IRS Archive

Tips and Simple Guidelines On How To Calculate Payroll Taxes

TweetShareSharePin0 Shares Tips and Simple Guidelines On How To Calculate Payroll Taxes Source: Flickr Managing a business small, medium or big requires you to pay your taxes, as well as your employees taxes. Managing a payroll can be an arduous and taxing job, no pun intended. There are laws that require us to pay taxes

How Existing Budgetary Commitments Could Affect President Biden’s Domestic Policy Goals

TweetShareSharePin0 Shares The COVID-19 pandemic and accompanying recession laid bare many of the needs of working families and children, as well as federal, state, and local governments’ historic inattention to public health needs and preventative health care. In 2020, Congress responded by enacting approximately $3.5 trillion in economic relief bills. So far this year, it

Business Tax Lessons from Down Under

TweetShareSharePin0 Shares This week the Australian government released its latest budget proposal and two policies that stand out in its fiscal response to the pandemic should be helpful as the economic engine of the country turns back on. The first is full expensing for some investments and the second is the introduction of a loss

Inflation or a price blip? And a red line?

TweetShareSharePin0 Shares Inflation or a short-term price increase? Consumer prices rose a steep 4.2 percent in April compared to a year earlier, the biggest jump since 2008. Economists and policymakers must now try to understand whether the bump is a sign of inflation or merely a short-term increase that reflects temporary supply shortages and rising

Dividend Tax Rates in Europe

TweetShareSharePin0 Shares Many countries’ personal income tax systems tax various sources of individual income—including investment income such as dividends and capital gains. Today’s map shows how dividend income is taxed across European OECD countries. A dividend is a payment made to a corporation’s shareholders from corporate after-tax profits. In most countries, such dividend payments are

Cost Segregation : Why are 90% of real estate investors overpaying federal income tax?

TweetShareSharePin0 Shares Cost Segregation : Why are 90% of real estate investors overpaying federal income tax? Source: Flickr By ignoring generous IRS guidelines when establishing depreciation schedules, over 90% of real estate investors are unintentionally overpaying federal income taxes. In addition they are paying federal income taxes earlier than necessary, typically years or decades earlier

State Sales Tax Collections per Capita

TweetShareSharePin0 Shares This week’s map looks at state and local sales tax collections per capita. Forty-five states and the District of Columbia have state-levied sales taxes. Five states—Alaska, Delaware, Montana, New Hampshire, and Oregon—do not collect sales taxes at the state level, although Alaska allows localities to impose local sales taxes. In fiscal year (FY) 2018, the

What documents do I need in order to deduct mortgage interest?

TweetShareSharePin0 Shares What documents do I need in order to deduct mortgage interest? Source: Flickr Many people are aware of how difficult it can be to perform normal tax processes when April comes around each year. On top of this, the more physical properties or complications an individual has in their life, the less simple

Taxing Unrealized Capital Gains at Death Proposal

TweetShareSharePin0 Shares As part of the tax proposals in President Biden’s American Families Plan (AFP), unrealized capital gains over $1 million would be taxed at death. However, this policy would likely raise less revenue than advocates expect after considering the proposal’s impact on taxpayer behavior, including capital gains realizations, and historical capital gains and estate

Reasons, Refunds, Rebates and Rights

TweetShareSharePin0 Shares Minding the gap… The Senate Finance Committee’s top Republican, Mike Crapo, asked IRS Commissioner Chuck Rettig to explain his estimate of a $1 trillion tax gap. Crapo wants to know  how much is attributable to asset and price growth between 2011 and 2013, cryptocurrency holdings, and unreported income from foreign sources and pass-through

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