During inflationary times, real estate can act like a hedge against inflation. It can also provide some stability if a recession turns to stagnation. But remember, even when inflation is roaring, people still need housing. It’s common knowledge that a mortgage’s interest can be deducted on a primary residence. But what about rental property? What…
Spanish Court Formally Orders Shakira to Stand Trial Over Tax Fraud
MADRID—A Spanish court on Tuesday formally ordered Colombian superstar Shakira to stand trial on accusations that she failed to pay 14.5 million euros ($14.31 million) in income taxes, a court document released on Tuesday showed. The singer, 45, whose full name is Shakira Isabel Mebarak Ripoll, rejected in July a deal to settle the case,…
Family Finances: Use Tax Breaks to Lower College Costs
September 27, 2022
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By Sandra Block From Kiplinger’s Personal Finance It’s often said that buying a house is the largest investment most of us will ever make. But if you have a couple of children, the cost of sending them to a four-year college could exceed even that big-ticket item. Three kids—or at least one with Ivy League…
Will You Be in a New Tax Bracket Next Year?
No one likes paying taxes, but they are part of life. Getting your annual taxes as low as you can is something everyone wants, but this next tax year may mean paying more taxes for some. The Internal Revenue Service (IRS) will make a tax bracket-adjustment soon—and it probably will put some people into a…
Biden’s New Tax Law Could Pinch Warren Buffett’s Berkshire, Amazon the Most, Says Study
The new 15 percent corporate minimum tax would impact nearly 80 companies with Berkshire Hathaway Inc. and Amazon.com, Inc. paying up the most, according to a study conducted by the University of North Carolina Tax Center, as reported by CNBC. Estimated Payout The study estimated that approximately 78 firms would have been subject to the…
Family Finances: How the Inflation Reduction Act Affects Your Finances
By Sandra Block From Kiplinger’s Personal Finance The Inflation Reduction Act includes everything from a tax hike on large businesses to extended subsidies for Affordable Care Act health insurance policies. Here’s a look at the provisions that could affect your finances. Lower Drug Costs for Seniors Medicare will have the right to negotiate prices for prescription…
How Will Increased IRS Staffing Affect Americans?
September 13, 2022
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The Inflation Reduction Act is adding 87,000 IRS agents. With current staffing at 79,000, this more than doubles the IRS roster. This will return IRS personnel numbers to 1990 levels. The argument for the increase is tax enforcement of wealthy individuals and corporations. The projections and arguments may not hold up when analyzed. How will…
Tax Deductions You Can Get for Running a Home Business
These days, almost anyone can start a home business. The opportunities are there, and many of them do not cost a bundle to get started. The IRS is even favorable to home-business owners—and the self-employed—enabling you access to a wide range of tax deductions. Many tax deductions for a home-based business are available. The IRS…
How Are Annuities Given Favorable Tax Treatment
How are you saving for retirement? Like most people, you’re probably contributing to a 401k or IRA. There’s nothing wrong with that. After all, there were about 600,000 401(k) plans in 2020, with 60 million active participants and millions of retired and former employees. And, in the same year, nearly 29 percent of US households owned traditional IRAs….
Business Mileage Demystified: How To Save Money While Not Increasing Audited Chances
When it comes to business tax deductions, one of the most overlooked helps are your auto and transportation fees. This may be because business owners are either unaware of this benefit or just don’t believe that it’s worth the hassle. The thing is, business mileage deductions aren’t that complicated. And, when done correctly, your could even end…
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