Whether you have access to a workplace retirement account or not, anyone with earned income can contribute to their own IRA. However, depending on your income, employment status, and the type of IRA you choose, your contributions may or may not be tax deductible. There are several types of IRAs available and it is important […]
Tag: tax deductions
A comprehensive guide to tax deductions for UK landlords
Post views: 142 Most of the expenses you incur when renting a home can be deducted from your tax bill as a landlord. Learn how to use them and what you can claim. Expenses an owner can claim Homeowners can generally deduct the costs of operating and maintaining their property, reducing their tax bill. If […]
Tax deductions for online business
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 […]
What you can (and can’t) write off
Do you have a home equity loan or home equity line of credit (HELOC)? Homeowners often tap into their home’s equity for quick cash, using their property as collateral. But before that, you need to understand how this debt will be handled come tax season. With the Tax Cuts and Jobs Act of 2018, the […]
The Pros and Cons of Standard Tax Deductions vs. Itemized Tax Deductions
Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount… Although you don’t have much choice when it comes to paying taxes, there are deductions available to reduce the amount you owe Uncle Sam. Deductions protect some of your income from income tax. income, and […]
Tax code proposes write-offs for certain private jet purchases
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 […]
Best tax deductions in 2021
The 2022 tax season ends on April 18, which means you get an extra weekend to file your 2021 taxes. But even as tax season begins, do you think you have everything you need? to file your tax return before tax day? Like, do you have all the paperwork? Which form do you still need? […]
Complete Guide: Home Equity Loans and Tax Deductions
A home equity loan can be a great way to use the equity in your home for a variety of different purchases. In addition to using the money for home improvement projects, many people use home equity loans to finance debt consolidation or other major purchases like investments or higher education. Although interest paid on […]
Best tax deductions in 2021
For the second year in a row, the IRS has extended its deadline for filing taxes. You will have until May 17, 2021 to complete your 2020 tax returns. So, have you started? Are all those anxious thoughts swirling around already? Like, do you have all the paperwork? Which form do you still need? Deductions […]
“The government’s objective is to move away from tax deductions”
NEW DELHI : About 16% of corporate taxpayers accounting for 61% of business income have adopted the new reduced tax regime without incentives, making it a resounding success, said Chairman of the Central Board of Direct Taxes (CBDT), JB Mohapatra , in a post-budget interview. The government’s aim is to move from tax deductions to […]
Hope for bigger tax deductions, Covid sops
The countdown to the 2022 Union budget has begun. Finance Minister Nirmala Sitharaman will present the annual budget on February 1. Earners are eagerly awaiting budget announcements to find out if there will be any policy changes that can help them save more. The budget for the 2022-23 financial year would be presented in the […]
12 tax deductions for the self-employed
Whether you’ve been self-employed for years or you’re one of the many new entrepreneurs to strike out on your own in the age of COVID-19, lowering your self-employment taxes is always a smart business strategy. Here are 12 tax deductions self-employed people could consider this tax season: Health care: It’s no surprise that health care […]
2021 Mortgage Tax Deduction Guide
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 […]
Tax Deductions for Landlords – NerdWallet
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 […]
Higher tax deductions for parents in Switzerland from 2023
This week, the Swiss government has set a date for the introduction of more generous tax deductions for childcare. © Zsv3207 | Dreamstime.com From 1 January 2023, parents will be able to deduct up to CHF 25,000 per child in childcare costs from their annual taxable income, reports RTS. Currently, the maximum is CHF 10,100 […]
Tax deductions for the purchase of a new vehicle
Buying a new car for business purposes can offer significant tax advantages. In some cases, consulting a tax professional may reveal opportunities to immediately deduct up to 100% of the purchase price of qualifying vehicles. However, there can be some important quirks to be aware of with car tax deductions. First, it’s important to note […]
Good news for home buyers! Higher tax deductions are likely on home loans in the 2022 budget
New Delhi: FM Nirmala Sitharaman is likely to offer higher tax deductions on home loans in the 2022 budget. According to the latest Mint report, steps are being taken to boost housing demand in the country. The government may increase the annual tax deduction limit for principal repayment of a home loan under Section 80C […]
End of tax year: Maximize your available tax deductions
As we head towards the end of the 2021/2022 tax year, now is the time to make sure you’ve taken advantage of the tax breaks available to you so you don’t leave “free money” on the table. However, before implementing one or more of the commonly used strategies described below, keep in mind that tax […]
