Tag Archive for: taxable income

What To Know About Trump’s ‘No Tax On Tips’ Pledge In The GOP Budget Bill

The proposal has gained bipartisan support from lawmakers, the public, and business groups, especially those in the service industry. However, critics argue it could cost the government billions while offering limited benefits to low-income workers.

Why Do I Owe Taxes This Year? Understanding The Causes

There are many reasons why you may have underpaid taxes during the year, ranging from changes in your financial and personal situation to shifting tax laws. Understanding why you owe can help you avoid the same issue in the future.

Essential Updates On Paid Family Leave: What New Parents Need To Know About New IRS Rules

Alongside paid medical leave, family leave ensures wage replacement in times of illness or caregiving. However, this program is set to expire next year on January 15, 2026, and the IRS has made some changes to accommodate the transition. Here’s what you need to know.

Top Tax Write-Offs for Small Businesses And Self-Employed Workers In 2024

While you usually need to pay upfront for equipment, employee salaries, and other business expenses, the ability to write off these costs on your federal tax return reduces the amount of income tax you owe. These tax deductions, offer significant advantages for small businesses and independent contractors.

How You Could Benefit from Tax-Loss Selling This Year

It’s important to note that tax-loss selling is only a worthwhile strategy if you have taxable accounts. As 2024 winds down, here are some of the most fruitful spots to look for tax-loss candidates.

Eight Groups Who Can Expect New Tax Breaks Under Trump

Donald Trump’s biggest campaign promises included extending the tax law he signed in 2017, which lowered many Americans’ income taxes. But he also promised to “pursue additional tax cuts” if elected. Now that he’s headed back to the White House, you might be wondering — even if you didn’t vote for him — whether you stand to benefit from those new tax breaks.