Tax deductions

Tax deductions for property management – TheStreet

If you become a professional or part-time property manager or start renting properties to tenants, it could mean years of stable income. This income is subject to tax, but it may also have tax benefits, such as tax deductions for property management, write-offs, etc. Therefore, you will want to better understand these items at tax […]

Tax deductions

Colorado’s 529 plan contribution limits would limit tax deductions

Update: The bill was approved during the legislative session by the House and the Senate. A major tax reform bill proposes to cap the amount Colorado parents can deduct on college savings account contributions. Supporters of the bill say a planned annual limit of $ 15,000 on tax-exempt contributions so-called 529 college savings plans would […]

Tax deductions

Missouri Passes Bill to Allow Cannabis Companies to Receive State Tax Deductions

A bill to allow Missouri medical cannabis companies to deduct ordinary business expenses from their state income tax returns is heading to the office of Republican Gov. Mike Parson after near unanimous legislative approval, Saint-Louis public radio reports. The law should ease the tax burden on licensed cannabis operators, as they are not allowed to […]

Tax deductions

Albanian new petroleum tax law places limits on tax deductions that could discourage future investments

Albania offers upstream acreage in the form of production sharing agreements (PSAs). The initial costs of the tax system include signing and production bonuses, training fees, royalties collected at a rate of 10% and a government allowance at a rate between 1 and 5%. Both the royalty and the government allowance are levied on gross […]

Tax deductions

Tax deductions for Canadian producers

Most of the tax rules that apply to Canadian small business owners also apply to farmers and agricultural producers. There are, however, certain expenses, tax deductions, and write-offs that apply specifically to income from farming activities that will help lower your tax bill. Expenses, Tax Deductions and Write-offs for Canadian FarmersRepair and maintenance of buildingsThis […]

Tax deductions

How Good Planning Can Reduce Lost Tax Deductions For Senior Executives

Unlike all previous definitions of a covered employee subject to the $ 1 million deduction limit, the expansion of ARPA includes non-commissioned officers in the definition of covered employees. (Photo: Shutterstock) On December 16, 2019, the Internal Revenue Service (IRS) issued a draft regulation (REG-122180-18) under section 162 (m) of the Internal Revenue Code (IRC), […]

Tax deductions

Gatchalian calls for tax deductions to offset work-from-home setup costs

Senator Sherwin Gatchalian is proposing to reduce employee taxes for work performed under a work-from-home (WFH) setup to ease their financial burden. In a statement on Saturday, Gatchalian said the benefits in the form of eligible tax deductions could help ease the burden on telecommuting employees, such as a P 25.00 reduction in their taxable […]

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

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 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

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 complete list of tax deductions and credits for any scenario

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 want […]

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

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

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 federal […]

Tax deductions

Newsom urges end caps on state and local tax deductions

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 on […]

Tax deductions

Newsom urges end caps on state and local tax deductions

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 on […]

Tax deductions

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

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 over […]

Tax deductions

K-12 teachers could receive $500 tax deductions | K-12 Education

JEFFERSON CITY — K-12 teachers could receive up to $500 in tax deductions under a bill addressed by House lawmakers this week. Rep. Ann Kelley, R-Lamar, said House Bill 314 would reimburse teachers for all expenses related to educational purposes. Kelley, Bill’s godmother, said she typically spent $1,000 out of pocket for school-related expenses when […]

Tax deductions

9 tax deductions everyone can and should claim

fizkes / Shutterstock.com Deductions reduce your taxable income, so it’s in your best interest to claim as much as possible when filing your tax return. To get the most lucrative tax deductions, you must itemize expenses using a Schedule A. This form allows you to deduct mortgage interest, property taxes, charitable donations and certain medical […]

Tax deductions

Tax deductions could include coronavirus medical costs and teacher expenses

Most taxpayers check the box to claim the standard tax deduction. This tax season, however, the pandemic has made many people want to know how they can cope with medical bills related to COVID-19. Those who had huge medical bills last year should gather their documents to see if they can possibly deduct some of […]

Tax deductions

Weird tax deductions that have been approved by the government

When it comes to tax deductions, many people will push the boundaries to see what they can do. Quite often, it may be worth a try at least, given that there have been cases in the past where certain unusual tax deductions have been approved by the Internal Revenue Service or the United States Tax […]