8 tax deductions that could save you money in 2022
Spring is just on the horizon. Soon the snow will melt from the landscape, and flowers will appear on the left and right. Tax season is coming too, so it’s time to get your papers out and get ready for the chore. Here is some good news, however. You don’t have to be prepared for […]
New Medical Marijuana Income Tax Laws Come Into Effect In Louisiana At The Beginning Of The New Year | News
BATON ROUGE, Louisiana – Louisiana’s medical marijuana program will offer raw cannabis to its patients to smoke, and the state will change its income tax calculations as more than two dozen new laws come into effect. force Saturday with the start of the new year. Most of the new laws were passed in the ordinary […]
New Medical Marijuana and Income Tax Laws Take Effect in Louisiana Early in the New Year | Legislature
Louisiana’s medical marijuana program will offer raw, smokable cannabis to its patients, and the state will change its calculations for state income taxes as more than two dozen new laws go into effect Saturday with the start of the new year. Most of the new laws were passed during the regular legislative session that lawmakers […]
Charitable contributions, donations for tax deductions:
ATLANTA, Dec. 31 2021 (GLOBE NEWSWIRE) — Today is the last day to donate to Rescue Me, a local pet shelter, humane society or other 501c3 animal rescue to receive a 2021 tax deduction. Rescue Me operates a rescue center for special needs animals for dogs on 135 acres, and its RescueMe.org website has become […]
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 […]
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 […]
Seven small business tax deductions you need to know about
Data from the US Bureau of Labor Statistics shows that about 20% of small businesses fail in the first two years and almost half fail by the end of their fifth year. There are nearly 32 million small businesses in the United States employing more than 61 million people, making the success of a business […]
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 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 […]
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 […]
Your Guide to 2021 Tax Deductions | Taxes
Taxpayers have seen their tax deduction options curtailed in recent years, as the vast majority of taxpayers opt for the standard deduction – which doubled in 2018 – rather than itemized deductions. Yet deductions are a powerful way to lower your tax bill. Here is your guide to 2021 tax deductions. What is a tax […]
How New Tax Laws Can Impact the Hospitality Market: Are You Ready?
While all industries were affected during the pandemic, none may have suffered devastation like the hospitality market. Now, widespread vaccine deployments have contributed to a sense of optimism (tinged with caution), and yet, even as occupancy rates begin to rise, the resurgence of the hospitality industry faces other threats. A number of proposed tax laws […]
Whitmer signs bills allowing more tax deductions for disabled vets
Governor Whitmer signed Senate Bill 25 and House Bill 4921, which would improve the lives of Michigan residents by expanding tax deductions for disabled veterans and easing requirements for medical and recreational facilities of marijuana. Senate Bill 25 will allow disabled veterans to deduct taxable income attributed to the cancellation or cancellation of a student […]
Four most overlooked tax deductions | Business
Who among us wants to pay the IRS more taxes than we need? Most people don’t, but Americans routinely pay too much for failing to receive the tax deductions to which they are entitled. Let’s take a look at the most overlooked opportunities to manage your tax bill. 1. Reinvested Dividends: When your mutual fund […]
Investors could miss out on tax deductions
Real estate investors who have used rental properties could miss out on significant depreciation tax deductions. A BMT Tax Depreciation analysis found that about two-thirds of used properties had undergone some form of addition or renovation in the past three years. BMT Tax Depreciation CEO Bradley Beer said many real estate investors are unaware that […]
Maine’s Idea: The Tax Code Should Work For Ordinary Americans
Jared Golden has made himself very visible in Washington by being the only Democrat in the House to vote against the $ 1.75 trillion “Build Back Better” bill that has now gone to the Senate, following the passage of the $ 1.2 trillion bipartisan infrastructure measure President Biden signed into law on November 15. The […]
Four tax deductions you can forget to claim if you use pre-filled RTI forms
Don’t miss out on these benefits when filing your income tax returns New Delhi: If you file your income tax return (ITR) this year using the pre-filled forms, you may miss some tax deductions that are not reflected on your Form 26AS or your annual information return and, therefore, don’t get self-filled out on RTI […]
Passage of the Build Back Better Bill moves the U.S. tax code in the right direction – ITEP
The following is a statement from Amy Hanauer, Executive Director of the Institute on Taxation and Economic Policy, regarding the adoption of the Build Back Better plan by the House of Representatives. “The Build Back Better plan that the House adopted today will transform the country and make our tax code more progressive, fairer and […]
California tax deductions. Income tax deductions were above-line expenses that can be subtracted from your income if you want to estimate your non-exempt income.
