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 […]
Always file and pay the correct taxes and ensure that all information declared is accurate” is wisdom worth repeating as non-compliance can have disastrous consequences. According to Article 253 of the Tax Code, anyone who violates the provisions of the Code or causes someone to commit an offense, as well as those who voluntarily assisted […]
There is a need to simplify the direct tax laws as various exclusions or exemptions announced each year have complicated them, said Revenue Secretary Tarun Bajaj. “The direct tax code has also become more complicated, a lot of exemptions, a lot of provisions have come in so I think there needs to […]
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 […]
It’s officially tax season, and if you were among the many cryptocurrency traders last year, it’s time to report your business on your 2021 tax return. This applies to those who sold or spent their cryptocurrency, those who traded one cryptocurrency for another, and those who engaged in other taxable events, such as earning interest […]
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 […]
If you use payment apps like Venmo, PayPal, or CashApp, the New Year has introduced a change to an IRS tax reporting rule that may apply to some of your transactions. The new rule, which went into effect Jan. 1, imposes no additional tax on payment app users. But it makes it harder for someone […]
Michigan’s new law will allow certain gambling losses to be deducted from taxes Since the pandemic began and Michigan legalized sports betting and launched sports books and online casinos, thousands more people have entered the gambling market. FOX 2 (WJBK) – Michigan will allow players to claim a state income tax deduction for gambling losses […]
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 to get used to the change, they may be looking at it with renewed interest after the long bull market that […]
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 […]
At this time of year, as financial advisors review the past 12 months with their clients, they also anticipate tax changes that could impact plans. For 2022, advisers are revising their plans to account for higher tax brackets and an increased standard deduction, among other changes. Here are some details about the tax changes that […]
At this time of year, as financial advisors review the past 12 months with clients, they are also considering… At this time of year, as financial advisors review the past 12 months with clients, they also anticipate tax changes that may impact the plans. For 2022, advisers are revising the plans to account for higher […]
The Panama Papers disclosed millions of financial documents in 2016, and later the Pandora Papers in 2021, revealed the global offshore tax havens used by the world’s richest and most powerful people to hide their wealth and avoid paying. taxes. But Morris Pearl and Erica Payne have a fight in their new book, “Tax the […]
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 […]
NEW DELHI: The government is considering changes to tax laws to bring cryptocurrencies under the tax net, with some changes that could be part of next year’s budget, a senior official said. Revenue Secretary Tarun Bajaj said that in terms of income tax, some people already pay capital gains tax on income from cryptocurrency, and […]
The Union government plans to change income tax laws to bring cryptocurrencies under the tax net, with some changes that could be part of next year’s budget, the revenue secretary said. Tarun Bajaj at the news agency. PTI. Bajaj said that in terms of income tax, some people already pay a capital gains tax on […]
New Delhi: The government is considering changes to income tax laws to bring cryptocurrencies into the tax net, with some changes that could be part of next year’s budget, a senior official has said. Revenue Secretary Tarun Bajaj said that in terms of income tax, some people already pay capital gains tax on cryptocurrency income, […]
Texas is well known as an income tax free haven. This is probably one of the reasons why Tesla CEO and founder Elon Musk, the richest person in the world, decided to move to Tesla headquarters in California, which has income tax on highest in the country, in Austin, Texas. However, that’s not the only […]
Paul Constant is a writer at Civic Ventures and co-host of the “Pitchfork Economics” podcast. In a recent episode, he spoke with Emory University tax law professor Dorothy A. Brown about the U.S. tax system. Emory says the current tax system actively benefits white Americans while disadvantaging black Americans. Loading Something is loading. It is […]
MANILA – The Bureau of Internal Revenue will tighten tax regulations for the financial technology (fintech) sector as online transactions continue to gain traction during the COVID-19 pandemic, the finance ministry said on Friday. “The BIR will continue to gather information and knowledge from other regulatory agencies on the identification, resolution and reduction of gaps […]
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Copyright 2021 NPR. To learn more, visit https://www.npr.org. MICHEL MARTIN, ANIMATOR: You’ve probably heard of this Senate Democrats’ proposal to tax certain billionaire assets to help pay for President Biden’s spending plan. You’ve probably also heard that this was one of the ideas that was not in the compromise announced on Thursday. It was removed […]
NPRSaturday, October 30, 2021 Update RequiredTo play audio, update browser or Flash plugin. Copyright 2021 NPR. To see more, visit https://www.npr.org. NPR’s Michel Martin talks with tax law professor and author of The Whiteness of Wealth Dorothy Brown about her thoughts on the Democrats’ proposed billionaire tax. Transcript MICHEL MARTIN, HOST: You probably heard about […]
