IS PRESIDENT BIDEN INCREASING TAXES OR NOT

Is President Biden increasing taxes or not. During the campaign trail, then candidate Biden promised a multitude of benefit s for the middle class, due to what he saw as a nation that was slipping into a two tiered system of the have’s and have not’s. He promised not to tax anyone with an income […]

TAX PROVISIONS IN YEAR END TAX RELIEF BILL

Tax provisions in year end tax relief bill. The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Ace, 2021, H.R. 133, passed both houses of Congress on […]

TAX HITS TO PANDEMIC CLOSED BUSINESSES

Tax hits to pandemic closed businesses. Thousands of small businesses have shut down because of the COVID-19 pandemic. Adding insult to injury, many are facing tax hits as they wind down. Small businesses have felt the brunt of the COVID-19 pandemic, with thousands of enterprises forced to close since the beginning of the pandemic. As […]

RICH WANT MORE TAXES TO AID RECOVERY

Rich want more taxes to aid recovery. “Tax us. Tax us. Tax us.” an open letter from the group calling itself “Millionaires for Humanity” read. The group also had made the call for tax hikes on the wealthy at the World Economic Forum last January. Disney heiress is among the millionaires calling for governments to […]

TREASURY MIGHT ALTER TAX DATE

Treasury might alter tax date. Will he or won’t he ? That’s the question on the minds of taxpayers and tax professionals alike as Treasury Secretary Steven Mnuchin continues to mull extending the tax filing deadline for 2020. As it currently stands, the 2019 tax filing deadline remains July 15th, 2020. Last year, the Internal […]

HOSPITALS PAID CEOS MILLIONS FROM BAILOUT

Hospitals paid CEOS millions from bailout. HCA Healthcare is one of the world’s wealthiest hospital chains. It earned more than $7 billion in profits over the past two years. It is worth $36 billion. It paid its chief executive $26 million in 2019. But as the Coronavirus swept the country, employees at HCA repeatedly complained […]

CONGRESS MAY LET YOU USE RETIREMENT

Congress may let you use retirement. You may soon be able to withdraw up to $100,000 from your 401(k) retirement plan amid the coronavirus outbreak. Just make sure you read the fine print before you jump in. The Senate is currently negotiating over a package of COVID-19 stimulus measures, one of which allows savers to […]

UNIVERSAL HEALTHCARE HAS BECOME POLITICAL

Universal healthcare has become political. With the number of people uninsured in the United States continuing to go up, and the cost of prescription drugs going up, the public outcry over the cost and quality of the United States healthcare system has intensified. As rural hospitals and emergency rooms continue to shut down, it has […]

TWELVE EXPENSES YOU SHOULD NOT CLAIM

Twelve expenses you should not claim. No one wants to pay more than he or she has to in taxes. Fortunately, numerous deductions and credits can help lower your tax bill. However, don’t make the mistake of trying to claim one of the these expenses or you might get into an audit with the IRS. […]

RETIREMENT ENHANCEMENT ACT EXPLAINED

Retirement enhancement act explained. This Act, also known as the Secure Act, allows for non-taxable income received by home healthcare workers “difficulty of care” payments, to be treated as compensation for purposes of contributing to defined contribution plans and IRAs. The maximum penalty free distribution is $3,000 per individual per birth or adoption. As  a […]