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Wednesday, July 15, 2020

The Daily Money: Taxes are due today. Here are last-minute tips

Today's top stories from USA TODAY Money. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Wednesday, July 15

Happy Wednesday, Daily Money readers. Brett Molina here to deliver the latest news in Money and Tech.

Let's start with the bad stuff: taxes. Today is the last day to file and pay your taxes if you have not done so already. If you need more time to file, you can request an extension, but remember you still have to pay by July 15. Need more tips, including what your options are for paying? Start here. And heed the advice of tax expert Christina Taylor: "The worst thing you can do is to do nothing."

While many school districts weigh whether to reopen doors to students this fall, those back-to-school sales are still happening. Sixteen states are planning to host sales tax holidays on everything from clothes to school supplies. The holidays start this Friday in Alabama.

Finally, lawmakers continue work on another stimulus package, and it could drop a key benefit that has been helpful to millions of Americans.

Need more headlines? Keep scrolling.

Brett Molina, Money/Tech editor

Individual income taxes are the largest source of income for the federal government, accounting for   48% of f  ederal tax revenue. Income taxes are similarly important to the vast majority of state government balance sheets. Most Americans pay income taxes to both the federal government, and to their state.    There are, however, a handful of   states that manage to function   without relying on individual income taxes. To identify the   states with no income tax, 24/7 Wall St. reviewed the tax code in each state using the latest tax data compiled by tax policy research organization Tax Foundation. All data included in the article came from the    Tax Foundation's Facts & Figures 2020: How Does Your State Compare?    report.     In the vast majority of states, individual income taxes represent over 15% of annual tax revenue. Because income tax is such an important and reliable revenue source, the states with no income tax make up for the lost potential revenue in other ways.     Two states on this list, for example, have major tourist industries and raise revenue through   higher than average sales taxes  . Three other   states are rich in natural resources and are able to bring in additional revenue through taxes on mineral and gas extraction operations.    These are the states with the lowest and highest gas taxes   .
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