Tag: Government Budget/Taxation

I cover most of my parent’s expenses — what tax breaks am I eligible for?

Do you pay over half the cost of supporting a parent? If so, your parent is your dependent for federal income tax purposes. As such,...

The difference between a vacation home and a rental property — and what it means for your taxes

Do you own a second home that you sometimes use for vacations and sometimes rent out? The IRS wants to know how much time you...

Is it OK to cheat on your taxes? The IRS polled Americans for an answer

It would be tough to find people who enjoy paying taxes, but it’s easy to find people who say it’s their duty as Americans to...

U.S. state budgets will tick up in 2022, report finds

The coronavirus shock wasn’t nearly as bad as feared for U.S. state fiscal health, but there have been wide disparities among state experiences, with 2022...

Biden’s long-term spending plans ‘are not about overheating the economy,’ says White House adviser

Top White House economic adviser Brian Deese on Wednesday defended some of the Biden administration’s long-term spending plans, characterizing the proposed outlays as not connected...

How to claim the child tax credit if you don’t file taxes — payments start July 15

Weeks ahead of the first monthly payment to millions of families under the expanded Child Tax Credit, federal officials are trying to make sure as...

How much income tax will Biden and Harris pay under their proposed hikes? These accountants say they’ve found an answer

President Joe Biden has been touting his proposed tax hikes on the rich by saying they need to start “paying their fair share.” If his...

‘Transformative’ money or just plugging budget gaps? Local governments discuss federal stimulus plans

As billions of dollars of federal stimulus money works its way to U.S. state and local governments, the people in charge of figuring out how...

IRS investigating leak of tax returns from Elon Musk, Warren Buffett and other billionaires

Hours after an investigative news outlet said it obtained years of tax returns showing that billionaires including Amazon AMZN, +1.35% founder Jeff Bezos and Tesla...

I want to move to a walkable, historic, four-season town and have a budget of $30,000 a year — where should I retire?

I am recently retired, and now that it’s a seller’s market, it seems like the perfect time to sell my home and move to a...

A G-7 Deal on a Global Minimum Tax for Companies Faces Hurdles

An agreement by wealthy countries to impose minimum taxes on multinational companies faces a rocky path to implementation, with many governments likely to wait and...

5 reasons you should gift to your children now

In 2020, some family business owners held off on preparing gifting programs that would transfer assets from them to their children to see which way...

How financial planning can help you. Exhibit A: Selling your home before getting married — and facing this avoidable tax mistake

If you are affluent or will be in the future, taxes are or will become one of your biggest expenses — maybe the biggest. And...

Momentum Builds Behind U.S. Proposal for Minimum Corporate Tax

Germany and France welcomed the Biden administration’s new acceptance of a minimum corporate tax rate as low as 15%, possibly smoothing the way to a...

Washington wants to bring back Build America Bonds. The muni market isn’t buying it

Washington lawmakers considering President Joe Biden’s $2.3 trillion infrastructure package are interested in reviving a program born out of the response to the last recession,...

American families will finally get their Child Tax Credit money — here’s when the first payment will arrive

More than two months after federal lawmakers boosted the Child Tax Credit payout and broadened eligibility as one part of its $1.9 trillion stimulus bill,...

From stimulus checks and bitcoin to mask write-offs — read this checklist before the tax filing deadline on May 17

If taxes are a certainty in life, so are the people who wait until the last minute to file. Well, that last minute is getting...

Opinion: Biden’s plan to raise capital-gains taxes on the rich is good politics but bad economics

The leak about the second phase of proposed tax increases concerning capital gains pushed the investor community into a frenzy. While the details of the...

Bitcoin suffers biggest weekly loss since March 2020

The price of bitcoin temporarily dropped below the psychologically important $50,000 level on Friday, putting the digital asset on track for its worst weekly performance...

If you’re in your 50s or 60s, consider these moves to avoid higher taxes in retirement

If you are working with an eye toward retirement or even semiretirement, you are probably (hopefully) saving more than you could in the past in...

Germany’s federal election may be the Georgia Senate race of the autumn

When the U.S. Senate surprisingly fell into Democratic hands after the Georgia runoff race, the financial market impact was monumental. The move was most obviously...

April 15 is not tax day in 2021, but it’s still a crucial deadline for some taxpayers — are you among them?

But the words normal and typical don’t seem to apply to anything these days, and this year’s tax season is no exception. So the simple...

Expecting another refund after the IRS calculates the $10,200 unemployment tax break? You might want to do more than just wait

The Internal Revenue Service says it will automatically readjust tax returns and issue extra refunds for people who already filed their taxes before a valuable...

When can I deduct business meal and entertainment expenses under current tax rules?

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target. If you’re confused about what rules currently apply, I...

New York officially approves legal online sports betting

New York state has announced it approved a budget for its fiscal year 2022 that would allow for legal online wagering in the state for...