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 […]

TAX RULES FOR YOUR VACATION RENTALS

Tax rules for your vacation rentals. If you use a service for renting out your vacation home, such as VRBO and Airbrib, you will get a 1099-K IRS tax form, for transactions conducted through their website. Since most rentals processed through those sites offer significant services with the rental, this would be considered self employment […]

SECURE ACT SECURING YOUR TAXES

Secure Act securing your taxes. The Secure Act was the brainchild of those who saw the wrecked retirement landscape in America, due to the Covid pandemic. Millions of households dipped into IRS retirement 401 (k)s to get by, and that not only lowered what they had for retirement, but they had to pay penalties for […]

BIDEN TOUTS DEFICIT REDUCTION BY HIM

Biden touts deficit reduction by him. President Biden has stated that the government coffers have improved significantly since he took office, compared to former President Trump. Besides the quarterly reduction in the national debt, the Treasury Department estimates that this fiscal year’s budget deficit will decline $1.5 trillion, That decrease marks a big improvement from […]

NEW IRS TAXPAYER OFFICE INCREASE COLLECTIONS

New IRS taxpayer office increase collections. Under the Taxpayer First Act, the taxpayer experience has been reimagined based on the following six pillars, which represent the long term goals the IRS hopes to achieve over the next 10 years. 1 Expanded digital service. 2 Seamless experience. 3 Proactive outreach and education 4 Community of partners […]

IRS FORGETS USING FACIAL RECOGNITION

IRS forgets using facial recognition. In the aftermath over the January 6th attack on the Capital, and the outcry over government intervention and intrusion into the lives of American citizens, the IRS has given up for now on the IRS facial recognition technology it was thinking of using. It seems other reasons also were voiced […]

GOP UNITED AGAINST BIDEN

GOP united against Biden. Republicans in Congress are united in opposing President BIden’s $6 trillion budget and instead are suggesting that his Covid relief bill is stalling the economic recovery, by allowing people to stay home and not go to work. They suggested that months ago, prior to the development and distribution of the vaccine, […]

WILL RICH SUPPORT BIDEN TAX INCREASE

Will rich support biden tax increase. President Joe Biden ran on a platform of raising taxes for anyone who earned dover $400,000 a year. And he was elected President of the United States of America, validated by dozens of court cases across the entire country. The shift in sentiment regarding taxing the rich is in […]

GREEN ENERGY COMPANIES WANT BIDEN

Green energy companies want biden. Finance chiefs in the clean energy sector will face different realities depending on who wins the U.S. presidential election, but are eyeing the possibility of an economic boost under a Democratic victory. Renewable energy is one of several policy areas where the two candidates hold starkly contrasting views. Former Vice […]

CONFUSION IN CRYPTOCURRENCY TAXATION

Confusion in cryptocurrency taxation. Venezuela is hoping that cryptocurrency punishing hyperinflation and the effects of U.S. sanctions that have stifled trade and rendered the Venezuelan currency nearly worthless. Since 2018 the government has experimented with different cryptocurrency projects, but so far none have succeeded. In 2018 the government released a national cryptocurrency, the petro, that […]