Small business taxes are like vampires…not the cute vampires you see on TV. Unfortunately, waving a bunch of garlic won’t make them go away. The latest information and advice to help you run your business. However, you can reduce your tax bill by taking as many tax deductions as possible. Tax deductions for online businesses […]
Natalie Moore’s column stating that the federal tax system is racially discriminatory (“In tax season, green isn’t the only color that matters”) is long on generalization but short on fact. For example, it is claimed that a married couple each earning $50,000 a year does not get the same tax relief as a single-earner couple, […]
Pandemic-related loans will not be treated as state taxable income Posted February 24, 2022 by Robyn Sidersky young This year’s tax season could be a little less complicated for businesses that got Paycheck Protection Program loans and Rebuild Virginia grants during the pandemic. A bill Governor Glenn Youngkin signed into law on Wednesday will ensure […]
A tweet from a New York congressional candidate pitting federal tax deductions available to teachers against deductions available to people who can purchase private jets quickly spread, garnering 23,500 retweets and 91,700 likes. “Teachers can only deduct up to $250 for school supplies on their taxes, but billionaires can deduct the entire cost of a […]
According to a law professor who has spent her career documenting racism in the tax system, America has a major racial wealth gap that is partly due to the way the federal tax code is written. Indeed, the median wealth of white families is nearly eight times that of black families and five times that […]
© Shutterstock Several bills to simplify the tax code for Pennsylvania residents and small businesses were approved by the Pennsylvania House of Representatives this week. House Bills 199, HB 285 and HB 333 each passed the House of Representatives on Tuesday and are now heading to the Senate for consideration. “Small businesses have a reputation […]
Your guide to mortgage tax deductions for 2021 It’s time to start filing your 2021 taxes. And many homeowners will be wondering about mortgage tax deductions. Generally, you can only deduct certain mortgage costs – and only if you itemize your deductions. If you take the standard deduction, you can ignore the rest of this […]
You can get federal tax breaks for owning a home if itemizing deductions on your 2021 tax return makes financial sense. But it’s a bigger “if” than before. Although homeowner tax deductions can run into the thousands of dollars, claiming them is only worth it if all of your itemized deductions exceed the standard IRS […]
With ranchers, farmers and businessmen juggling the fallout from the pandemic, supply shortages and rising costs, there is another ball that can be thrown on the circus scene: the modifications. federal taxes. President Biden and the Democrats have proposed several federal tax changes that would affect the agriculture industry and small businesses. Some of these […]
With ranchers, farmers and businessmen juggling the fallout from the pandemic, supply shortages and rising costs, there is another ball that can be thrown on the circus scene: the modifications. federal taxes. Some lawmakers have proposed several federal tax changes that would affect the agriculture industry and small businesses. Some of them were eliminated from […]
The government promulgated the Presidential Ordinance – the Tax Laws (Third Amendment) Ordinance 2021 – on September 15, providing for certain enforcement measures aimed at improving documentation of the national economy, improving tax compliance and broaden the tax base. Although it became law and has been in force since then, it has a limited lifespan […]
UPDATE (11/8/21). Welcome to the legislative roller coaster! For now, we can all breathe a collective sigh of relief. On November 3, 2021, the United States House Rules Committee (the “Committeeâ€) released a third version of the Build Back Better Bill, which includes updated guidance significantly reducing the scope of previously proposed changes to the […]
WASHINGTON – As they scout for income to pay their sprawling spending bill and attempt to unite a fractured caucus, Democrats are attempting to rewrite the U.S. tax code in days, proposing the kind of sweeping changes in the how America taxes businesses and individuals that would normally take months or years to adopt. The […]
Multitasking mother with little daughter at home office MoMo Productions Getty Images 2020 has been a difficult year that has significantly affected the traditional American business environment. A Stanford University study found that about 40% of the U.S. workforce now works from home full time due to COVID-19. This has led many to wonder about […]
To print this article, simply register or connect to Mondaq.com. On September 13, 2021, the United States House Ways and Means Committee (the “Committeeâ€) released proposed changes to the federal tax code, including significant changes affecting trusts, estates, gifts and rates. tax, among other proposals1. The most important of these changes are described below. Individuals […]
