Social Media Companies Purge 4.7mn Accounts After Landmark Australia Ban

This article picked by a teacher with suggested questions is part of the Financial Times free schools access programme. Details/registration  here . Using a cost/benefit diagram, explain how the consumption of a demerit good might lead to market failure [4] Using a cost-benefit diagram, explain how the Australian government's decision to ban the use of social media by under-16s might reduce market failure in the social media market [4] Other related sources and context: See here

Should You Take The Standard Deduction Or Itemize On Your 2025 Taxes?

When it comes to federal income taxes, one of the first decisions that individual taxpayers make on Form 1040 is whether to take the standard deduction or itemize deductions. With nearly a decade of changes on the books—and a dramatic increase in the standard deduction—the question often comes down to math.

Here's what you need to know about itemized and standard deductions in the 2025 tax year—the return that you'll be filing during this tax filing season. That amount, which you'll report on line 11a on your Form 1040, is subtracted from your adjusted gross income (AGI). For tax year 2025 , the standard deduction is $15,750 for single filers and married couples filing separately, $31,500 for married couples filing jointly and qualifying surviving spouses, and $23,625 for heads of household.

Those deductions were tweaked slightly under the One Big Beautiful Bill Act (OBBBA). For 2025, you can also claim another, temporary deduction if you're over 65 (more on that in a moment). For most filers, the standard deduction is larger than what they could claim by itemizing their typical expenses, making it the best option.

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Warren Buffett's Guide To Navigating The Shadows Of Accounting

The Phantom of the Taxman

Accounting is widely dismissed as a mere shadow cast by the tax collector. This is a false mirror. The ledger exists independently of the state's reach, functioning as the vital marrow within the bones of a business. Without the heavy hand of the income tax, the pulse of mathematics continues to beat.

A Cartography of Digital Shards

Numbers bleed. To lose a single ten-dollar transaction is to feel a sharp, cold needle pricking the skin of one's own certainty. We navigate a fractured landscape of PayPal balances and Stripe accounts, where money shivers in a dozen different tongues and the mind must stitch together a quilt of truth from the frayed edges of PDF statements and the silent, heavy pauses of bank outages. Digital shadows flicker. In the heat of the Emirates or the cool, white air of Lithuania, the system remains a fragile glass clock that requires constant winding. Accounting provides the steady hand that prevents the mechanism from shattering into a thousand unrecoverable pieces.

The Weight of Tangible Ghosts

Objects demand recognition. Even in a paradise of zero corporate levies, the physical world insists on being counted with a stiff, unyielding precision. Whether one handles the sharp, electric scent of new electronics or the dry, papery breath of office supplies, the inventory stands as a testament to existence. A business without a record is a ghost ship. We must know what is bought, what is sold, and what rests in the quiet, dark corners of the warehouse.

The Clarity of the Beaded Abacus

Precision is a mercy. In this tax-free dawn, we find that the ledger is not a cage but a lighthouse, a crystalline structure that allows the entrepreneur to breathe deeply while knowing exactly where the silver flows. Order creates a radiant peace. By tracking every pulse of capital and every movement of stock, we transform the chaotic roar of trade into a soft, melodic hum of total awareness. Management becomes an act of love. The accountant acts as the guardian of this light, ensuring that the dream of commerce remains solid, visible, and triumphantly real.

For many entrepreneurs, the idea of doing business without taxes feels like a dream: no income tax, no corporate tax, no VAT returns and no audits.

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Rochester's Financial Fiasco

The Midnight Ledger of the Flower City

The city breathes through its festivals, a polyphonic celebration of lilac scents and parade drums that masks a staggering arithmetic of exhaustion and gold. In the fiscal year concluding this past June, the Rochester Police Department’s overtime expenditure swelled to fifteen million dollars, a figure that dances upon the page with the weight of two million additional coins than the year prior. This is the price of the spectacle. It is a luminous burden. The ledger bleeds.

For years, the ink has flowed heavily across the books of WXXI News, tracing a narrative where staffing numbers plummet like falling glass while crime, that persistent phantom, spikes in the shadows of the Flour City’s resurgence. Opportunities for time-and-a-half pay have become a siren song for those in blue, particularly during those sun-drenched gatherings where the community seeks a fleeting utopia. We must look at the weary officer, standing guard over a jubilant crowd, and feel the profound ache of a system that compensates for its own emptiness with a deluge of currency. It is a tragedy of presence.

The Seniority of the Sunset

Within the labyrinth of departmental policy, a curious alchemy occurs: seniority grants first passage to the treasure of special event hours. It is a ritual of the veteran. By claiming these shifts, officers in the twilight of their careers elevate their earnings to mythic heights, ensuring their future pensions—calculated from the three most bountiful consecutive years—remain robust long after the uniform is folded away. This is not mere greed; it is the frantic nesting of those who have seen the city’s harshest winters. The 2023 fiscal year saw a peak of sixteen million dollars, though that mountain was partially built from the backpay of a new labor contract with the Locust Club. Now, the numbers climb again. Prosperity is expensive.

Collision course

The intersection of public joy and fiscal reality has become a site of inevitable friction. We find ourselves at a crossroads where the desire for a safe, celebratory city crashes into the hard wall of a depleted workforce. When the festivals arrive, the budget collapses into the demand for security. It is a beautiful collision. Can a city sustain its spirit when the cost of its smile requires such a relentless drain on its marrow? The current trajectory suggests a reckoning is whispering at the door, yet there remains a shimmering hope that a fully staffed department might one day allow the festivals to belong to the people without bankrupting the dream.

Frequently Asked Questions

What was the total police overtime spend in the last fiscal year?
The department spent fifteen million dollars, marking a two-million-dollar increase from the previous period.

