Tax deductions

10 tax deductions salaried taxpayers can claim when filing tax returns

The last filing date for Income Tax Returns (ITRs) for the 2021-2022 financial year is July 31, 2022. According to the Department of Income Tax, over 2 crore taxpayers have filed their ITRs so far, and penalty charges will be levied on those who fail to meet the deadline. It is always advisable to file […]

Tax deductions

What are the tax deductions in a winning lottery ticket?

NO MATTER the excitement, there are also tax deductions when you win a lottery ticket. Before you win the lottery, it’s important to know how much you might owe. 1 You can buy lottery tickets at local grocery stores or convenience storesCredit: Getty Images What are the tax deductions in a winning lottery ticket? Winning […]

Tax laws

Which States Offer the Best Small Business Tax Laws?

kurhan / Shutterstock.com If you’re starting a small business, you’ll need to consider countless variables to determine if you have a viable idea. The size of your market, cost of production, available labor pool, and your ability to scale are just a few of the many things you’ll need to factor into your business plan. […]

Tax laws

Paul Vanderlinden sentenced for violating tax laws

Former Appleton Restaurant Owner Paul R. Vanderlinden Sentenced to Federal Prison for Violating Federal Tax Laws Richard G. Frohling, United States Attorney for the Eastern District of Wisconsin, announced that on July 20, 2022, Paul R. Vanderlinden (age: 42) of Appleton, Wisconsin, was sentenced to six months in federal prison by U.S. Senior District Judge […]

Tax code

Arkansas governor, legislature considering tax code changes to provide tax relief

At next month’s special session of the Arkansas Legislature, Gov. Asa Hutchinson and lawmakers said they would try to offer tax relief to Arkansans struggling with inflation. One of the items on the agenda will be changes to a tax deduction known as Section 179, which is used by businesses to help pay for equipment. […]

Tax code

An overhaul of the tax code for the nation

The heavy taxes imposed on the wealthy by the former Moon Jae-in administration will soon be lifted. As part of the tax code overhaul plan unveiled last Thursday by the Ministry of Economy and Finance, the Yoon Suk-yeol administration is proposing sweeping tax cuts to boost domestic demand and market-led growth. private sector. First, middle […]

Tax code

Lawmakers seek fair balance in tax code

July 21—SANTA FE — Changes passed in recent years have made New Mexico’s tax code more progressive in some respects, but also made the state more dependent on taxes levied on the oil and natural gas industries and other sources of revenue, members of a key legislative panel were briefed on Wednesday. Additionally, while an […]

Tax deductions

Lesser Known Income Tax Deductions You May Have Missed

By CNBCTV18.com Jul 21, 2022, 7:43 PM STI (Update) mini Did you know that a tax deduction of up to Rs 5000 can be claimed on the preventative health check for yourself, dependent children, spouse or parents under 60 under section 80D ? Well, it goes up to Rs 7000 for parents over 60 years […]

Tax deductions

Income tax deductions in China for pensions and children’s education expenses

As China introduces personal income tax (IIT) deductions for child-raising expenses, businesses should be aware that many people may choose to access this deduction through their employer. To facilitate this, companies should modify their policies and procedures for collecting tax and HR information. Meanwhile, the Chinese government is encouraging its citizens to invest in private […]

Tax laws

Regulations made in tax laws with Law No. 7417 – Tax Authorities

To print this article, all you need to do is be registered or log in to Mondaq.com. Some regulations have been made on some tax laws with the Law No. 7417 (In Turkish) and Law n°: 375 published in the Official Gazette of 05.07.2022 and numbered 31887. The summary of the settlement is as follows: […]

Tax deductions

Money pro reveals the FIVE most overlooked tax deductions in Australia: Tax 2022 hacks

A finance professional reveals the FIVE most overlooked tax deductions in Australia that could net you thousands of dollars The Director of Tax Communications revealed the simple ways to lower your taxes Little-known deductions include claiming a professional membership Also advised insurance premiums against loss of income are deductible By Bridie Pearson-jones for Daily Mail […]

Tax code

Our regressive tax code is getting worse – New York Daily News

An extraordinarily cruel pandemic has been extraordinarily good for the rich, especially the super-rich. New billionaires were struck at the rate of one every 30 hours. For those already in the category, dollars have been flying faster than ever. In the first two years of COVID, the value of the world’s 2,000 billionaires increased by […]

