THOUSANDS of California residents will be receiving gas rebates of up to $3,300 this week.

Gas prices have been rising since the 100 day decline nationwide. Prices have reached as high as $6.18 last week from $5.52 just weeks ago.

Californians will receive rebates of $350 each for single taxpayers earning up to $75,000 and joint filers earning up to $150,000.

The state provides an additional $350 to residents with at least one dependent. Under this tier, a single parent or childless couple will get $700, while a joint-filing couple with kids or other dependents will receive $1,050.

Californians earning between $75,000 and $125,000 as single filers or $150,000 to $250,000 as joint filers will get $250 each plus an extra $250 for at least one dependent. A childless individual can expect $250, a single parent or childless couple will get $500, and a couple with kids will receive $750.

Californians who earn between $125,000 and $250,000 as single taxpayers, or from $250,000 to $500,000 as joint filers will receive $200 payments plus an extra $200 for dependents. So an individual filer will get $200, a single parent or childless couple will get $400, and a couple with kids will get $600.

Read our tax rebate live blog for the latest news and updates…

Indiana’s $325 direct payments, continued

If you were eligible for the initial $125 ATR, you automatically qualify for the $200 additional relief payment.

You would have been eligible for the initial payment if you filed an Indiana resident tax return for the 2020 tax year with a postmark date of January 3, 2022 or earlier.

An Indiana resident tax return includes having filed your state taxes using one of the following:

Indiana residents may see direct payments of up to $325 soon.

Some qualifying residents in Indiana are already receiving an additional one-time $200 payment to supplement the one-time $125 automatic taxpayer refund (ATR) that the state started issuing this summer.

For joint filers, the supplement is $400.

Those amounts are in addition to the $125 and $250 rebates for single and joint filers, which were a part of the state’s refund for 2020 tax filers.

States with no individual tax income

Nine states have no state sales tax, but while some don’t charge a sales tax, some municipal governments will.

The following states have no individual tax income:

Solar and Battery Storage Tax Credits

Taxpayers may also install a solar energy system and immediately receive a 30 percent tax rebate.

There is no cap on how much you can spend and owners may save anywhere between $10,000 and $30,000 on energy costs in a lifetime.

The law also allows for rebates for income-eligible multifamily buildings such as:

Plus, taxpayers can also receive a $14,000 maximum benefit per home with an extra $500 for qualified contractor incentives.

The IRA allocates over $4.2billion to state energy offices to create and issue high-efficiency electric home rebate programs.

Plus, an additional $225million was made available for tribal governments.

The rebates are based on taxpayer income and reserved for households with a total income of 150 percent or less of their area’s median income (AMI).

Low-income households (LMI, less than 80 percent of AMI) are eligible for rebates equal to 100 percent of the project cost.

Households between 80 percent and 150 percent AMI are eligible for rebates of 50 percent of project costs.

Millions will see IRS refunds

In August, the IRS announced it will automatically waive late-filing penalties for 1.6million taxpayers.

This means that the average refund will amount to $750 per taxpayer.

The announcement came on the heels of struggling taxpayers still impacted by the pandemic.

Taxpayers will not need to apply as the payments are automatic and should be received by the end of September.

The relief applies to people and businesses who file certain 2019 or 2020 returns late – the failure to file penalty.

The penalty is typically taxed at a rate of 5% per month.

States and their gas tax

According to a study from March 2021, many states have taken different approaches to gas taxes.

The study from the Institute on Taxation and Economic Policy found that 10 states have gone two decades or more without a gas tax increase.

Additionally, 36 states have raised or reformed gas taxes since 2010.

According to the study, for most states, gas taxes are unable to fund infrastructure projects unless they’re adjusted to prevent revenue erosion in the face of rising construction costs and improvements in vehicle fuel efficiency.

Vermont’s new Replace Your Ride program

The Replace Your Ride program will offer Vermont drivers $3,000 to those willing to give up their cars.

Drivers then can put the money toward a new or used electric vehicle.

This is in addition to the federal tax incentive of up to $7,500.

The program may also fund a switch to other fossil-fuel-free transportation methods, such as bicycles and e-bikes.

Indiana rebate has no income cap

About 1.7million Hoosiers are eligible for $125 rebates regardless of income, because of the state’s automatic taxpayer refund law.

Direct deposits started going out in May, followed by paper checks in Mid-August.

Individuals filing separately will receive $325, while couples filing jointly will receive $650.

Due to a delay in the checks being sent, $200 was added to all payments.

Residents should expect payments by October at the latest, if residents have not received a payment by November 1 they should contact the Indiana Department of Revenue.

Honolulu residents may see property tax exemptions

In an effort to create jobs and stir investment, the Honolulu City Council is examining a measure that would give businesses along the rail line incentives and tax exemptions.

