Taxes

With the standard deduction being so high, fewer and fewer US households go the itemized route. Although this does help simplify your tax returns, many of us can be short-changing ourselves by taking the easy way out. Here are 8 tax tips along with some of the most overlooked tax deductions that you still have

The capital gains tax looks like its set to rise, and that could trigger both major headaches and shifts in investing strategy for those impacted by the hike. Earlier this month, President Joe Biden announced his plan for higher levies on capital gains. Under the President’s proposal, the top capital gains tax rate would increase

The Supreme Court of the United States granted a significant victory for taxpayers’ advisors today, which also happens to be tax filing day. It is no wonder that soon after revenue laws were enacted taxpayers sued to prevent the IRS from assessing and collecting tax. We are, after all, a nation founded on a tax

A veterinary science professor at Oklahoma State University was flummoxed trying to e-file his 2020 individual tax return due May 17, 2021 over the weekend. The professor, Jerry Ritchey, who has successfully e-filed his returns for umpteen years, got a rejected message. The problem: The Internal Revenue Service still hasn’t processed his 2019 tax return,

Here we are again. Just a day away from another tax deadline. If you haven’t filed yet, you have until midnight Monday, May 17th, to file. Here are some last-minute tips. You can still reduce your tax bill If you’ve been waiting to file because you know you will owe money, you still have a chance

The 2020 tax return season is finally reaching its filing deadline. With over 126 million tax returns received by the IRS as of May 5, it seems that most taxpayers have filed. However, there are always taxpayers who wait until the deadline to file their returns. As a result, with the new deadline of May 17, 2021 looming,

Tax Day 2021 is May 17 (Monday). If you haven’t yet filed your federal tax return, you need to decide whether to go for it now or wait. If you can’t beat the buzzer by May 17, you can let the clock run out and go into overtime via an extension of your filing due

In Illinois, under current law, hair dressers need a license but tax preparers do not. The Biden administration plans to change that and give the IRS authority to regulate all paid tax preparers. Tax preparers, which include Certified Professional Accountants (CPAs), Enrolled Agents (EAs), and unregistered tax preparers, have access to highly confidential information, including

As the saying goes, “The road to Hell is paved with good intentions.”  That seems to be the case with section 602(c)(2)(A) of the American Rescue Plan Act (ARPA), signed into law by President Biden on March 11. The subsection prohibits states from using funds disbursed under the act to “directly or indirectly offset a reduction in

New spending rules issued this week say that states and local governments can use their federal COVID-19 relief aid for hazard pay for essential workers. The allowance comes amid a brewing battle in California over grocery workers’ right to hazard pay. The inclusion is part of the U.S. Department of Treasury’s sweeping guidance on how

The Internal Revenue Service is conducting an “ongoing, extensive investigation involving substantial IRS resources” into cryptocurrency holders. As part of that investigation, the IRS is serving “John Doe” summons on various cryptocurrency companies, seeking court orders to require cryptocurrency exchanges to turn over account holder’s names and other key identifying information. On May 5, 2021,

The Department of Justice issued a news release to strike terror in the hearts of anyone attempting to execute cryptocurrency tax shenanigans. The federal court for the Northern District of California entered an order authorizing a John Does summons on Payward Venture Inc and Subsidiaries d/b/a Kraken. The IRS wants to look at the records of

Why is it hard to stop inflation? Because it creates so many winners. Down in Washington they’re printing money like ink is going out of style. Possible consequence: People spend the money, bidding up the prices of cars, lumber and semiconductors. We might get high inflation, high being something more than the target rate of

The Internal Revenue Service has announced new, higher contribution limits for health savings accounts for 2022. Are you maxing out these benefits? At the end of January, Americans held $82.2 billion in 30 million health savings accounts, according to HSA advisory firm Devenir. That’s a year-over-year increase of 25% for HSA assets and a 6%

Jonathan Curry of Tax Notes recaps the tax provisions of President Biden’s American Families Plan and discusses with Dean Zerbe of Alliantgroup LP the finer details and its likelihood of passing Congress.  This post has been edited for length and clarity. David Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week:

In deciding whether or not to bet on the founders of Lili, a digital banking app that caters towards America’s freelancers, Group 11 founding partner Dovi Frances wanted to be sure he had “the OGs of the digital banking industry.” “It’s not like you’re looking for veterans in everything you do,” Frances says. “In Lili’s

Some Americans may be eligible to receive another cash stimulus from their state or local government, according to new spending rules released by the U.S. Department of Treasury on Monday. The rules outlined long-anticipated guidance on the State and Local Coronavirus Fiscal Recovery Fund (Recovery Fund), part of the American Rescue Plan Act. The bill includes $350 billion in direct,

Now that we know the Biden administration’s ideal rate for a global minimum corporate tax — 21% — it’s a bit easier to look at what that rate might mean, particularly for developing countries. At the high end, one estimate has pegged the potential global gains in unrecovered taxes at over $500 billion annually. In a recent

Tax day this year was extended till May 17, but with that right around the corner, are you ready to file? Many mistakes happen when people are in a hurry, and tax returns are important. Each one must be signed under penalties of perjury. So instead of rushing to file your taxes, you can go

Today’s column addresses questions about divorcing and remarrying after 60 to allow survivor’s benefits from a previous marriage, temporarily avoiding the deeming provision even if you were born after 1/1/1954 and how Social Security uses earnings histories to calculate benefit amounts. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and