Deep dives into tax policy — the laws, proposals, and reforms shaping the tax code, explained without the jargon.
With two more months left to go in the fiscal year, the feds are on a roll. Tax revenues for the first ten months of the fiscal year topped a record $2,672,414,000,000 (report downloads as a pdf). Those numbers represent almost 8% in growth of tax revenues over those collected in 2014. In pure dollars,…
No “Netflix tax” in Canada. That was the word from Canadian Prime Minister Stephen Harper. Harper promised not to tax streaming services last week, saying, “I’m 100% against a Netflix tax — always have been, always will be.” He warned, however, that his opponents might do just that, claiming, “Some politicians want to tax digital…
If you’re a gun owner (or hoping to be) in the city of Seattle, it’s going to cost you: Seattle City Council has unanimously approved a new tax on gun and ammo sales. Under the new law, referred to as the “gun violence tax,” gun and ammo sales in the city are subject to a tax…
The GOP Debate last night was big on drama but short on specifics – especially when it came to the economy. Almost all of the candidates touted the need to grow the economy and reform the Tax Code but offered little in the way of details about how to best do this with two exceptions:…
EDITOR’S NOTE: Forbes launched Home, Sweet Rental: Busting The Hype Of Homeownership, our latest eBook. It’s a must-read for those who want a smarter, thoughtful approach to buying or renting a home. Home, Sweet Rental: An eBook From ForbesHomeownership isn’t all it’s cracked up to be. Learn how to find the perfect rental and negotiate…
Self-made billionaire Warren Buffett is the third wealthiest person in the world, according to Forbes. His net worth is $71.6 billion. He’s probably made a few million in the time that it took for me to write this. He’s super rich. And he’s clearly super smart. I don’t purport to know more about Buffett when…
George Soros knows his way around a hedge fund. The billionaire, who ranks at #29 on Forbes’ list of billionaires (#19 in the United States) has an estimated net worth of $24.2 billion – built largely on Soros’ success with hedge fund management. That number may be about to get a little bit smaller. Hedge…
Form W-2? Check. Forms 1099-MISC? Check. Forms 1099-B? Check. Form 1098? Check. Receipts to support charitable deductions? Check. Receipts for medical expenses? Er, you might want to leave those at home. Of all of the deductions in all of the tax world, medical expenses top the list of “tax breaks that you think you’re getting…
Of all of the questions that I’ve received this tax season, one of the most popular is also one of the most unexpected: What do you do about Form 3115? Federal Form 3115, Application for Change in Accounting Method (downloads as a pdf), is the form used to request a change in either an overall…
You can deduct money donated to charity but not the value of your time – even if you can put a dollar figure on it. That, according to Rep. Dave Loebsack (D-IA), ought not be the case for all volunteers. This month, Rep. Loebsack, together with Rep. David McKinley (R-WV), introduced H.R. 5811, Volunteer Emergency…