Category: Income Tax

Your Tax Refunds May Be Smaller This Year

The New York Times – Business:
Credits that were expanded as part of pandemic relief have expired, as has the deduction for donations for people who don’t itemize.
Trump Tax Returns Undermine His Image as a Successful Entrepreneur

The New York Times – Business:
The release of former President Donald J. Trump’s private tax documents by the House Ways and Means Committee shows heavy losses from his own ventures as he continued to cash in on inherited assets.
Trump Tax Returns Released by House Democrats

The New York Times – Business:
The publication of former President Donald J. Trump’s private tax documents comes amid questions about why the I.R.S. failed to fully audit him during his presidency.
How the Spending Bill’s New Retirement Rules Will Affect Roth IRAs and 401(k)s

The New York Times – Business:
Want to transfer money from a 529 plan to a Roth I.R.A. or get an after-tax employee match in your Roth 401(k)? You may be in luck.
I.R.S. Delays Tax Change for Users of Venmo, Cash App and Other Digital Wallets

The New York Times – Business:
Users who receive income through digital payments will have another year before having to comply with a new tax rule that had sowed confusion and concern.
I.R.S. Routinely Audited Obama and Biden, Raising Questions Over Delays for Trump

The New York Times – Business:
The revelation that the agency had not audited Donald J. Trump during his first two years in office despite a mandatory presidential audit program raised concerns about potential politicization.
New I.R.S. Rules for Online Sales Sow Fears About Surprise Tax Bills

The New York Times – Business:
Users of digital wallets and e-commerce platforms like Venmo, CashApp, Etsy and StubHub must start reporting small transactions.
State Tax Cut Policies Prop Up Income, Fanning Inflation Worries

The New York Times – Business:
Efforts around the country to ease the pain of rising prices have given consumers more money to spend, which could paradoxically further drive up prices.
Your Paycheck Next Year Will Be Affected by Inflation. Here’s How.

The New York Times – Business:
If you get a raise, you may not end up in a higher tax bracket. But more of your income may be subject to Social Security taxes. And you’ll probably pay more for health care.
IRS Releases Inflation-Adjusted Tax Rates for 2023

The New York Times – Business:
Filers whose salaries have not kept pace with inflation could see savings on their federal income tax bills.
New U.K. Finance Minister Pulls Back Further on Fiscal Plan

The New York Times – Business:
Jeremy Hunt, the new chancellor of the Exchequer, announced a sweeping reversal in an effort to steady the markets and reduce the pressure on Prime Minister Liz Truss.