Tax deductions

Some gambling losses can be claimed on state tax deductions with the new law

Michigan’s new law will allow certain gambling losses to be deducted from taxes Since the pandemic began and Michigan legalized sports betting and launched sports books and online casinos, thousands more people have entered the gambling market. FOX 2 (WJBK) – Michigan will allow players to claim a state income tax deduction for gambling losses […]

Tax deductions

Supreme Court Should Stop State Trial Over Tax Deductions

Outside the Internal Revenue Service building in Washington, DC (Jonathan Ernst / Reuters) Four state governments are continue their legal action against the federal government to defend their alleged right to have the taxes they levy on their citizens fully deductible from the federal taxes of those citizens. This trial has not had much luck […]

Tax deductions

There are 13 tax deductions you need to know to prepare your 2021 taxes

Tax season will be here before we know it, and it always seems to surprise us. One thing to know is how to reduce that tax bill. With so many new stimulus check and child tax credit laws, taxes can be confusing next year, and what you owe or collect can be surprising. There are […]

Tax deductions

Experts Offer Advice On Taking Tax Deductions News

In the spirit of the holidays, Americans are giving more in December than in any other month, but residents of Cherokee County are finding that Uncle Sam offers fewer incentives to open their wallet. However, tax preparers and accountants still offer advice on how to donate to charity and prepare for tax season. According to […]

Tax deductions

Despite the “delay”, are long-term tax deductions still possible?

The announcement of the delay does not stop the deductions — Getty Images Hold the phone. Despite Gov. Inslee’s (and others) announcements that the state’s proposed long-term care tax plan is so flawed it must be delayed, word is now coming that nothing has been done about it. actually PREVENT money from being taken. ACCORDING […]

Tax deductions

Tax deductions for financial advisor fees | Financial advisers

The Tax Cuts and Jobs Act of 2017, commonly known as the TCJA, removed the deductibility of financial advisor fees from 2018 to 2025. And while advisers and clients have had a few years to get used to the change, they may be looking at it with renewed interest after the long bull market that […]

Tax deductions

Are you maximizing your tax deductions and minimizing your taxes?

By Len Green, CPA and John Wollenberg, CPA In horse racing, the competition is not over until the horse has crossed the finish line. The same goes for maximizing your tax deductions and minimizing your taxes. For those who think it’s too late to save on your 2021 taxes, we’re here to tell you no! […]

Tax deductions

Tax deductions for the fees of financial advisers

The Tax Cuts and Jobs Act of 2017, commonly known as TCJA, removed the deductibility of fees for financial advisers … The Tax Cuts and Jobs Act of 2017, commonly known as the TCJA, removed the deductibility of Financial Advisor fees from 2018 to 2025. And while advisers and clients have had a few years […]

Tax deductions

Beat the Lines and File Lake Property Tax Deductions Soon | Lake County News

Lake County Auditor John Petalas behind the counter in his office’s new customer service area. Bill Dolan CROWN POINT – Lake County Auditor John Petalas is offering tax breaks to new home buyers and there are no long lines – if they arrive soon. Petalas said anyone who bought a new home in the first […]

Tax deductions

Here’s Who Can Claim Home Office Tax Deductions (Sorry Remote Workers)

The number of people working remotely has increased as the pandemic has set in, and while some have returned to the office, others are still working from home. People started home businesses or new careers when they were made redundant or quit their jobs. There are many expenses that small business owners face, and one […]