IRS MILEAGE RATE INCREASE FOLLOWS PAST

IRS mileage rate increase follows past. The IRS usually sets the standard mileage deduction at the end of each calendar year, as that is when most taxpayers file their tax returns. The rate allows business owners the ability to deduct an expense and lower their taxable income. For only the third time since 2008, the […]

CLIMATE CHANGE BIDEN SOLAR AND TARIFFS

Climate change Biden solar and tariffs. Auxin Solar, a U.S. Manufacturer of solar modules, field a complaint with the Commerce Department, which is responsible for enforcing the tariffs on solar, claiming that the solar manufacturers in Cambodia, Malaysia, Thailand and Vietnam are making an end around the tariffs on Chinese photovoltaic cells. Imports from those […]

IRS BLAME GAME FOR DESTRUCTION OF RETURNS

IRS blame game for destruction of returns. In a somewhat surprising statement, the IRS stated it had destroyed nearly 30 million unprocessed information returns because its “antiquated technology” forced it to dispose of the paper documents and vowed to process all such information returns that it received in 2021 and 2022. The IRS statement was […]

IRS MOSTLY CORRECT ON REBATE CREDITS

IRS mostly correct on rebate credits. The IRS correctly calculated taxpayers eligibility for a recovery rebate credit in the 2021 filing season 99.3% of the time, the Treasury Inspector General for Tax Administration (TOGTA) reported. However, even the 0.7% error rate involved millions of dollars in improper allowance of the credit, and TIGTA found other […]

TAX RETURN MYTHS PART TWO

Tax return myths part two. Several myths apparently exist regarding tax returns and what you can do to speed up the process of getting your tax refund. These are false and in fact some involve people calling the IRS, which only wastes the IRS time and clogs up the process for those with legitimate problems. […]

STEVE BANNON SAYS TO TAX THE RICH

Steve Bannon says to tax the rich. Steve Bannon demanded that the U.S. increase its taxes on the wealthiest Americans, arguing that the current situation is “absurd” and that the country is “being scammed” by multibillionaires. The Ex-senior counselor to former President Trump went on a rant against tax avoidance by the nation’ wealthiest people […]

CLOSING THE RICH TAX LOOPHOLES

Closing the rich tax loopholes. In paying for the spending proposals that President Biden wants, closing loopholes designed to allow the rich to avoid paying federal income tax is one of the pillars of the plan. To do this, Biden has proposed increasing the IRS budget by $80 billion, with an estimate that it will […]

HOW MUCH MONEY CAN WE PRINT

How much money can we print. The Federal Reserve is creating dollars from scratch at an unprecedented rate, one of the man made tools to rescue the economy amid the coronavirus pandemic. In its frantic scramble to save the American economy, the central bank of the United States seems to have the ultimate superpower. It […]

TRUMP LABEL’S BIDEN’S TAX PLAN RADICAL

Trump label’s Biden’s tax plan radical. President Donald Trump describes Democratic challenger Joe Biden as a tool of “radical socialists” who are bent on taxing every American business and household into bankruptcy. Some progressives say Biden is a corporate crony who will never address systemic inequalities in U.S. society. In reality, Biden has taken a […]

TRUMP’S TAX CUTS CHANGED ECONOMY

Trump’s tax cuts changed economy. Americans have been getting used to the new Tax Cuts and Jobs Act slowly but surely. Some if its effects are already visible, and some of them will take months, or even years, to  understand. After all, economists are still publishing studies about the effect of the last comprehensive tax […]