Tax deductions

How does the $10,000 limit on state and local tax deductions work?

State and local governments typically impose some type of taxes on their citizens in the form of property taxes, sales taxes, or state income taxes. Traditionally, those who paid these taxes could deduct the amount of their payment from their federal income. The state and local tax deduction is abbreviated as the SALT deduction, and […]

Tax regulations

Simplifying tax regulations could improve India’s ranking in the Ease of Doing Business Index

MUMBAI / NEW DELHI: India may consider simplifying tax regulations such as withholding tax deduction (TDS) and withholding tax collection to improve its ranking in the global business rankings, according to a research report. According to the Deloitte research report, India’s overall ranking is lowered due to a lower score in the tax department. The […]

Tax laws

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 […]