They do things big in Texas. Apparently, that includes taxpayer Section 183 (hobby loss) victories. The most recent is WP Realty LP in a Tax Court Memorandum decision by Judge Kerrigan. The IRS was seeking to disallow over $14 million in losses for the years 2011 to 2014 from the operation of Whispering Pines Golf Club in
Taxes
Social Security may be one of your largest assets. What and when you collect will make a huge difference to your lifetime benefits. Today’s column addresses when to file for spousal benefits, when spousal benefits become available, whether survivor benefits can be voluntarily stopped, maximizing benefits for a married couple and when the Social Security
Credit: Getty Royalty Free Getty The tax year is fast drawing to a close. Often that entails a choice: do you take the standard deduction, or do you itemize? The two seem mutually exclusive. Actually, you can do both. You use a strategy called bunching. To perform this maneuver, you need to own a home
Florida Republican Governor Ron DeSantis has seen his state generate private sector jobs at the 7th-fastest pace in the nation, 4.7%, since the Trump tax cut in 2017. (AP Photo/Wilfredo Lee) ASSOCIATED PRESS Job growth in the 27 states with low state and local taxes continues to double the pace of employment gains compared to
Getty It just got easier to take money out of your 401(k) or 403(b) retirement plan. The Internal Revenue Service has issued final rules on hardship withdrawals that spell out a host of changes meant to cut down on red tape. Some are mandatory—employers must make the changes as of Jan. 1, 2020, and other
Lafayette, California, March 28, 2019. (Photo by Smith Collection/Gado/Getty Images) Getty Images A sprawling and controversial new labor law signed by California Governor Gavin Newsom this week could have major tax consequences for gig workers in the state and eventually, perhaps, throughout the country. The measure, called Assembly Bill (AB) 5, makes it much harder
Share to facebook Share to twitter Share to linkedin The suit targets the Manhattan district attorney and Trump’s own accounting firm. (AP Photo/Evan Vucci) ASSOCIATED PRESS Topline: In response to a subpoena for his tax returns, President Trump filed suit against the Manhattan district attorney, Cyrus Vance Jr. and also Trump’s own long-time accounting firm,
Getty The United States may be taking a hard line on cryptocurrency, but not all countries are seeking to collect from the virtual currency boom. The Portuguese Tax & Customs Authority (PTA) has announced that buying or selling cryptocurrency in Portugal is tax-free. The announcement came at the same time that the Internal Revenue Service (IRS)
Setting up an Inherited IRA may take a little extra legwork but the tax savings can be huge Getty If you are lucky enough to inherit a 401(k) or an IRA, when you don’t know what you’re doing, you could put your inheritance at risk. The tax rules need to be followed to the T. These
California Gov. Gavin Newsom signed a sweeping new law that could force gig companies like Uber and Lyft to reclassify their workers as employees. Yet even before he signed the bill into law, it was already clear that lawsuits will abound. On September 11, 2019, Uber’s top lawyer announced that new law or not, Uber will not treat its