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8 things you should never deduct from your taxes
The tax filing deadline is fast approaching, and taxpayers have limited time to reduce their 2019 tax bills. Thankfully, classic tax write-offs like contributing to your IRA are still available until April 15.
But with recent changes to the tax code, certain expenses that seem like legitimate write-offs (or had been in the past) aren't deductible on 2019 filings. Before you dig through your proverbial box of receipts to find tax deductions, take a look at these eight surprising expenses you shouldn't even bother with this year.
Utah man charged with evading $450K in federal taxes | KSL.com
SALT LAKE CITY — A Price man was charged in federal court on Thursday with evading $450,000 in taxes, according to court documents.
James Cunningham is charged in U.S. District Court for Utah with one count of tax evasion and eight counts of aiding or assisting preparation of false or fraudulent documents.
Cunningham allegedly didn't pay federal income taxes in 2000, 2001 and 2013, totaling to about $450,000 in income tax, penalties and interest, according to an indictment filed on Thursday.
Rules for declaring dependents at tax time - CBS News
Most people know about the Child Tax Credit. But if you're part of a big family, or part of a non-family household, there are other tax breaks available to you — if you can claim some of your household as dependents.
Prior to the 2017 Tax Cut and Jobs Act, each dependent reduced your taxable income via personal exemptions, worth about $4,000 per person. The TCJA eliminated exemptions in favor of a higher standard deduction.
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"If you want to take that head of household status where you can get an additional standard deduction, that's when you would need to claim a dependent," said Alicia Jegede, founder of New Gen Financial.
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Trump Thinks Corporations Could Use More Tax Cuts | Vanity Fair
Report: Mike Bloomberg doesn't like it when people write totally reasonable things about his billionaire friends
When stories angered Bloomberg's friends, [Bloomberg LP] reporters heard about it. "People would say, 'That's a friend of Mike's,' or mostly they'd just say 'FOM,'" former Bloomberg reporter Mary Childs said. In 2015, Bloomberg complained at an editors' meeting that reporters were going too far in their coverage of the rich. He cited as an example a recent story about Goldman Sachs CEO Lloyd Blankfein.
Trump White House considers tax cuts, other emergency measures to address coronavirus fallout -
Trump administration officials are holding preliminary conversations about economic responses to the coronavirus, as the stock market fell sharply again on Friday amid international fears about the outbreak, according to five people with knowledge of the planning.
Among the options being considered are pursuing a targeted tax cut package, these people said. They have also discussed whether the White House should lean even harder on the Federal Reserve to cut interest rates, though the central bank on Friday afternoon said it would step in if necessary.
Property tax proposal would fund White City parks | Mail Tribune
Paul Allen's Estate Taxes Are Probably Responsible for Washington's $300 Million Budget Windfall
At the beginning of the year, everybody was freaking out about how to pay for the disaster cocktail of crises facing the state, but nobody could decide on a plan.
But fast-forward one month, and, thanks to one of the state's few decent progressive taxes, it looks like lawmakers can partly address those crises without raising any new taxes.
To patch the car-tab hole until next year, according to the Seattle Times , transportation budget writers used "underspending," which is money they thought they had already spent but didn't end up spending for various reasons.
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