Stories Tagged as
Tax deductions
Tax breaks are popular. They also cost the federal government more than $1 trillion a year.
May 24, 2024
In the debate over the debt and deficit, experts say tax breaks that skew toward the wealthy deserve as close a look as government spending.
Paycheck Protection Program loan recipients face a new challenge: Taxes
by
Justin Ho
Nov 17, 2020
As the year draws to a close, small business owners are starting to figure out their tax liabilities for 2020. That's complicated for businesses that got Paycheck Protection Program loans.
Charitable giving dips in the wake of tax law changes
Feb 18, 2020
The Urban-Brookings Tax Policy Center says only about 10% of households now have an incentive to donate.
With the tax bill signed, a fight with hard-hit states begins
by
Ryan Kailath
Jan 10, 2018
California and New Jersey are exploring the use of charitable contributions to offset taxes.
Want to make a charitable contribution to your state?
Dec 18, 2017
Many people spend many dollars trying to get out of their tax bills by finding loopholes and workarounds. Well, it’s very likely that states are going to be doing the same thing in a year or two. The intent is to lower the burden on their own residents who can no longer deduct as many […]
Why the House tax plan has students worried
Nov 20, 2017
The revised House tax plan eliminates deductions for tuition and interest paid on student loans and other higher education credits to help pay for tax cuts.
Trying to follow the competing GOP tax bills? We're confused, too.
by
Kai Ryssdal
and Sean McHenry
Nov 13, 2017
As congressional Republicans keep grinding away on their tax bill, the question is: which tax bill? The full House is planning to vote on its bill this week. The Senate Finance Committee started work on its bill today, and President Donald Trump tweeted several suggestions, including a provision to repeal the Obamacare individual mandate. There’s […]
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How the GOP tax plan changes the alimony equation
Nov 6, 2017
The Republican tax plan would change alimony from something that is treated favorably for the people who have to pay it to something that is more of a tax burden. That’s because alimony payments would no longer be deductible from income on the payer’s tax return. The change could make divorce settlements more difficult to […]
What’s better, a deduction or a tax credit?
by
Amy Scott
Nov 2, 2017
The true impact of the Republican tax proposal on the middle class can’t really be measured just yet. We do know it would create a new “family credit” and expand the child tax credit used by working families. On the other hand, the personal exemption taxpayers can now claim for themselves and each of their […]
Key question on the GOP tax plan: What’s your ZIP code?
Nov 2, 2017
The GOP tax bill as written gets rid of deductions for state and local income taxes and would cap state and local property tax deductions at $10,000. It would also limit the mortgage interest deduction by capping it at $500,000 for future home purchases. These provisions will have a bigger impact in some parts of […]