Taxes

Congress is raising the age you must start withdrawing from taxable retirement accounts. But waiting too long can raise your taxes and Medicare Part B premiums. What’s best for you requires careful calculation, not following rules of dumb. The answer is definitely yes! But let me provide some background for why this question is of

As of April 1, more than 70 million taxpayers have gotten refunds, averaging $3,175, on their 2021 tax returns. If you file your tax return electronically, choose direct deposit and don’t make any mistakes, you could get your refund in 21 days or less. If you file on paper, you’re stuck in line behind folks

Doing your taxes this holiday weekend? As of April 8, the Internal Revenue Service had processed nearly 100 million individual tax returns for tax year 2021 and issued more than 70 million refunds. The average refund: $3,175. Here are some last-minute tips on how to get a bigger tax refund, including some special tax breaks

Jobs are coming back from the pandemic recession in many sectors, with healthy growth across many industries—but not state and local government. We need public employment to provide the infrastructure and services that make a modern economy run while taking care of those in need, and our failure to invest in public workers is costly

There are two universal principles regarding the reasonableness of employee compensation: (i) most people feel they are undercompensated and (ii) those same people feel their friends and neighbors are overcompensated. There are many reasons for this phenomenon, but for our unscientific purposes it’s enough to think of reasonableness like beauty – it’s in the eyes

Stop the presses. Reports are in that tax compliance is more challenging for “independent workers” than for W-2 employees. The Independent Economy Council (IEC) released its survey of 1,003 individuals who earn the majority of their income from “independent work”. “Independent work” includes freelance work, gig work, on-call work or anything else considered to be

Today’s Social Security column addresses questions about early filing reductions and delayed retirement credits, filing with a spouse and a disabled child and how survivor’s benefits are calculated. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See more Ask Larry answers here. Have

The exchange-traded fund industry has been booming for the past few years. Much of these gains in assets have come at the expense of old-school mutual funds. Some investors have transitioned to ETFs because of lower expense ratios when compared to similar mutual funds. Many wealthier Americans have been guided towards ETFs for their tax

Topline Some of America’s richest billionaires—including the likes of Bill Gates, Michael Bloomberg and Ken Griffin—were among the highest earners between 2013 and 2018, but that didn’t mean they paid the highest income tax rates, as detailed by a new ProPublica report that cites confidential Internal Revenue Service data. Key Facts The new report from

Robert Goulder and Joseph J. Thorndike of Tax Notes discuss if more people should be paying income taxes and how efforts to change that have played out in the past. This transcript has been edited for length and clarity. Robert Goulder: Hello, everyone. I’m Bob Goulder, a contributing editor with Tax Notes. Welcome to In

Today’s Social Security column addresses questions about the maximum Social Security benefit an individual can receive, taking benefits early in order to invest them privately and overpayment of spousal benefits after filing and suspending. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security Planning, Inc. See

Rohit Kumar of PwC discusses the Biden administration’s fiscal 2023 budget, explaining the new proposals and how the budget is different than the Build Back Better Act. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This

This is not about what I see as the most underreported tax story of 2021 – people who can save thousands from filing separate returns and avoiding credit phaseouts. You can read about that here. This is for the people who year in year out are pressured into signing joint tax returns without really understanding

Filing your taxes is one of the least exciting parts of owning your own business. However, your taxes on a small business can be extremely painful without proactive tax planning. Here are a few tax deductions that could help you keep more of your hard-earned money. 1. Retirement Plan Contributions For Small Businesses Retirement plan

President Biden’s Test to Treat plan will allow people to test for COVID at a pharmacy and if positive, get effective new drugs. But it’s currently dysfunctional. Biden needs to kick ass and make sure Test to Treat is operational and known to everyone particularly pharmacists throughout the country. We now have wonderful new drugs

Reg. section 1.904-4(a)-(q) governs the separate application of the section 904 foreign tax credit limitation to categories of income. Published January 2, T.D. 9959 added guidance to the rules in reg. section 1.904-4(f) that govern the FTC limitation for the foreign branch income category. Section 901 allows a credit for taxes paid to foreign countries.

I recently wrote about the phenomenon of married taxpayers filing separately in order to avoid phaseout of recovery rebate and child credits. I picked up on the story by following #TaxTwitter, where tax pros go to commiserate. My sources on the tax press have confirmed my impression that this story has not garnered much coverage

Hello there, I hate to be the bearer of bad news; Tax Day is just around the corner. The Tax Deadline for your 2021 tax filing is April 18th, 2022. Don’t freak out. If you find yourself unable or unwilling to get your taxes done by that deadline, you can request an automatic six-month extension

Tax Notes reporters Jonathan Curry and Caitlin Mullaney set the record straight on 10 common tax myths. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: TikTok tax. There are a lot of bad ideas

New York’s official state motto is “Excelsior,” which means “Ever upward,” and that’s an apt description of how the state — along with Connecticut, Maryland, and New Jersey — has attempted to persuade the federal courts to enshrine the state and local tax deduction a feature of federal tax law. Undaunted by the fact that