Why do senior officers receive the most special event overtime?
Official department policies grant senior members "first dibs" on these specific hours, allowing them to maximize their earnings before retirement.

How does this overtime impact officer pensions?
Because pensions are determined by the three highest consecutive years of pay, inflated overtime in later years results in significantly higher monthly checks for life.

Wasn't there a higher peak in spending recently?
Yes, in 2023, spending hit sixteen million dollars, though this was uniquely inflated by backpay resulting from the Locust Club labor contract.

What contributes to the necessity of this overtime?
A volatile combination of diminished staffing levels and a spike in crime creates a vacuum that only overtime can fill.

Rochester spent $15 million on police overtime last year, as officers logged significantly more hours to staff festivals, parades and other special ...

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California Issues New ADMT Regulations Expanding Consumer Rights

California is moving decisively from transparency-based privacy regulation to substantive governance of automated decision making. The new Automated Decision-Making Technology (ADMT) regulations issued by the California Privacy Protection Agency (CPPA) materially expand consumer rights and impose affirmative compliance, documentation, and risk-assessment obligations on businesses that use AI-driven or automated systems to make consequential decisions about individuals.

For companies operating at scale, these rules require operational changes, new disclosures, internal review processes, and defensible documentation well before the January 1, 2027 effective date. Scope and Applicability: Who Is Covered The ADMT regulations are part of the broader California Consumer Privacy Act (CCPA) framework, as amended by the California Privacy Rights Act (CPRA). They generally apply to for-profit businesses doing business in California that meet any of the following thresholds: The regulations define ADMT broadly as any technology that processes personal information using computation to replace or substantially replace human decision making.

This includes many AI- and machine-learning-driven tools used in employment, lending, healthcare, education, and similar contexts. The rules exclude basic infrastructure technologies, such as data storage, networking, firewalls, spellchecking tools, and spreadsheets, so long as they do not replace human decision making.

The regulatory focus is not on automation per se but on automation that meaningfully determines outcomes for individuals. Front-End Obligations The compliance burden intensifies when ADMT is used to make or materially inform significant decisions. These include decisions affecting: Opt-Out and Appeal Rights Businesses must offer at least two methods for consumers to opt out of the use of ADMT, such as online forms, phone numbers, email, or mail-based requests. There are limited exceptions, most notably where a consumer already has a right to human appeal, or ADMT is used solely for work or educational assessment, allocation, or compensation without unlawful discrimination.

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Einstein's Gentle Refund: A Jazz Serenade To Seniors

The tax man has finally learned to play a gentle jazz melody.

The "One Big, Beautiful Bill," passed in the humid heat of July 2025, acts as a quiet apology for the inevitable friction of existence by granting a new $6,000 deduction to those who have witnessed sixty-five years of changing seasons. It is a strange, shimmering gift. This legislative shift retroactively embraces the entire 2025 tax year, allowing individuals to subtract this sum from their taxable income as if erasing a lingering shadow from a well-lit room. For married couples who have shared decades of breakfast cereal and midnight conversations, the deduction doubles to $12,000. It is a significant weight lifted from the shoulders of those who have already carried so much. Money returns to the pockets of the weary.

Layers of Financial Solitude

Mathematics can be a lonely language. While the standard deduction remains a sturdy foundation for non-itemizers, this new senior deduction sits atop it like a second, more comfortable blanket found in the back of a cedar closet. Single taxpayers may also claim the pre-existing additional standard deduction of $2,000, while married couples find another $1,600 waiting for them in the margins of the forms. These figures are not mere abstractions. They represent the ability to afford a better brand of tea or the freedom to sit by a window without worrying about the cost of the heater humming in the corner. The bill acknowledges that growing older should not mean growing poorer. It is a rare moment of bureaucratic grace.

The Architecture of Relief

Paperwork usually feels like a labyrinth with no center. However, the simplicity of this retroactive benefit means that the filing season approaching in these next few months will feel less like a confrontation and more like a reconciliation with one’s own history. We are all moving toward a horizon we cannot see. The "One Big, Beautiful Bill" ensures that the journey is cushioned by a few more thousand dollars, providing a soft landing for those who have spent a lifetime navigating the complicated machinery of the world. It is a bright spot in a grey sky. Your lived experience now carries a tangible, monetary worth.

The " One Big, Beautiful Bill ," passed in July 2025, created a new deduction for taxpayers aged 65 and older.

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Navigating The Future Of Finance

A Digital Friend for Your Dollars

AI is here. It zooms through the ledgers with digital cheer and whisks away every financial-based fear! Vlad Rusz of Centaur Digital Corp says the future is bright if we handle these gadgets and widgets just right. Technology grows fast.

Ask a Specific Question

Be very precise. When you peek at your peaks and you poke at your troughs, make sure that the robot knows exactly what’s off! Targeted queries fetch better results than a wide-sweeping net cast for digital insults. Precision wins games.

The Simple Summary

Make it short. Ask the machine for a tiny synopsis to share with your friends and your fiscal-year bosses! Complexities melt into puddles of glue when the AI explains what is truly quite true. Insight drives growth.

The Human in the Room

People are best. Even the smartest of circuits can stumble and stall while a human accountant stands sturdy and tall! Bring your reports to a person with eyes to ensure that your profits continue to rise. Verify every digit.

The Truth and the Tall Tale

Check the work. A computer will never admit it is lost even if following it comes at a terrible cost! It speaks with a grin and a confident glow but sometimes it says what it simply won't know. Accuracy is mandatory.

Vlad Rusz is a CPA at Centaur Digital Corp , helping busy business owners efficiently manage their accounting systems.

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