federal taxes Archive
File Your Own Taxes-Start With Organizing
June 8, 2021
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TweetShareSharePin0 SharesFile Your Own Taxes-Start With Organizing If you want to file your own taxes this year to save some money rather than paying a professional to do it you need to know some things first. You can’t file until you have everything in order. This includes waiting until the end of January for the
Social Security Reform Should Eliminate Poverty Among the Elderly and Disabled
June 8, 2021
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TweetShareSharePin0 Shares Most Social Security reform proposals have focused on one goal: restoring the program’s long-run fiscal balance. Yet under all recent proposed restructurings we have examined—whether by Democrats or Republicans in Congress, in the presidential campaign, or by a bipartisan commission—the share of older adults and younger people with disabilities who live in relative
Rates, Research, Refunds, and Revenues
June 8, 2021
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TweetShareSharePin0 Shares Treasury Secretary Janet Yellen: Higher interest rates would be “a plus.” Yellen tells Bloomberg News that President Biden should push his $4 trillion in new spending, even if it triggers inflation and higher interest rates that persist into next year. “If we ended up with a slightly higher interest rate environment it would
A Closer Look at Eliminating the Alternative Minimum Tax (AMT)
June 8, 2021
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TweetShareSharePin0 Shares In the Tax Foundation’s new Options for Reforming America’s Tax Code 2.0, there are several options that would simplify the tax code, including eliminating the alternative minimum tax (AMT). While this move would remove a source of complexity, policymakers should also consider reforming the deductions that created a justification for the AMT in
A Quick Guide To Payroll Tax
June 8, 2021
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TweetShareSharePin0 SharesA Quick Guide To Payroll Tax The term Payroll tax actually includes the Social Security tax, Medicare tax and Federal income tax. The Social Security tax provides benefits for retired workers, the disabled their dependents and it has a payroll tax rate of 6.2%. There is a maximum annual amount of Social Security tax
Tax Reform, My Way
June 7, 2021
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TweetShareSharePin11 SharesTax Reform, My Way We need real tax reform and we need it now. Previous attempts have been made at tax reform, but they have only provided band-aid solutions that have still left us with too many quirks, complication, and read tape. There are several things Congress could do to simply the tax system
How Biden Would Tax Capital Gains At Death
June 7, 2021
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TweetShareSharePin11 Shares President Biden has proposed major changes in the way the US taxes the assets of those who have died. There is a great deal of confusion about just what he’d do, in part due to the way the White House itself framed his proposals in an April fact sheet. I’ll try to explain
In Gilbert v US Ninth Circuit Weighs in on The Declaratory Judgment Act
June 7, 2021
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TweetShareSharePin22 Shares With my colleague Marilyn Ames we are revising our subchapter on the Anti-Injunction Act in Chapter 1 of Saltzman and Book IRS Practice and Procedure to take into account last month’s CIC Services decision. Embedded in our discussion of the AIA is a discussion of its cousin, the Declaratory Judgment Act. Under the
Depreciate property improvements correctly with cost segregation
June 7, 2021
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TweetShareSharePin11 SharesDepreciate property improvements correctly with cost segregation Most commercial building owners are grossly overpaying federal income taxes because they are not depreciating their property as quickly as they should. A cost segregation study allows property owners to both defer and reduce federal income taxes. When properly performed by an appraiser with expertise in cost
A First Step Toward A Global Minimum Tax
June 7, 2021
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TweetShareSharePin22 Shares G-7 agrees to a 15 percent minimum corporate tax framework. The group representing seven major industrialized nations backed the concept of a global minimum corporate tax rate of at least 15 percent. Companies would pay that rate regardless of their country of residence. Some large companies like Amazon, Facebook, or Google, would pay
