Tax deductions

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 […]

Tax code

The federal tax code is not discriminatory

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, […]

Tax code

Youngkin signs bill to comply with tax code

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 […]

Tax code

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 […]

Tax code

Legislation to simplify the tax code passes Pa. House

© 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 […]

Tax deductions

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 laws

Changes to agricultural tax laws expected in the Build Back Better bill

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 […]

Tax laws

Keep an eye out for: Agricultural Tax Law Changes Expected in the Build Back Better Bill

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 […]

Tax laws

Smart Tax Law Drafting – Journal

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 […]

Tax code

UPDATE: Proposed Federal Tax Code Changes Affecting Tax and Wealth Management Clients | Schnader Harrison Segal & Lewis LLP

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 “Committee”) released a third version of the Build Back Better Bill, which includes updated guidance significantly reducing the scope of previously proposed changes to the […]

Tax code

Proposed changes to the Federal Tax Code affecting tax and wealth management clients – Taxation

To print this article, simply register or connect to Mondaq.com. 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 proposals1. The most important of these changes are described below. Individuals […]

Tax code

Proposed Changes to the Federal Tax Code Affecting Tax and Wealth Management Clients | Schnader Harrison Segal & Lewis LLP

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 […]

Tax code

Analysis: Some Proposed Tax Code Changes Would Hurt Innovation

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 […]

Tax code

Polis signs quartet of Colorado tax code redrafting bills | Legislature

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 […]

Tax code

MINNESOTA REVENUE DEPARTMENT PROVIDES STAGE UPDATE OF TAX CODE CHANGES

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, […]

Tax code

Why advancing racial equity requires fixing our broken tax code

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 […]

Tax deductions

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 […]

Tax laws

4 ways Biden’s proposed tax laws could impact stock compensation

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 […]

Tax laws

What you need to know about how the COVID-19 pandemic changed tax laws

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 […]

Tax code

Illinois Makes Major Tax Code Changes | Morgan lewis

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 […]

Tax code

Dorothy Brown on Racism in the Tax Code

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 […]

Tax deductions

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 […]

Tax code

Tax Code 280E as an Obstacle for Cannabis Businesses and the SAFE Banking Act

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 […]

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

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

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 laws

These Charitable Donation Tax Laws Have Been Changed To Help With A Pandemic

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 […]

Tax laws

Tax laws provide protections and deductions for seniors

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, […]

Tax laws

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 […]

Tax laws

Football tickets, child credits and other changes

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 […]

Tax regulations

Treasury proposes to remove nearly 300 tax regulations

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 […]