California tax deductions. Income tax deductions were above-line expenses that can be subtracted from your income if you want to estimate your non-exempt income. By choosing your depreciation very carefully so that you can reduce non-exempt income, you can ensure that you get the best possible refund when you file your own California and federal […]
Kennedy Introduces Bill to Expand Louisiana Disaster Victims’ Access to Tax Deductions – News Releases
WASHINGTON – Senator John Kennedy (R-La.) Today introduced the Post-Disaster Loss Claims Act to help disaster victims qualify for tax deductions as a result of damage caused by disasters natural. âIn 2021, historic flooding, Hurricane Ida and a devastating winter storm all hit Louisiana families, and the year is not even over. Unfortunately for all […]
5 tax deductions for rental properties
From repairs and maintenance to mortgage interest, operating a rental property can involve many expenses. However, you can claim a wide range of tax deductions related to both operating the property itself and even operating a business. 1. Deductions for rental costs One of the most important aspects of owning rental property is the fact […]
Democrats rush to rewrite U.S. tax code in days
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 […]
Lesser Known Tax Deductions You Can Claim When Filing the RTI
Even if the filing deadline for income tax returns (ITRs) for the current tax year is more than two months away, it is advisable to start the process now. Among the many reasons, filing an ITR in advance will give you ample time to assess all the deductions, large and small, that you may be […]
Main tax deductions for small businesses
Publication displays: 224 Okay, you’ve launched your startup, and now your first tax season is near. Getting caught with flat feet can get expensive, so you want to avoid that. You can also register a package if you know how. Here are the main tax deductions for small businesses. Tax deductions A tax deduction reduces […]
Estimating Tax Deductions: Cohan’s Rule | Free human rights
The “Cohan rule” is derived from the Second Circuit decision of 1930, Cohan v. Commissioner, which allowed the taxpayer to approximate travel and entertainment expenses in the absence of documents indicating an exact amount.[1] The rule has since defended the proposition that, with few exceptions, taxpayers who are unable to produce complete records may nonetheless […]
Tax credits vs tax deductions: what’s the difference?
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 […]
IRS Announces Higher Tax Deductions in 2021 for Inflation-Linked Adjustments
through: Taylor williams, Nexstar News Wire Posted: Sep 23, 2021 / 10:44 CDT / Update: Sep 23, 2021 / 10:44 CDT FORT WAYNE, Indiana (DECLINE) – Changes in tax deductions due to inflation adjustments happen to taxpayers in 2021, according to the Internal Revenue Service. âThese aren’t major changes, but taxpayers will notice them,â said […]
Tax period: the best way to make WFH tax deductions
Avoiding that shortcut and doing the extra work could make a huge difference to what you get in return. Find out how to do it. Australians can get $ 1,000 in extra deductions on their tax return due to a huge trend that has swept the country – working from home. While there are a […]
ATO issues guidance on tax deductions for COVID grants
The guidelines come as Treasurer Josh Frydenberg says a number of New South Wales and Victoria state COVID-19 business support schemes are eligible for non-taxable and non-exempt income treatment ( NANE). Under the new law, payments will be treated as NANE income if they were made under a qualifying program, received in the current fiscal […]
Five legal tax deductions you probably don’t benefit from
If you pay taxes every year, be sure to use tax deductions, as using them appropriately can lower your tax bill and increase your tax refund amount. In this article, we’ll take a look at five legal tax deductions that you probably aren’t taking advantage of. If you’re looking for something more specific about tax […]
ATO issues guidelines on tax deductions for NANE COVID-19 grants
The guidelines come as Treasurer Josh Frydenberg says a number of NSW and Victorian-era COVID-19 business support programs are eligible for non-assessable and non-exempt income treatment (NANE ). Under the new law, payments will be treated as NANE income if they were made under a qualifying program, received in the current fiscal year, and were […]
Craig L Elggren, Latest CPA Updates on Small Business Tax Deductions
One thing you can expect from me, rain or shine, is to keep up to date with changes in everything tax-related. This week is no exception. Significant changes have been made to the deployment of tax deductions for small businesses, and not all deductions apply to all businesses in Phoenix Metro. But first, let’s talk […]
How to understand tax deductions for accrued liabilities
Don’t take the deductibility of accrued liabilities lightly. It’s not always as easy as it sounds. Many accountants struggle with tax deductions related to accrued liabilities. At first glance, they seem simple, but when you look at the details, there are several considerations that require special attention. This is generally a concern for accrual-based taxpayers, […]
What to know about tax deductions for homeowners in 2021
After watching Million Dollar Listing, you might be wondering how you can afford one of these amazing … [+] houses? Here are the tax deductions that make home ownership more affordable. : (LR) Fredrik Eklund, Luis D. Ortiz and Ryan Serhant, cast on Bravo’s “Million Dollar Listing” closing bell at NASDAQ M (Photo by Rob […]
Mortgage Refinance Tax Deductions Every Homeowner Should Know
Our goal is to give you the tools and the confidence you need to improve your finances. While we do receive compensation from our partner lenders, whom we will always identify, all opinions are ours. Credible Operations, Inc. NMLS # 1681276, is referred to herein as “Credible”. Most homeowners refinance their mortgage to take advantage […]
