TAXING THE RICH TO DETER INEQUALITY

Taxing the rich to deter inequality. In the United States the gap between the rich and poor was heightened during the Covid pandemic. More people became poor, and more became wealthy. One simple reason for this is the IRS tax code, which changed in the 50s and early 60s, where the rich used to be […]

RETIREES AND THE ECONOMIC DOWNTURN

Retirees and the economic downturn. If you’re a retiree with an investment account, you may be worried about recent volatility in the stock market. You’re probably counting on your investments to help support you, so seeing their value fall can be very unsettling. The good news: The Coronavirus Air, Relief, and Economic Security Act (the […]

IRS ANSWERS ON CARBON CAPTURE CREDITS

IRS answers on carbon capture credits.  The Internal Revenue Service has issued guidance to help businesses understand how legislation passed in 2018 may benefit those claiming carbon capture credits. Today’s guidance addresses the definition of “beginning of construction” and provides a sage harbor for partnership allocations of the credit. After the enactment of the Bipartisan […]

MANAGE TAXES FOR YOUR GIG WORK

Manage taxes for your gig work. What is the gig economy ? The gig economy–also called sharing economy or access economy–is a activity where people earn income providing on demand work, services or goods. Often, it’s through a digital platform like an app or website. The gig economy is taxable. You must report income earned […]

TAX DOCUMENTS YOU NEED TO FILE RIGHT

Tax documents you need to file right. When most people celebrate the new year, tax returns aren’t generally on their minds. But if you’re expecting to get a tax refund and itching to have that money in your pocket as soon as possible, there’s a good reason to want to have your return prepared quickly […]

TAXES AND THE 2020 ELECTION

Taxes and the 2020 election. The IRS could be forced to release President Trump’s taxes in the heat of the 2020 election. The administration is betting that it can drag out the coming case beyond next year’s elections. That could prove a bad strategy. President Trump’s bet that it’ll take years to resolve a coming […]

TAX CUTS AND A MERRY CHRISTMAS

Tax cuts and a Merry Christmas. Christmas Bells are ringing for lots of Americans this year, as the economy is buzzing along, jobs are plentiful, gains in wages are finally moving upward, and a feeling that the worst of the great recession is finally over. Looking back at what transpired in 2008, the loss of […]

STATES WITH THE HIGHEST AND LOWEST TAXES

States with the highest and lowest taxes.  These may not be the one’s that you think. This data is not limited to personal taxes, but also includes corporate taxes, which may account for some of the misconceptions. State with the highest and lowest taxes. Number one on the list of the states with the highest […]

TAX SECURITY 101 SECURITY SUMMIT

Tax security 101 security summit. Tax security was on the mind at the Internal Revenue Service and its Security Summit partners today as they kicked off a summertime security awareness campaign for tax professionals with a new, expanded guide providing critical steps to protect client data and highlighting available resources. The new effort by the […]

2017 Tax Planning now !

2017 tax planning now ! Time is running out on this year quickly. Before the Holidays get here, with additional things to do, and time constraints, take the time to begin your tax planning now. You won’t regret it. I little bit of preparation can go a long way in making sure you don’t need […]