Tax deductions

Tax deductions favor those who “play” with the system. Standard deductions could help

Those who claim a standard deduction argue that it creates simplicity. For many Australians, tax filing can be extremely complex and taxpayers must keep detailed records and receipts to substantiate their claims. It’s no surprise that the majority of people who object to a standard deduction are accountants. They argue that the system should not […]

Tax deductions

Now is the right time to extend tax deductions for charitable donations

Stack of books, blurred background: charity book flea market, outdoors. Text space. getty Caitlin Flanagan’s critique of private schools in a recent article in Atlantic does not focus on the tax treatment of donations to educational institutions. But one of the first concrete issues she identifies in her assessment of the inequalities surrounding exclusive private […]

Tax deductions

Lauwers co-sponsors new legislation for tax deductions for seniors

State Senator Dan Lauwers, a Republican from Brockway Township, co-sponsored new legislation that would provide tax relief for seniors. Senate Bill 359 would change the Michigan pension tax deduction to allow all residents 67 years of age or older a deduction from all income, not just pensions. This would remove all limits on taxation and […]

Tax deductions

A guide to tax deductions for 2020, especially if you’ve worked from home

After a year like no other, it makes sense that filing your 2020 taxes is different from previous years. Understanding which tax deductions apply to you and your particular situation could decrease the amount you owe the government and increase your tax return. There might even be a few things you don’t think about after […]

Tax deductions

Repeal of cap on state and local tax deductions would widen the racial wealth gap, new study finds

Top line As some heavily taxed blue state lawmakers call for the elimination of the Trump-era $ 10,000 cap on state and local tax deductions (SALT), a new study from the Left Institute on Taxation and Economic Policy shows that repealing the deduction would not only disproportionately benefit the rich, but also white taxpayers, widening […]

Tax laws

Federal budget 2021: Liberals seek to tighten corporate tax laws and close loopholes, but avoid sweeping changes

Ottawa has proposed a 3% tax on digital giants like Google, Amazon and Facebook as other countries consider similar measures. REUTERS PHOTO / Reuters FILE The federal budget aims to toughen corporate tax laws rather than reforming them, enforcing the rules more strictly and closing loopholes instead of changing the tax burden on businesses more […]