Tax laws

New tax laws for small business owners, sustainable construction startup nets $25 million and more

This week in the homeworld, an extremely unpredictable housing market resulted in a new generation of real estate agents– a group that deploys tarot card readings, manifestation rituals and chakra unblocking techniques to ease the home buying process. Whatever happens next, stay in the know with our weekly roundup of headlines, launches and events, recommended […]

Tax deductions

Lapid awaits implementation of RA 9999 giving lawyers tax deductions in exchange for free legal services

PHILIPPINES, July 11 – Press releaseJuly 11, 2022 Lapid awaits implementation of RA 9999 giving lawyers tax deductions in exchange for free legal services Senator Manuel “Lito” Lapid looks forward to the enactment of the Implementing Rules and Regulations (IRR) to Republic Act No. 9999, or the Free Legal Assistance Act of […]

Tax code

America will never achieve racial justice without reforming our broken tax code

As inflation continues to impact the American working class across the country, reports show that black Americans are the hardest hit. In addition to the massive economic inequalities caused by the pandemic, the rising costs of housing, food and gas make it virtually impossible for black communities to materially improve their financial conditions. My grandfather […]

Tax laws

Kenya’s tax laws to be reviewed once every five years under new policy

Nairobi — Kenya’s tax laws are to be reviewed once every five years as part of a national tax policy proposal that is seen as part of reforms aimed at increasing revenue and promoting a predictable tax environment for businesses operate. The National Treasury has denounced that Kenya’s revenue yield is still below the East […]

Tax deductions

Making the Most of Higher Tax Deductions for Seniors, Experts Say

The tax return filing deadline (ITR) is July 31, 2022, so taxpayers should start gathering the relevant documents and familiarize themselves with the tax filing rules. The elderly, in particular, constitute a group of taxpayers to whom different rules apply. TO READ THE FULL STORY, SUBSCRIBE NOW FOR JUST RS 249 […]

Tax regulations

The “major issues doctrine”: another tool for challenging tax regulations? | McDermott Will & Emery

Debates have raged in recent years over the future of Chevron deference, especially given the change in the makeup and opinions of the United States Supreme Court. We have written extensively about Chevron deference to the past (see here, here and here, for example). Although the Court did not address the continued viability of Chevronhe […]

Tax laws

Significant Changes to Sales Tax Laws Through the 2022 Finance Bill

KARACHI: Significant changes have been made to the sales tax laws through the Finance Act 2022 and which are applicable from July 1, 2022. PwC AF Ferguson & Co has interpreted the changes made to the Sales Tax Act 1990 through the Finance Act 2022 which are as follows: READ MORE: Key Changes to Income […]

Tax deductions

COVID-related tax deductions you need to know

Most people know that the costs of working from home during the COVID-19 pandemic are a legitimate tax deduction on your annual return. However, there are also other coronavirus-related inferences. You need evidence to show how much of your COVID-19 expenses are work-related. Credit:Justin McManus One you may not know, but could claim, is the […]

Tax regulations

What is the Major Question Doctrine

Debates have raged in recent years over the future of the Chevron deference, particularly given the shift in the makeup and opinions of the United States Supreme Court. We’ve written about Chevron deference extensively in the past (see here, here, and here, for example). Although the Court did not address Chevron’s continued viability, it recently […]

Tax regulations

Ruling sparks future legal battle over tax regulations

A corporate lobby group challenging the tax relief guidelines it obtained from the state Department of Revenue (DOR) will be able to argue its case in court, the Wisconsin Supreme Court ruled Thursday. The decision is largely technical. But that opens the door to a larger challenge: whether the revenue department’s advice on a hypothetical […]

Tax deductions

Delaware tax deductions increase with one bill, two programs | Delaware

(The Center Square) — State income tax deductions that can save Delawares thousands are a reality for contributions made since Dec. 31. House Bill 145, signed by Democratic Gov. John Carney, creates deductions for amounts up to $5,000 in DEPENDABLE accounts and up to $1,000 in DE529 Education Savings Plan accounts. The joint deposit amounts […]