Getty According to the most recent data available from the Internal Revenue Service (IRS), just 12,177,779 taxpayers claimed the charitable donation deduction for the 2018 tax year, totaling $102.7 billion. That compares to 33,629,985 taxpayers who claimed the charitable donation deduction for the 2017 tax year, totaling $160 billion. That’s a difference of 21,452,206 taxpayers
Taxes
The Texas State Capitol building, center, stands in downtown Austin, Texas. Apple Inc. announced in Dec. 2018 it’s opening new offices in Austin, investing $1 billion and bringing as many as 15,000 jobs to a city that was already the fastest growing in the nation for three years running. Photographer: Callaghan O’Hare/Bloomberg © 2018 Bloomberg
The drums sound as to income and wealth inequality as an issue for the 2020 Democratic Presidential primaries. The loudest voices calling for increasing taxes on owners, investors and entrepreneurs – with a view that raising taxes on high-end income families is a good in of itself. All this jawing on hiking taxes on owners/investors/entrepreneurs
Shutterstock Many securities traders incur significant tax bills on phantom income caused by “wash sale losses disallowed” on form 1099-Bs. Traders are often surprised because most brokers don’t report wash sale (WS) loss calculations during the year. In this blog post, learn how to deal with WS loss adjustments and how to avoid them in
Today, Forbes is publishing its 2019 edition of Great Places To Follow Your Passions In Retirement. It’s a list of 25 locales across 21 states and all four continental time zones that are appealing spots to pursue one or more of seven retirement interests: arts, fine dining, lifelong learning, volunteering, outdoor activities on water, outdoor
Whistleblower 14377-16W is my new hero. Old 77 as I have nicknamed him has a superpower far beyond the modest one I have developed. You see when the IRS issues a notice that denies or revokes exempt status it is in the form of a private letter ruling that is redacted. My superpower is to penetrate
“Prepaid” 529 plans allow consumers to lock-in future tuition at current prices, but they have largely been overshadowed by the more popular 529 “Savings” plans. However, new research shows that the oft-overlooked Prepaid may be a better bet than originally thought, offering superior risk-adjusted returns, historically. Choosing the right college savings strategy is never easy.
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 filing early in anticipation of potential future benefit cuts, who can still file restricted applications, potential effects of pensions on Social Security benefits, the availability of survivor benefits and
In a recent program manager technical assistance memorandum—these are from the National Office of the Office of Chief Counsel to IRS program executives and managers—the IRS addressed whether premium seating upgrades (such as for premium economy seats) are subject to the air transportation excise tax. blue seats in economy class passenger section of airplane Getty
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 explore when you can, and cannot, file a restricted application for spousal benefits only, when retirement benefits can be claimed after restricting an application, lasting effects of filing early, public