Individual Taxes Archive
TweetShareSharePin0 Shares The IRS struggles mightily to balance two goals: It desperately wants to encourage taxpayers to file their tax returns electronically rather than on paper. And it must protect filers against identify theft and other forms of fraud. The problem: The agency’s security processes are preventing millions of people from filing electronically and are
TweetShareSharePin0 Shares Households making $1 million or more a year would receive half the benefit of repealing the $10,000 federal cap on the state and local tax (SALT) deduction, according to new estimates by the Tax Policy Center. Seventy percent of the benefit would go to those making $500,000 or more. At the same time,
TweetShareSharePin0 Shares Regardless of years of prevalent conversation amongst legislators regarding the demand to expand the government earnings tax obligation base, tax obligation expenses have actually stayed extremely secure as a share of the economic situation as well as will likely remain to do so, according to a new study by the Tax Policy Center.
TweetShareSharePin0 Shares Change can be good, right? Maybe or maybe not. But if you are the Internal Revenue Service, “no change” audits never are good. And, for big corporations, they are becoming more frequent. A “no change” audit happens when taxpayers substantiate the income, deductions, and credits they claimed on their tax returns. Since the
TweetShareSharePin0 Shares By approving a third round of economic impact payments (EIPs) and expanding refundability of the Child Tax Credit, Congress has made refundable tax credits a more important pillar of income support than ever. But using tax credits as a way to provide income security to low-income households creates a significant challenge: How can