If businesses invest a minimum of $75million in improvements to facilities plus create 100 new full-time jobs, they would get expedited permitting and tax exemptions for up to 30 years.

The budget committee will discuss the bill at a meeting on October 19, according to Yahoo!.

Speeding up your tax refund

According to the IRS, it issues most refunds within 21 days.

If you are due a refund, the agency has 45 days to issue it before interest starts to build on top of it.

For those expecting a refund after filing taxes, the first way to ensure quick delivery is by filing early.

Another way to speed up your return is by filing electronically.

Additionally, try opting for direct deposit as the refund method ensures that returns are submitted mistake-free.

Here’s who won’t get standard deductions

Not every taxpayer is entitled to the standard deduction.

This includes a married individual filing as married filing separately whose spouse itemizes deductions.

It also includes an individual who was a nonresident alien or was dual-status during the year.

Individuals who file a return for a period of fewer than 12 months due to a change in his or her annual accounting period also don’t get one.

Plus, an estate or trust, common trust fund, or partnership won’t get standard deductions.

Standard tax deduction for 2021, part four

For the 2022 tax year, the standard deduction for most couples will rise to $25,900 – up by $800 from this year.

And for most single filers, the threshold will climb to $12,950 – an increase of $400.

Heads of households will be able to deduct $19,400 on their 2022 taxes.

Taxpayers who are blind older than 65 will be able to claim an additional $1,400 deduction, up from $1,350 for the 2021 tax year.

Anyone who is both blind and older than 65 will be able to deduct $2,800 on their 2022 taxes on top of the standard deduction.

Standard tax deduction for 2021, part three

Qualifying widow(er) with dependent child

Anyone who already filed their 2021 taxes can look ahead to their 2022 return, which must be filed by April 2023.

Since standard deduction amounts are linked to inflation, deductions for 2022 tax returns will increase after months of record-high inflation.

Standard tax deduction for 2021, continued

Some Americans can make a large part of their income tax-free thanks to a standard deduction ensuring that taxpayers have at least some income that is not subject to federal income tax.

The standard deductions typically change each year as wages increase with inflation.

If you haven’t filed your 2021 tax return, you must do so by October 15, and taxpayers can claim the following deductions:

NY lawmaker proposes tax holiday

Assemblyman Kenneth Zebrowski from New York introduced a sales tax exemption legislation for school supplies purchased between the fourth Thursday in August and the first Monday in September each year.

This would apply to computers less than $3,000, clay, paints, paint brushes, and drawing pads.

Plus, supplies normally used in a classroom setting like binders, book bags, calculators under $300, crayons, erasers, folders, glue, highlighters, lunch boxes, markers, notebooks, paper, pencils, pens, rulers, scissors, and writing instruments.

Improperly forgiven PPP loans are taxable, continued

The PPP loan program states that lenders can forgive the full amount of the loan if the loan recipient meets three conditions.

For more information, head to the IRS website.

Improperly forgiven PPP loans are taxable

The IRS issued a statement revealing that improperly forgiven Paycheck Protection Program loans are in fact taxable.

The agency stated that when a taxpayer’s loan is forgiven due to misrepresentations or omissions, the taxpayer isn’t eligible to exclude the forgiveness from income.

Additionally, they must include in income the portion of the loan that was forgiven.

However, taxpayers who inappropriately received forgiveness of their PPP loans should file amended returns that include the forgiven loan proceeds amounts in income.

What is a tax rebate?

According to Turbo Tax, a tax rebate, as defined by observers, is a reimbursement of taxpayer funds following a retroactive tax reduction.

Because governments can execute these measures at any point during the year, they are more urgent than tax refunds.

IRS funding may impact some taxpayers

An extra $80billion in funding was allotted for the Internal Revenue Service as part of the Inflation Reduction Act.

Many are speculating that this increase is due to potential audits from the agency.

While others are stating the opposite – more cash will benefit lower and middle-income taxpayers experiencing long delays in the processing of paper returns.

In some cases, energy-efficient products require upgrades. 

Starting in January 2023, eligible homes can use the high-efficiency tax credit for panel upgrades and wiring. 

And low-income households may score a $4,000 rebate for electrical panels and $2,500 for wiring.

A $1,200 tax credit may be used annually for adding insulation starting in January 2023.

The Environmental Protection Agency estimates the average homeowner can save about 15 percent of heating and cooling costs, during colder months. 

LMI households can use the $1,600 incentive for weatherization.

Exterior Doors and appliances rebates

Taxpayers can get a $250 credit for replacing an inefficient door with an Energy Star-compliant one. 

Just note there’s a $500 cap for multiple exterior doors.

Plus starting in January of 2023, low-income households can get an $840 credit for electric stoves.

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