TROY, Michigan – (COMMERCIAL THREAD) – The adage that “life insurance is sold, not bought” may have found its place in the double blow of the COVID-19 pandemic and a change in the federal tax code that allows policyholders to create more cash value in their projects. According to the JD Power 2021 study of […]
On September 13, 2021, the United States House Ways and Means Committee (the “Committee”) released proposed changes to the Federal Tax Code, including significant changes affecting trusts, estates, gifts and rates. tax, among other proposals. The most important of these changes are described below. Individuals are likely to need prompt legal assistance to make the […]
Editor’s Note: David Gardner, Founder of Cofounders Capital in Cary, is a regular contributor to WRAL TechWire. CARRIE – Taxes are not only a way to pay for everything governments provide, they are also a powerful tool used to influence how citizens are made to invest, save, support charity, etc. As Congress scrambles to find […]
Editor’s Note: David Gardner, Founder of Capital of the co-founders at Cary, is a regular WRAL TechWire contributor. CARY- Taxes are not just a way to pay for everything governments provide, they are also a powerful tool used to influence how citizens are incentivized to invest, save, support charities, and more. As Congress scrambles to […]
A federal appeals court unanimously dismissed a complaint filed by the former governor on Tuesday. Andrew Cuomo to overturn a tax review law approved by former President Donald Trump in 2017 that limited federal deductions from state and local taxes. The $ 1.5 trillion law imposed a cap of $ 10,000 on itemized SALT deductions […]
It is important to follow the tax laws in each state. This blog will talk about some of the most recent changes and how they may affect your business. For starters, it was once possible to set up a business in any state and do business across the country without much hassle. Recently, however, states […]
Tax deductions and tax credits reduce the amount you owe the IRS, but in different ways. Tax credit: A tax credit gives you a dollar for dollar reduction on your tax bill. For example, if your federal tax bill is $ 10,000 and you qualify for a tax credit of $ 2,500, that credit reduces […]
Governor Jared Polis on Wednesday enacted four bills to fundamentally restructure Colorado’s tax code. “Today is definitely one of my most exciting days as governor as we provide tax breaks to the people of Colorado,†Polis said, touting the package during a signing ceremony at Boettcher Mansion. “Together, we are delivering significant tax relief so […]
America is undoubtedly at a key inflection point as we work to transition to a clean energy future. There is alignment between lawmakers, industry and the public in favor of the transition to cleaner fuels and new technologies designed to reduce carbon emissions. As Congress contemplates new energy and environmental policy goals, tax policy becomes […]
The Minnesota Department of Revenue continues to provide updates on tax code changes enacted earlier this year and their progress in updating their systems. Below is their most recent update. The changes to the Minnesota tax code were enacted on July 1, 2021. The changes relate to unemployment compensation, paycheck protection program (PPP) loan forgiveness, […]
As we continue Black Philanthropy Month, a new Gallup poll has shown Americans have lower confidence in our country’s ability to achieve racial equity in areas like housing and jobs. The results were the lowest numbers on record since Gallup began tracking this data in the 1980s. With black Americans particularly dubious about equal opportunity […]
CHARLTON – Dave Wood is in a tight spot of $ 5 million. He is 79 years old and does not yet have a family member to bequeath his farm to upon his death. He’s not the only one: According to a 2020 USDA report, two-thirds of family farmers nationwide who plan to retire in […]
Two House lawmakers on Wednesday reintroduced bipartisan legislation aimed at changing a provision in the Tax Cuts and Jobs Act that makes it difficult for performers to deduct professional expenses. The Performing Artist Tax Parity Act, sponsored by Representative Judy Chu, D-Calif., And Vern Buchanan, R-Florida, would update the tax deduction for qualified performers to […]
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President Biden’s proposed tax hikes may impact your stock piggy bank getty Tax increases could be looming. If you have stock options, restricted stock units or company shares, now is the time to analyze whether the tax changes proposed by President Biden could affect your financial planning, whether either directly or indirectly. Some of the […]
Scott Simon of NPR discusses the IRS’s ability to enforce tax laws with Chye-Ching Huang of the Tax Law Center at the NYU School of Law. SCOTT SIMON, HOST: * If there is indeed a bipartisan deal on new infrastructure spending, one thing that won’t help pay for all of this is collecting the money […]
The coronavirus pandemic has eased significantly across the country as the economy opens up. But the resulting tax ramifications are still being felt. Among the changes: The Internal Revenue Service has started reimbursing millions of Americans in two separate areas: unemployment benefits and child tax credits. The changes relate to unusual arrangements adopted in part […]
