A deduction cuts the amount of income you’re taxed on, which can mean a lower bill. But a credit cuts your tax bill directly. At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Some of the products we feature are from our partners. Here’s how we make… Read More
The Internal Revenue Service (IRS) has announced that tax relief is available – retroactively – for veterans who received disability severance pay after January 17, 1991, and included that amount as income on their taxes. Approximately 130,000 separated military members who received disability severance pay as income may be affected. Typically, Disability Severance Pay is… Read More
A Wayfair distribution center in Cranbury, N.J.CreditJohn Taggart for The New York Times. By Adam Liptak, Ben Casselman and Julie Creswell WASHINGTON — Americans have done more and more of their shopping online in recent years, drawn by the promise of low prices, wide selection and buy-from-home convenience. But e-commerce has also had another edge:… Read More
The overhaul of the US tax code was supposed to make taxes simpler and more streamlined. Nearly doubling the standard deduction was a move in that direction. But the changes did very little to reduce the number of so-called tax expenditures — a term for all credits, deductions, exemptions and exclusions. “We just had a major tax… Read More
Five former employees of KPMG and a former employee of the Public Company Accounting Oversight Board were charged with plotting to use confidential information before the board’s review of the company’s auditing work.CreditSam Mircovich/Reuters By Matthew Goldstein Five former employees of KPMG and a former government accountant have been charged by federal prosecutors with taking… Read More
What are common mistakes businesses make when it comes to accounting? originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world. Answer by Gary Hecht, Associate Professor at the University of Illinois at Urbana–Champaign, on Quora: One big mistake businesses make when it comes to accounting has to do… Read More
Planning a move? By 2021, these 8 states will have no income tax New York gubernatorial candidate Cynthia Nixon laid out a $7.3 billion plan to boost education from preschool through college. The Actress said Wednesday her plan would be funded by increasing taxes on wealthy New Yorkers and corporations. Hate paying tax? These states… Read More
Think we’re finished with tax breaks in 2018? Not so fast. Hot on the heels of tax cuts from the Tax Jobs and Cuts Act (TJCA), Congress is already looking at another round of changes that they’re calling Tax Reform 2.0. But, like a late-night infomercial, there’s more: The Trump administration is considering a change… Read More
The Justice Department recently announced the bust of a tax scheme that operated in India and the U.S. The scam, whereby U.S. residents received calls from individuals claiming to be employees of the IRS or U.S. Citizenship and Immigration Services, is a common tactic used to defraud unwitting individuals. If you get a similar call,… Read More
Employers must change their systems and processes for the new rules INSIGHT ARTICLE | April 12, 2018 The deduction for meals and entertainment (M&E) expenses has been one of the most broadly applicable opportunities for significant tax savings; however, after tax reform, there are some misconceptions regarding how to apply the rules and what opportunities… Read More