Tax deductions

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

[ad_1] 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 […]

Tax deductions

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

[ad_1] 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 […]

Tax deductions

Lauwers co-sponsors new legislation for tax deductions for seniors

[ad_1] 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 […]

Tax code

US tax code may make things even harder for black Americans

The code was designed with the intention of being largely progressive, meaning the less you earn, the less you are taxed. In other words, those who have the ability to pay more should be taxed more. At the same time, it also rewards certain economic and heritage activities, such as home ownership, retirement savings and […]

Tax laws

MTV: Celebrities move to Wyoming over tax laws

[ad_1] *** For all of Wyoming, sign up for our daily newsletter *** By Ellen Fike, Cowboy State Daily Celebrities are drawn to Wyoming for its lack of tax laws, a new report from MTV News has found. A regular segment of MTV’s news called “The Pop Factor” details how popular culture influences more than […]

Tax deductions

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

After a year like no other, it makes sense that your 2020 tax return will be different from past 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 may even be things you don’t think about after a […]

Tax deductions

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

[ad_1] 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 […]

Tax deductions

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

[ad_1] 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, […]

Tax laws

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

[ad_1] 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 […]

Tax code

Ducey signs bill aligning AZ tax code with new federal changes

Governor Doug Ducey on Wednesday signed into law a bill bringing Arizona’s tax code in line with federal law. The move will not only make it easier for taxpayers to prepare their taxes ahead of new federal and state deadlines on May 17, but Ducey’s office says Senate Bill 1752 will result in $600 million […]

Tax code

Arizona Complies with Federal Tax Code, PPP Loan Exemption

This article has been saved to your favourites! By Archive Email Asha Glover ” href=”https://www.law360.com/tax-authority/articles/1375628/#”>Asha Glover April 15, 2021, 8:08 p.m. EDT Arizona will fully comply with the latest federal coronavirus tax policies, including exempting from state business activity tax amounts of Paycheck Protection Program loans that have been canceled under the law. Federal, under […]

Tax code

Biden should simplify the tax code. Trump’s taxes are just one more reason why

donald trump vaunted that avoiding taxes “makes me smart”. He also suggested that his Secret Service codename should be Humble. So maybe boundless humility drove him to fight like a wounded wolverine to conceal the intelligence displayed in his tax returns? Nope. More likely, he dreaded the sun flooding the dark financial recesses of Trump […]

Tax laws

How does the IRS enforce the country’s tax laws for the benefit of all taxpayers? | CPA and Foodman advisors

[ad_1] On December 17, 2020, the IRS released a document titled “Closer Look”. He explains the IRS’s aspiration to balance the burden on the taxpayer with the potential benefit of its compliance effort when deciding which compliance tool to use. The IRS’s goal is to minimize the burden on taxpayers while encouraging voluntary compliance using […]

Tax deductions

Connecticut leaders call for rollback for cap on state and local tax deductions

Governor Ned Lamont, alongside Democratic governors of New York, New Jersey, Illinois, Oregon, California and Hawaii, released a letter last Friday imploring President Joe Biden to support the repeal of federal cap on state and local tax deductions. The Tax Cut and Jobs Act, signed into law in 2017 by then-President Donald Trump, placed a […]

Tax deductions

A complete list of tax deductions and credits for any scenario

[ad_1] Okay, I’ve heard of great attempts to infer things that are completely ineligible. I knew a guy who tried to claim his tattoo as a medical expense, and others tried to claim their dogs as dependents. Breast augmentation, cat food, helicopter tours, and boat cruises all list the deductions I’ve seen attempted. Today I […]

Tax laws

Taxmann publishes CA Ravi Chhawchharia’s book on ‘Direct Tax Laws and International Taxation’

[ad_1] Taxmann has been considered the most trusted and authentic tax law publisher for decades in India. Renowned Chartered Accountant of Surat, CA Ravi Chhawchharia’s book on “Direct Tax Laws and International Taxation” is now published throughout India by leading tax law publisher Taxmann. The aim of this book is to provide a holistic approach […]

Tax deductions

Congressional leaders push for resumption of full tax deductions at state and local levels

[ad_1] Washington Receive the Capitol Alert newsletter Register now for the latest news on California politics, Governor Gavin Newsom and the Legislature. Serious efforts are underway in Washington to lift a limit imposed by former President Donald Trump’s 2017 tax law on the amount people can deduct from state and local income taxes on their […]

Tax regulations

NBAA article helps members with food and entertainment tax regulations

[ad_1] The National Business Aviation Association (NBAA) has had substantial engagement with the Internal Revenue Service (IRS) and the U.S. Department of the Treasury over the past few years with respect to tax regulations for dining meals. business and entertainment activities. The Tax Cuts and Jobs Act of 2018 made significant changes to the Internal […]

Tax deductions

Newsom urges end caps on state and local tax deductions

[ad_1] Washington Gov. Gavin Newsom and six other Democratic governors on Friday joined a growing chorus of officials calling for an end to federal limits on state and local tax deductions imposed in the 2017 tax law signed by President Donald Trump. “Like so many of President Trump’s efforts, the SALT deduction cap was based […]

Tax deductions

Newsom urges end caps on state and local tax deductions

[ad_1] Washington Gov. Gavin Newsom and six other Democratic governors on Friday joined a growing chorus of officials calling for an end to federal limits on state and local tax deductions imposed in the 2017 tax law signed by President Donald Trump. “Like so many of President Trump’s efforts, the SALT deduction cap was based […]

Tax code

The most evil tax code rule

Improving equity is one of President Biden’s top priorities, along with modernizing our infrastructure, improving access to higher education, and a host of other worthwhile but rather costly goals. But a prerequisite for achieving these laudable goals is adequate funding, which necessarily begins with the elimination of tax rules that tip the scales of financial […]

Tax deductions

Governors ask Biden to lift $ 10,000 cap on tax deductions

[ad_1] item Seven Democratic governors on Friday called on President Joe Biden to lift the $ 10,000 cap on state and local tax deductions that was part of former President Donald Trump’s massive tax bill of 2017, arguing that “the assault “disproportionately targeted Democratic-led states and ultimately increased taxes on families. The letter comes just […]

Tax laws

Understanding California Cannabis Tax Laws | Cultiva Law, PLLC

[ad_1] Those considering entering the cannabis industry often have questions about how California taxes the production, storage and sale of the popular drug. Fortunately, the California Department of Tax and Fee Administration (CDTFA) provides a detailed guide to what can be taxed and what the effective tax rates are for cannabis and cannabis products. Cultiva […]