#Tax Deductions


What the Proposed Tax Deal Means for Your Business

The House Democrats released their tax proposal with big headlines about increasing taxes on the rich and big corporations. But if you have read my articles before, you know I care less about big corporations and more about small businesses. Where do they fit into the tax code changes? Is tax reform good or bad for them? Some small businesses will benefit from the proposed changes. Here's who wins and loses with this new tax proposal:

Eric Adams faces NYC townhouse tax, building code troubles

Democratic mayoral nominee Eric Adams didn’t respond to a Department of Buildings complaint about an illegal conversion at his Brooklyn townhouse and failed to list the property as his residence on federal tax filings — even though he was eligible for significant deductions, documents show. Adams, the term-limited Brooklyn borough...

TAX TIPS TUESDAY: Using your vehicle for business

H&R Block Presents – USING YOUR VEHICLE FOR BUSINESS. If you use your vehicle for business purposes, you may qualify for a deduction on your income tax return. The deduction is for self-employed taxpayers only. Most employees (taxpayers who are paid on a W-2) are not allowed to claim employment related expenses.

How Young Gig Workers in Maryland Can Establish Proof of Income

The gig economy, also known as access or sharing economy, is now booming in Maryland. It lets you earn income from on-demand work and services. Usually, this work is available on websites or digital apps. However, demonstrating proof of income, especially when you want to take out a loan, can be difficult. If you wish […] The post How Young Gig Workers in Maryland Can Establish Proof of Income appeared first on The Southern Maryland Chronicle.

Former Knick’s Tax Trial Over China Pay Opens With Agent Email Evidence

Shortly before his trial—for wire fraud and willfully making false statements on his tax returns—started last Friday, former New York Knicks and Atlanta Hawks center Randolph Morris received mixed news from U.S. District Court Judge Danny Reeves. The judge permitted federal prosecutors to introduce damaging evidence of Morris’ tax returns and life insurance policy but also tentatively allowed Morris to show emails that might cast doubt on his intent to defraud. Morris, who the government says earned $13.3 million in salary and bonuses by playing for the Beijing Ducks between 2010 and 2017, is accused of not reporting his China income....

Factbox: The platforms of the major parties in Canada's election

ECONOMY - Help create more than 1 million jobs by extending a recovery hiring program to enable businesses to take on more workers. Provide aid to the culture and tourism sectors. TAXES - Raise the corporate income tax that the largest banks and insurance companies pay on earnings above C$1...

Can We Hope to Put an End to Non-Charitable Private Foundations?

Private foundations hold about $1 trillion worth of assets in North America. Canada had 5,738 private foundations with assets totaling $56.3 billion in 2018, representing an increase of almost 200% since 2010. The combined assets of the richest 245 Canadian private foundations amounted to $42 billion in 2018, and they spent 3.34% of their assets on expenditures and donations (The Charity Report).