ...

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JOE BABB: Political ramifications of tax reform still unknown

President Reagan signed the Tax Reform Act of 1986 on Oct. 22 of that year. The bill, which enjoyed wide bipartisan support, became law 323 days after its initial introduction in the House. The Tax Cuts and Jobs Act of 2017, the largest tax code overhaul since 1986, was signed just 42 days after it was introduced and did not ...

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House votes to give tax credit for college graduates

By BOBBY HARRISON / Daily Journal The House, with no dissenting votes, approved a bill Wednesday to exempt college graduates working in the state from having to pay a state income tax for three years. The bill, authored by Rep. Trey Lamar, R-Senatobia, is being touted as an effort to address what some believe is “a brain drain” of young ...

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State revenue collections continue modest rebound

By BOBBY HARRISON / Daily Journal JACKSON – State revenue collections, which have been subpar in recent years, continue to make a modest rebound. Revenue collections through the month of January for the current fiscal year are $52.1 million, or 1.8 percent, above collections during the same time period for the last fiscal year, according to a report compiled and ...

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Mississippi less taxing for retirees

By BECKY GILLETTE Mississippi has been named the No. 4 most-friendly tax state for retirees by Kiplinger’s Personal Finance in the recently released 2017 Retire Tax Map which looks at the most and least tax-friendly states for retirees across all 50 states. Sandra Block, senior editor, Kiplinger’s Personal Finance, said one reason Mississippi scores so high for being tax friendly ...

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Mississippi moves to tax internet sales, after long delay

Mississippi will start requiring some large online and mail-order retailers to collect taxes on sales made from outside the state beginning Dec. 1, even though the move could be unenforceable and trigger an immediate court challenge. The state Revenue Department filed notice Wednesday that it was enacting the rule, more than 10 months after proposing it. It’s part of a nationwide effort ...

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