While many individuals and businesses look to charitable giving as an end-of-year tax planning strategy, not everyone (or every business) is in a charitable mood. Indeed, it is easy to be viewed as a “Scrooge” if you don’t get into charitable giving, but there may be genuine reasons for not donating this year.
The "gig economy" works in large part by employing independent contractors instead of employees in order to keep costs down. That has led to some headaches -- whether or not a worker is an employee or a contractor is a legal determination under the Fair Labor Standards Act. It's not strictly the choice of the employer.
Many of us have, if we’re curious about a particular tax-related issue, consulted the IRS website (www.irs.gov), especially now as the tax year is winding down. We assume that since the content on the site is put out and endorsed by a government agency, it is valid, factual and reliable.
The final stretch to the end of the year is upon us. There are important decisions to make between now and December 31, about such issues as insurance coverage and health savings accounts for 2018, for example. It’s also the time to handle last-minute tax issues that could save you big bucks.
Recently, President Donald Trump released an overview of his proposal for sweeping tax reform. Among the key provisions are:
Earlier this month, consumer credit giant (and one of the “big three” reporting agencies responsible for evaluating the creditworthiness of millions) announced a massive data breach. Hackers infiltrated the company’s databases, compromising confidential information of an estimated 143 million Americans.
A court case pitting the state of South Dakota against online retailers Wayfair, NewEgg and Overstock is likely to head up to the nation’s highest court on appeal soon. The case, State of South Dakota v. Wayfair Inc., 28160-a-GAS, Supreme Court of South Dakota (Pierre), came down in favor of the Internet sellers who challenged a state law requiring any online retailer who collected more than $100,000 in annual to pay sales taxes on transactions.
Many of us enjoy hobbies in our free time. Whether its crafting or woodworking, building websites or small engine repair, hobbies offer a respite from everyday life in the form of stress relief and building personal skills.
Last week brought a potentially huge development in the long-standing fight against abuses of IRS authority in civil forfeiture cases: The U.S. House of Representatives passed via voice vote the Clyde-Hirsch-Sowers Restraining Excessive Seizure of Property through the Exploitation of Civil asset forfeiture Tools (RESPECT) Act.
State legislatures continue to increase the tax on cigarettes. Alcohol comes up in the sin tax discussion occasionally. The latest in Massachusetts is a proposed tax on sugary drinks, which health advocates argue will lower the rate of type 2 diabetes.