Federal Tax Updates Archive

Looming R&D Capitalization Would Hit Manufacturing And Tech Sectors Hardest

TweetShareSharePin0 Shares US taxation of intellectual property (IP) is facing big changes. Starting next year, research and development (R&D) expenditures, now fully expensed (written off in the year in which they are acquired), must be capitalized and amortized over a period of 5 to 15 years. Additionally, President Biden would repeal a special tax deduction

Taxing Ebay Part Deux

TweetShareSharePin0 SharesTaxing Ebay Part Deux When my column on paying income tax on eBay profits ran it brought a wave of emails on whether you were required to report income earned from eBay sales to the IRS sparked a number of additional questions and comments from eBay sellers who were hoping that I could somehow

What To Do If You Didn’t Get a Form 1099

TweetShareSharePin0 SharesWhat To Do If You Didn’t Get a Form 1099 If you earned revenues as an independent contractor in 2005, you should have received a 1099 Form for the work. So, what if you haven’t received one? What To Do If You Didn’t Get a Form 1099 If you earned over $600 from one

Wise Tax Ideas

TweetShareSharePin0 SharesWise Tax Ideas Most people don’t really look forward to filing their tax returns and paying their taxes. As it is, there really isn’t much to look forward to because it is a tedious process that can take weeks to complete. Some people even have the bad luck to raise the interest of the

How to Check the Status of Your Tax Refund Online

TweetShareSharePin0 SharesHow to Check the Status of Your Tax Refund Online So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The question for most taxpayers expecting a return is, “Where is my refund?” Check Your Refund Status Online The easiest way to check on your refund is

Home Business Tips That Will Improve Your Profits

TweetShareSharePin0 SharesHome Business Tips That Will Improve Your Profits Running a home business can be a frustrating process, particularly because you are so invested in the work you are doing. Whether you are just beginning your endeavor into the world of self-employment or you are an experienced veteran, this article provides tips and tricks to

Tax Ballot Measures Proposition 119 and 120

TweetShareSharePin0 Shares On November 2, in addition to electing various city council and school board members, Colorado voters will decide two important questions of state tax policy. Proposition 120 would reduce property tax assessment rates for two subclasses of property and require the state to spend up to $25 million a year, for up to

Democrats Top Income Tax Rate Would Be Among Highest in OECD

TweetShareSharePin0 Shares Under the House Build Back Better Act, the average top tax rate on personal income would reach 52.3 percent, tying Sweden as the 9th  highest rate in the Organisation for Economic Co-operation and Development (OECD). The House Build Back Better Act would raise the top federal marginal tax rate on ordinary income from 37 percent

Still Talking Corporate Taxes, CTC, Capital Gains

TweetShareSharePin0 Shares Last-minute BBB scramble continues. With many spending issues in the shrinking Build Back Better bill seemingly resolved among Democrats, battle lines are forming around a few key tax disputes: For how long will Congress extend the expanded Child Tax Credit (CTC)? How will capital gains be taxed? How will corporations be taxed? Progressives

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