Illinois Governor JB Pritzker enacted various bills on June 17, including the State Budget Bill, SB 2017 (Budget Bill), which contains several provisions intended to increase revenue. Other bills passed by both the Illinois Senate and House, but awaiting the governor’s signature, make significant changes to the Illinois tax code, including the creation of a […]
Illinois lawmakers have passed legislation that is both good and bad news for Illinois taxpayers. The good news is, if approved by Governor Pritzker, Illinois taxpayers will be able to take advantage of a workaround to the $ 10,000 Federal Tax Deduction Cap for States and Local Authorities (SALT). . The bad news is that, […]
A ProPublica Report released this week documents how some of the wealthiest Americans are taking advantage of loopholes to avoid paying federal income taxes. While the report focused on billionaires like Jeff Bezos and Elon Musk, Dorothy Brown — a South Bronx native and law professor at Emory University in Atlanta, who holds a master’s […]
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BATON ROUGE, Louisiana (LSU Manship School News Wire) – The legislature passed three bills on personal income tax and corporate tax deductions on Thursday, including one that lowers personal income tax brackets. The tax overhaul will allow individuals and businesses to reduce their income tax rates while waiving the right to deduct federal tax payments […]
Reality TV streaming service Hayu sent subscribers an email announcing a price hike ranging from 5% to 14.98%. For example, Hayu now costs $ 6.29 in Ontario, $ 6.71 in British Columbia, and $ 6.89 in Quebec. You can find all the changes to the cost of the service in the table below. In the […]
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 […]
Newswise – After passing new legislation in April allowing banks to provide services to cannabis companies in states where the drug is legal, the U.S. House of Representatives has signaled it may be high time to remove business barriers for the cannabis industry. The bill, dubbed the SAFE Banking Act, comes after a major lobbying […]
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 […]
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Deductions are sometimes not worth juggling. getty With the federal tax return pushed back to mid-May, Americans have some leeway and might come up with more things they think they need to write off. Corn Rick Kahler, President of Kahler Financial Group in Rapid City, SD, shows us how certain deductions might actually make you […]
NEW YORK (WABC) – Tax Day this year has been pushed back by more than a month, until May 17. Some deductions and rules can get very expensive if you don’t know them. It’s a 7 On Your Side question that’s often asked – where’s my tax refund check? 7.6 million has yet to be […]
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 […]
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 […]
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 […]
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 […]
This article will give a general overview of the taxes on cryptocurrency earnings in each country. This will give you a springboard for further research. A Stake.com Reviews shows that a number of Bitcoin bettors are using their games and books to make a decent amount of winnings – but what about taxes on such […]
If you are inclined to support charity, 2020 might be a special year to do so. The usual funding needs of nonprofits have been compounded by the COVID-19 pandemic. Many charities have seen donations plummet and income-generating events canceled while grappling with increased demand for their services. A survey conducted in late October by the […]
My friends, I have read a lot about the coronavirus. Apparently it was spreading in a Washington state nursing home with fatal consequences. We are told that most people will overcome the disease, but our elders are the most vulnerable. Apparently, it’s not so deadly with our children. And if they do catch the virus, […]
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CHARLOTTESVILLE, Va. (WVIR) – As Virginians ring in the new year, new tax laws are taking effect across the Commonwealth. Starting January 1, 2020, a number of new laws will change the way Virginians shop and pay taxes. A law is a reduction in the sales tax on certain products considered essential hygiene products. The […]
If you haven’t started preparing tax returns, consider this your sign. Significant changes have been made to federal tax law since the enactment of the Tax Cuts and Jobs Act of 2017. Here’s what you need to know as you prepare to file your case by Monday, April 15. You will probably take the standard […]
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The books of the Income Tax Regulations sit during a scouting hearing of the House Ways and Means Committee at… [+] Washington, DC, United States, Monday, November 6, 2017. Photographer: Andrew Harrer / Bloomberg The US Department of the Treasury has proposed the repeal of nearly 300 tax regulations that are “unnecessary, redundant or outdated […]