Does the tax picture change if you don’t just dabble in gambling, but actually make your living at it? Yes and no. Deductions from losses that exceed your winnings still are not allowed. The U.S. Supreme Court ruled in 1987 in the case of Commissioner vs. Groetzinger that ded...
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President Trump signed theTax Cuts and Jobs Act (TCJA)into law on Dec. 22, 2017, with significant changes to the tax code. The Act reduced marginal effective tax rates on new investments and reduced the differences in rates across asset types, financing methods, and organizational forms. The ...
The spoken setting mentioned most often is conversation - either face to face, or on the telephone. Conversations may be devoted to gossip, business transactions or scientific matters, but they're all characterized by the free exchange of terms among the two participants. I'll call these persona...
While the tax reform bill simplified some parts of the tax code, it’s all still pretty complicated. Can we get anamen? But here’s the thing:No matter how you file, you should feel confident about your taxes! Some of the tax changes—like the increased standard deduction—may make it...
A CD is a type of savings account that pays interest in exchange for setting aside money for a fixed period. The interest rate will not change throughout the term of the CD as the rates that banks offer on CDs fluctuate with changes in the Fed’s benchmark rate or the. This means th...
and DIY tax filing can seem overwhelming for individuals not versed in the U.S. tax code. If you’re a first-time tax DIYer, you’re often on your own as far as figuring out the basics of how to do taxes. Even if you’re an experienced DIYer, keeping up with all of the changes...
Oil companies can—and often do—defer federal tax payments. A report published by Taxpayers for Common Sense in 2014 revealed that, from 2009 and 2013, through numerous tax provisions in the tax code granting special status to oil companies, the 20 largest oil and gas companies were able to...
Finally, this book will look at the (relatively uncommon) Taxpayer’s Bill of Rights and how it can help you. The tax laws in the United States are complicated and frequently change, depending on your circumstances. However, I believe that when you have finished reading this book, your conc...
What is an indirect tax? Businesses and retailers collect indirect taxes on behalf of municipalities and governments. Each country and state creates their own specific regulations that often change as product offerings evolve and in response to the dynamic economic landscape. Indirect taxes can apply ...