The Internal Revenue Service (IRS) has announced that it is proposing new regulations that would allow taxpayers to pay their taxes using credit cards or debit cards. These proposed changes are based on provisions of the Trump-era Taxpayer First Act, which became law in July 2019. The goal of the Taxpayer First Act was to turn the IRS into a more taxpayer-friendly agency.
The IRS is cracking down on more tax cheats this year but they don't enforce this standard on thousands of their own employees.
Crowdfunding has become a very popular way for individuals to raise capital. It typically involves funding a project or venture by raising contributions from a large number of people, typically through online crowdfunding sites. Crowdfunding campaigns fund a broad range of projects, from producing a product or new technology to supporting a charitable cause. Those supporting a product using can buy the product at a reduced price.
The Inflation Reduction Act created the corporate AMT, which imposes a 15% minimum tax based on book income rather than taxable income on corporations with adjusted financial statement income (AFSI) of more than $1 billion beginning after Dec. 31, 2022. The Treasury Department estimates that approximately 100 of the largest U.S. corporations will pay the corporate AMT annually.
One of the biggest tax pains in the last two decades in the tax preparation world has been when two separated or divorced parents both try to claim the same child - regardless of who had the right to. You see, the IRS doesn't care what a separation or divorce decree says. They got tired of reading them to make determinations. So they came us with the custodial parent rules.
Last week, a dozen GOP lawmakers introduced the Fair Tax Act of 2025. The bill proposes to abolish the IRS and repeal all personal and corporate income taxes, the death tax, gift tax, and payroll tax.
Property tax rates are on the rise nationwide, creating challenges for many homeowners, including retirees. Data shows that last year’s property tax bills increased up to 30% in some places.
If you own a home, you can''t avoid property taxes altogether without risking penalties. However, some strategies and programs, an lower your property tax bills and help your budget.
It seems that you can find a study about just about anything these days. I was readying about a study that was done at the University of Michigan, using data from the U.S. Treasury Department to determine if it matters whose name is listed first on a tax return.
Savings bonds for a long time have been a popular investment to add to your portfolio. They provide some stability to your investments, a guaranteed rate of return, and can help you save on your taxes. Some investors have owned Series I savings bonds for many years, and the 30-year maturity date might be approaching. Others have bought them in recent years to insulate their portfolios from inflation and the ups and downs in the stock market. Either way, you should be aware of the federal income tax rules.