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Federal Tax Updates Archive

Does Your State Levy a Capital Stock Tax?

TweetShareSharePin0 Shares Today’s map looks at a barrier to state tax competitiveness in a time of increasing mobility: capital stock taxes. Unlike corporate income taxes, which are levied on a business’s net income (or profit), capital stock taxes are imposed on a business’s net worth (or accumulated wealth). As such, the tax tends to penalize investment and

Substantially Equal Payments Relief

TweetShareSharePin0 SharesSubstantially Equal Payments Relief If you initiated early distributions from your Individual Retirement Account (IRA) in the last couple of years using a Substantially Equal Payment plan, your annual distribution amount may be more than your current account balance can bear. You may think there is nothing you can do to alter your distribution

Deducting Alimony Payments

TweetShareSharePin0 SharesDeducting Alimony Payments Over 50% of marriages end in divorce in the United States. Many divorce decrees include provisions for the payment of alimony. The IRS takes the position that such payments constitute a form of income and create an alimony tax deduction for the person making payments. According to the IRS, alimony payments

Maine Tobacco & Vaping Tax Increase Proposal

TweetShareSharePin0 Shares During last year’s legislature’s special session in Maine, two bills, H.P. 1039 and H.P. 1258, would have doubled the excise tax on cigarettes to $4.00 a pack. Neither bill passed, but both have carried over to this year’s session and H.P 1258 will be heard by the Health and Human Services Committee in February. These proposals

Less Than Three Weeks To Pass A Spending Bill

TweetShareSharePin0 Shares The stopgap spending measure expires on February 18. Lawmakers face yet another deadline: They must finish an omnibus spending bill in less than three weeks. That must-pass bill, and an upcoming Senate battle over President Biden’s soon-to-be-named nominee to replace retiring Supreme Court Justice Breyer, will further distract the Senate from trying to

Gambling Income and Expenses – Tax Requirements

TweetShareSharePin0 SharesGambling Income and Expenses – Tax Requirements Hit a big one? With more and more gambling establishments, keep in mind the IRS requires people to report all gambling winnings as income on their tax return. Gambling income includes, but is not limited to, winnings from lotteries, raffles, horse and dog races and casinos. Unfortunately,

To Watch Over When I’m Gone

TweetShareSharePin0 SharesTo Watch Over When I’m Gone Life insurance is a way to provide financial security to your family after you pass away. For many, life insurance is a necessity, as costs of funerals or even medical treatments during life can drain funds that might otherwise have been used to provide security to the surviving

When Tax Day Comes Four Times A Year

TweetShareSharePin0 SharesWhen Tax Day Comes Four Times A Year For more than 10 million Americans, tax day comes up to four times a year. Many small business owners, as well as people earning income from investments, rental property or alimony, are often required to pay quarterly estimated taxes every April, June, September and January. Many

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