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Federal Tax Updates Archive

Glide into Tax Season with Solid Financial Planning

TweetShareSharePin0 SharesGlide into Tax Season with Solid Financial Planning (ARA) – With good planning, you can start the year off right by making sure you and your family are financially fit and ready for the new year, and possibly reduce your tax bill. Here is a financial checklist to consider: Tap into the Power of

Why Your Mutual Fund Doesn’t Return as Much as You Think

TweetShareSharePin0 SharesWhy Your Mutual Fund Doesn’t Return as Much as You Think (ARA) – As tax time nears, many mutual fund investors are starting to wince. While most mutual funds’ returns were down last year, their tax bill remains high. After years under-performing the S&P 500, the average US stock mutual fund finally beat the

Need a Copy of Your Tax Return Information?

TweetShareSharePin0 SharesNeed a Copy of Your Tax Return Information? Taxpayers have two easy and convenient options for getting copies of their federal tax return information — tax return transcripts and tax account transcripts — by phone or by mail. A tax return transcript shows most line items from the tax return (Form 1040, 1040A or

Reviewing How TCJA Impacted Deductions

TweetShareSharePin0 Shares Two major provisions in the federal tax code have been limited since the Tax Cuts and Jobs Act (TCJA) of 2017: the state and local tax (SALT) deduction and the home mortgage interest deduction (MID). Limiting the two provisions helped broaden the tax base, offsetting tax revenue loss from reduced tax rates. The

South Dakota Turned Itself Into A Tax Haven. But Why?

TweetShareSharePin0 Shares In recent decades, South Dakota has become one of the world’s great tax havens. By the end of last year, more than $367 billion in trust assets were managed in the state through at least 62 publicly-chartered trusts. The trust companies earn big fees. The trust owners hide their assets and avoid billions

Taxes in House Plan Emphasizes Need For It

TweetShareSharePin0 Shares Under the House Ways and Means plan to raise taxes on corporations and individuals, the integrated tax rate on corporate income would increase from 47.4 percent to 56.6 percent—the third highest in the OECD. To reduce this burden, policymakers could explore integrating the individual and corporate tax systems. Several developed countries have done

Corporate Tax Revenue Hit an All-Time High in 2021

TweetShareSharePin0 Shares The Congressional Budget Office (CBO) now estimates that the federal government received $370 billion in corporate tax revenue over the past year (fiscal year 2021), matching the record high level from 2007. This is a 75 percent increase over the previous year’s total, reflecting a rebound in corporate profits and the broader economy.

Dear Senators Crapo And Grassley: Synthetic Tax Data Protect Taxpayer Privacy

TweetShareSharePin0 Shares Senators Mike Crapo (R-ID) and Chuck Grassley (R-IA) recently asked for an investigation into the Internal Revenue Service’s research activities, including its use of contractors to conduct studies and its  security protocols. The senators are right to be concerned about taxpayer privacy, especially after ProPublica’s recent articles about the tax situations of very

Cell Phone Taxes and Fees, 2021

TweetShareSharePin0 Shares Key Findings A typical American household with four cell phones on a “family share” plan, paying $100 per month for taxable wireless service, would pay nearly $300 per year in taxes, fees, and government surcharges—up from $270 in 2020. This year, wireless subscribers will pay approximately $11.3 billion in taxes, fees, and government
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