Michel Martin from NPR speaks with a professor of tax law and author of The whiteness of wealth Dorothy Brown on her thoughts on the Democrats’ proposed billionaire tax. MICHEL MARTIN, ANIMATOR: You’ve probably heard of this Senate Democrats’ proposal to tax certain billionaire assets to help pay for President Biden’s spending plan. You’ve probably […]
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 […]
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 […]
For the publisher: President Biden therefore wants “fairness” in the tax code. Sounds laudable doesn’t it? It does this until you consider the source of the remark and examine its motives.President Biden never defines “fair”, does he? The concept of fairness is subjective at best and cannot be quantified.Oh, President Biden is going to hammer […]
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. “These aren’t major changes, but taxpayers will notice them,†said […]
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 […]
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 […]
INTRODUCTION High performance athletes who participate in various sports earn millions of dollars in salaries. Just like a normal employee, they have the right to pay their contributions to the government. Earning extraordinary salaries also results in extraordinary tax payments. Cristiano Ronaldo – a top athlete has decided to join Juventus FC, one of the […]
There was at least consensus on the state’s tax code among many New Mexico executives interested in business: it’s not exactly business-friendly. State officials Jason Harper, R-Rio Rancho and Patty Lundstrom, D-Gallup, spend time – including at a meeting of the Legislative Finance Committee on July 22 – thinking about ways to make the tax […]
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 […]
Binyamin Applebaum from The New York Times recently wrote an op-ed calling for adoption of the no-declaration filing. Under filing without a return, many taxpayers would receive an already completed return that they could amend. It’s an attractive idea, but in order for it to deliver the benefits promised, the US tax code would have […]
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As the 2016 US election approached, then-candidate Donald Trump claimed to be the “king of the tax code.” “I know all forms of tax – believe me – from [value-added taxes] to fair tax for – every form of tax, â€he once said in August 2015, according to The Washington Post. Around the same time […]
WASHINGTON – Democrats are considering changing the law to allow Americans to deduct more state and local taxes from their federal returns as part of a major economic set of liberal priorities, a policy that would help heavily taxed states primarily in the Northeast. A group of House Democrats pushing to raise the “SALT” cap, […]
Do you own a business? The legislation is expected to generate nearly $ 150 million in annual revenue by changing the way various businesses pay their taxes. The biggest sum will come from insurance companies. It will now be more difficult for them to claim a tax deduction that rewards companies with offices in Colorado, […]
It goes without saying that many Americans have made the switch to working from home for the first time due to the global pandemic. Such a change in the way businesses and employers operate has led to a delicate public policy question: how to tax businesses whose workers primarily operate from home. The Ohio legislature […]
During today’s hearing before the Senate Finance Committee, U.S. Senator Elizabeth Warren (D-Mass.) Asked Treasury Secretary Janet Yellen about the need for significant reforms to the U.S. tax code system . The exchange follows the recent ProPublica report which found that the wealthiest Americans often pay little or no federal income taxes. Senator Warren also […]
Update: The bill was approved during the legislative session by the House and the Senate. A major tax reform bill proposes to cap the amount Colorado parents can deduct on college savings account contributions. Supporters of the bill say a planned annual limit of $ 15,000 on tax-exempt contributions so-called 529 college savings plans would […]
By Seth Wilks, Director of Government Relations Have you traded or sold Bitcoin, Ether, or other digital currencies in 2020? If so, you will have the information you need to report on your tax return. With the tax deadline fast approaching, TaxBit CPAs and tax lawyers are breaking down cryptocurrency tax laws to make this […]
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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 […]
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 […]
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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 […]
On December 17, 2020, the IRS released a document titled “Closer Lookâ€. He explains the IRS’s aspiration to balance the burden on the taxpayer with the potential benefit of its compliance effort when deciding which compliance tool to use. The IRS’s goal is to minimize the burden on taxpayers while encouraging voluntary compliance using the […]
The Tax Laws (Amendment) Bill (No.2), 2020 (the Bill) was published in the Gazette with a view to making changes to various tax laws, as explained in more detail below. Once enacted, the bill will enter into force on January 1, 2021. However, we note that the National Assembly is currently suspended until February 8, […]
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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 […]
What and how a country chooses to tax speaks volumes about its values. A core value embedded in America’s DNA, for example, is equality. And in practice, Americans imagine their country to be more equal than it is and strive to treat every member of society that way. But, as I learned while researching my […]
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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 […]