Tax reform, cuts would provide economic push

Freedom Newspapers Tax reform is in the air. One proposal floating around is to eliminate or reduce the tax deduction for home mortgage interest. About 35 million homeowners use the deduction to reduce their yearly tax bills. The total deduction amounts to about $131 billion a year. During the recent wrangling in Washington over the […]

Business Feature: Tax deductions often overlooked

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CNJ staff photo: Tony Bullocks Tax forms are available at the Clovis-Carver Public Library. By Sarah Meyer: CNJ staff writer Filing federal and state taxes gets more complicated every year, experts say. This year is no exception, with several changes for filing federal and state income tax. “Unless you keep up with the law, you […]

Business feature: New year, new tax laws

By David Irvin: CNJ staff writer A new tax season often means new tax laws. This year is no exception. There are a number of changes that may assist taxpayers in filing their taxes and may qualify some for larger deductions and less taxes. IRS Spokesperson Bill Brunson said this year’s changes are just business […]

The state’s blue ribbon tax committee has a long list of recommendations

The Associated Press Summaries of tax commission recommendations The Associated Press Here is a list of recommendations approved by the Blue Ribbon Tax Reform Commission: —Expand tax rebate for lower income New Mexicans and increase personal exemption for lower and middle income taxpayers. Reduce revenue by $45 million. —Phase out capital gains deduction for upper […]