Governor Cuomo calls on US to repeal SALT tax deductions in the North Country | WWTI
NEW YORK (WWTI) – Gov. Andrew Cuomo called on the federal government to repeal state and local tax deductibility that was passed by former President Donald Trump, calling it “the first double taxation in US history. this country “. Governor Cuomo said SALT is aimed directly at democratic states and has hit New York harder […]
Congress proposes to restore tax deductions for performers
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 […]
China Allows Tax Deductions for Child Care to Boost Births
A mother walks with her twin daughters on a street in Shanghai, China, June 7, 2021. REUTERS / Aly Song BEIJING, July 20 (Reuters) – China will allow tax deductions for expenses for children under three years of age as part of a major reproductive policy easing to stem a dramatic drop in births in […]
List of Top 10 Income Tax Deductions for YY 2021-22 for Salaried Employees: Tax Benefits on Payments, Investments and Income
Representative image Income tax deductions for YY 2021-22: The tax filing season (ITR) has started. The central government recently increased the deadline for filing the ITRs for the 2021-22 tax year from July 31 to September 30, 2021, given the second wave of the Covid-19 pandemic and subsequent difficulties faced by taxpayers . As you […]
Unusual things you can claim as tax deductions for EOFY 2021
We are all trying to find a way to lower our tax bill without breaking the law, and some professions may claim things that others cannot. Tax time has arrived again and we are all trying to find a way to reduce our tax bill without breaking the law. All tax deductions are not the […]
How to Make the Most of Student Loan Tax Deductions
Article 80E specifies that only loans from specified financial institutions, including banks and any other financial institution notified by the central government, can benefit from exemptions. A student loan gives you the financial means and flexibility to undertake higher education and pay for it consistently over a longer period. At the same time, it gives […]
The legislature adopts 3 tax bills concerning personal income tax, corporate tax deductions
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 […]
Senate Finance Committee Advances Emissions-Based Review of US Energy Tax Code | Davis Wright Tremaine LLP
On May 26, 2021, the Senate Finance Committee Advanced the Clean Energy for America Act (S1298, 117th Congress) to the entire Senate on a party vote. The legislation, which is part of President Biden’s bill Building back better plan, would overhaul the federal energy tax code by consolidating more than 40 different energy tax incentives […]
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 […]
Clarinet lessons, lawn care and more: unusual but legitimate tax deductions
(ABC4) – If you’ve been rushing to file your taxes on time for the May 17 deadline – or you’ve been given an extension – you might want to be aware of some unusual tax deductions and credits. While the tax breaks below may seem unrealistic, they are absolutely legal, according to eFile.com. Medical fees […]
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 […]
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 […]
2021 Work from home Tax deductions
Boy with mother in his home office The 2017 tax reform law ended the ability for most taxpayers to deduct work-from-home expenses just in time for millions more people to start working in response to the Covid pandemic. Nowadays, only a few selected groups of homeworkers can still deduct the corresponding expenses. However, even if […]
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 […]
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 […]
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 […]
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 […]
How Tax Deductions Can Cost You Money
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 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 […]
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 […]
Tax laws offer incentives to become truck drivers; Could help alleviate shortage
In addition to deductions for individual drivers, economic incentives are increasingly available to the trucking industry as a whole. Trucking is not just a job, it is a profession, and treated as such by the Internal Revenue Service. ST. PETERSBURG, Fla. (PRWEB) February 15, 2021 If you are a truck driver, you are also a […]
Billionaires and philanthropy bigwigs want Congress to fix tax laws so charities can get more money faster
Some of philanthropy’s biggest hitters say they want Congress to reform tax laws so philanthropists can get money faster for those who need it. Several of the largest foundations in the United States – including the Ford Foundation – announced Tuesday Giving that they have formed a coalition dedicated to “accelerating charitable giving” by reforming […]
New Virginia Tax Laws Effective January 1, 2020
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 […]
9 Ways New Tax Laws Are Affecting Millennials
The Tax Cuts and Jobs Act (TCJA) of 2017 generated significant buzz as tax experts speculated about how the average American’s tax bill was affected. Some of the most significant changes relate to tax deductions and credits that could have a significant impact on the younger generation of taxpayers. For millennials, the latest round of […]
Seven Crazy Tax Laws Trump Should Change
President-elect Trump and Republicans say big tax changes are coming. It’s time. The US tax code is the most complex in the world, packed with benefits for special interests and social engineering. It is incomprehensible and often produces unfair results. In 1913, our all the tax law was 27 pages long. It’s now over 4 […]