The TCJA does not clarify the definition of gambling, and without additional guidance, there is uncertainty as to how fantasy income and expenses should be reported. Earning Real Income from Fantasy Sports: Tax Opportunities and Pitfalls under the TCJA The high number of last-minute changes that ...
But you should also consider the complexity of your return. Go the pro route if you own a business, had a major life event, or want to itemize. Consider your tax proficiency and your schedule. Of course, an experienced tax preparer may save you more money in taxes than you would spend...
The amount that you can deduct is capped at your net taxable investment income for the year. Any leftover interest expense gets carried forward to the next year and can potentially be used to reduce your taxes in the future. To determine your deductible investment interest expense, you need ...
“He has the duty to supervise DOJ, including, if necessary, on specific cases,” Paoletta wrote on X.“Our system does not permit an unaccountable agency. As Chief Justice Roberts held in U.S. v. Trump, ‘the constitution vests the entirety of the executive power in the President.’”...
2.3% in 2024 Who Benefited From TCJA? The TCJA cut the corporate tax rate to benefit shareholders, who tend to be higher earners. It only cuts individuals' taxes for a limited period. It scales back the AMT and estate tax and reduces the taxes levied on pass-through income. It does not...
Bracket creep is a problem during periods of high inflation because it can lead to taxpayers paying more in taxes than they would have if the tax brackets had been adjusted to account for inflation. This can lead to taxpayers feeling like they are being unfairly taxed and can lead to a dec...
How does the new TCJA tax law affect doctors and other high earners? Will your taxes be going up or down? Get the straight scoop here, but leave the politics behind.
Before the Tax Cuts and Jobs Act (TCJA), a child employed at the family business was only able to take a standard deduction of up to $6,350. For the 2024 tax year, children under the age of 18 can earn up to $14,600 before their wages are subject to federal income taxes unless ...
Tax Incentives: Adding tax incentives and credits for investment crowdfunding to the next iteration of the Tax Cuts and Jobs Act (TCJA) could provide same-year deductions on a percentage of an investor’s contribution and remove capital gains taxes on these investments. These measures would attract...
As Benjamin Franklin famously said, nothing is certain in this world except death and taxes. As we enter the second quarter of 2025, we find great uncertainty – and tax is at the heart of it. The prospect of an international tariff war looms. Although financial services businesses are not...