My phone is abuzz these days. With the prospect for higher income and estate taxes looming, more people want to talk about financial planning. The tax hikes may not all be just for the super-rich either.
Under the proposals, $1 million of assets ($2 million for married couples) would continue to receive a step-up in basis, plus up to $500,000 for a personal residence (for joint filers, or $250,000 for single filers).
Yellen: US pushing to end 'race to the bottom' on corporate taxes
The U.S. is taking a two-pronged approach toward its goal of implementing a worldwide minimum tax for corporations as it progresses through negotiations with a global consortium, Treasury Secretary Janet Yellen said Tuesday.
Getting countries around the world to implement a bottom level tax that all companies pay has been a goal the White House has set to stop firms from relocating their home operations to countries with cheaper rates.
That objective has taken on greater urgency as the administration seeks to raise taxes on U.S. companies . Yellen said she's encouraged so far by developments in talks with other countries.
Opinion: Texas, California and Indiana offer surprising lessons about low taxes and economic
Among the most common claims of state economic development officials is that higher taxes drive down growth and cause businesses and people to relocate to low-tax states. If you listen to cable news, you are likely to hear dire stories of people fleeing high-tax states in droves.
Yet the high-tax parts of both California and Texas are growing faster than the low-tax parts of both states. And growth in Indiana, which has cut corporate and personal income taxes in the past decade as well as put a cap on property taxes, is dismal.
C-corp vs. Pass-through Taxes: What's the Difference?
Starting a business comes with plenty of exciting challenges: What will you name it? What's your pithy tagline? How can you get your product to be one of Oprah's Favorite Things?
But there are some unsexy decisions to make, too. One of them is how you want your business to be taxed. For tax purposes, businesses are either pass-through entities or C corporations. Here's what that means:
Pass-through entities are businesses that pay income taxes solely on their owners' individual tax returns. To the IRS, pass-through businesses are inseparable from their owners, like my dog and me.
Companies poised to ramp up lobbying on taxes as Biden plans hikes, expert says - MarketWatch
As President Joe Biden proposes a range of tax hikes to fund his big plans for infrastructure and social spending, Corporate America looks set to escalate its Washington lobbying on taxes later this year.
The number of lobbying-industry clients targeting taxes hit 1,518 for this year's first quarter, according an OpenSecrets.org analysis of Q1 disclosures, which were due on April 20. That's below the 1,614 companies or other organizations that reported lobbying on taxes in 2020's Q1, as well as less than the corresponding totals of 1,615 for 2019's Q1;1,889 for 2018's Q1; and 1,735 for 2017's Q1.
Take caution when filing your 2020 taxes
CORPUS CHRISTI, Texas — The tax deadline for Texas residents has been extended until June 15 because of February's winter storms.
Many Texans are investigating options to file their taxes, either personally or by using a qualified tax preparer.
The Better Business Bureau says that every year, tax-related scams significantly increase during tax season.
Katie Galan with the BBB says, with an extended window, it gives scammers more time to take your money.
Legislative roundup, 5.4.21: Senate cuts income taxes as Dems call for more education spending
The Senate approved a set of income tax cuts and rebates Monday, sending them to Gov. Brad Little’s desk for approval.
The $383 million in cuts were pushed by Statehouse Republicans, who say lower taxes are key to economic competitiveness, especially as Idaho looks to attract business growth. But critics argue the state is growing quickly enough as it is; they contend that Idaho's budget surplus should be used to "properly fund" services such as schools and public transit. They also called the tax cuts regressive, bestowing most benefits on the rich.
How To Reduce Social Security Taxes In Retirement by Jennifer Lang Financial Services
Combining taxable IRA and retirement plan income with Social Security income in the same year causes retirees' effective tax rates to soar. The effect can be reduced or avoided by taking IRA or other retirement plan distributions first and claiming Social Security later. IRA Conversions allow retirees to replace the retirement income they would have drawn from Social Security with penalty-free withdrawals from Fixed Indexed Annuities buying them additional years.
The Employee Benefit Research Institute (EBRI) Retirement Confidence Survey, the nonpartisan group's 31 annual report, is hot off the presses. "Workers envision a transition to retirement that is misaligned with retirees' realities," according to the researchers. Nearly half of retirees retire earlier than they expected —most often because they felt they could afford to, because of a health problem or disability, or because of changes within their organization.
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Happening on Twitter
"Everyone knows that Democrats want to raise taxes on the rich, but what hasn't gotten nearly as much notice is how… https://t.co/ctcNI4Flyn MaddowBlog (from New York City) Tue May 04 01:08:06 +0000 2021
Working people have spent decades trying to anticipate how they'll make ends meet at the end of the month. The rich… https://t.co/D1AbhLqXGP ewarren (from Massachusetts) Tue May 04 15:49:00 +0000 2021
You can't raise taxes enough to satisfy Democrats' spending plans. The U.S. is already so deep in debt that if the… https://t.co/xf6s7eLIuP ChuckGrassley (from Iowa) Mon May 03 14:04:22 +0000 2021
'Only 20% of supporters of independence are aware that total public spending in Scotland is more than the amount ra… https://t.co/6nBCSW3OxX rcolvile (from London) Mon May 03 11:40:28 +0000 2021
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