IRS discontinues well-liked free service before the 2026 tax season: What happens now?
IRS Shuts Down Direct File Tax Service The Internal Revenue Service has discontinued a widely used service that allowed taxpayers to file their taxes directly without cost. This initiative, known as Direct File, was launched by the U.S. Treasury and the IRS in early 2024, aiming to help people file taxes independently and save money. […]
On Your Side: If you own a newer vehicle, verify this on your property tax bill.
Tax Assessment Confusion for Greene County Drivers SPRINGFIELD, Mo. – It’s a good reminder to take a second look at your personal property tax return, especially if you recently bought a new car. What’s happening is that county collectors are sending out tax bills at the end of the year, and many Greene County taxpayers […]
Declining cryptocurrency values create a ‘unique’ opportunity for investors to utilize a traditional tax approach, according to a CPA.
The Current State of the Cryptocurrency Market The virtual currency market is experiencing a downturn. Bitcoin, the largest cryptocurrency globally, saw a 6% drop during trading on Monday, marking its most significant single-day fall since March. While it has seen a bit of a rebound and is currently priced around $93,000, it remains approximately 25% […]
Gavin Newsom Advocates for a Retroactive Tax on Those Who Left the State
While Governor Gavin Newsom (D-Calif.) is initially focusing on billionaires, the idea of implementing retroactive taxes—even for those who have left California—should raise concerns among all residents or former residents of the state. “Newsom is advocating for a retroactive tax on millionaires that would affect around 220 billionaires residing in California by 2025,” according to […]
Governor Gavin Newsom is against California’s ‘billionaire tax’ while considering a run for the presidency in 2028.
There’s a significant push in California to reform the healthcare system, targeting the state’s wealthiest individuals. Governor Gavin Newsom has come out as a notable opponent of this initiative. A political consultant named Dan Newman expressed that Newsom is against a proposed one-time 5% tax aimed at around 200 billionaires with fortunes exceeding $1 billion. […]
UK Prime Minister Asserts Government Was Honest About Budget Before Tax Increase
On Monday, British Prime Minister Keir Starmer faced a challenging moment as accusations emerged against Chancellor Rachel Reeves for misleading the public about a supposed “black hole” in the budget, which was used to justify tax increases. Meanwhile, the recently embroiled budget chairman, Quango, took responsibility for the unfolding scandal. Since taking office last year […]
Tariffs from Trump Can Support Tax Breaks for American Families
President Trump’s Windfall Tariffs Should Support Families President Trump has put forth a proposal: Send a $2,000 check to most Americans financed by money collected from tariffs. The idea is to highlight how much the U.S. reaps from these substantial import duties. However, a one-time $2,000 payment may not be the best approach for utilizing […]
Three Tax Strategies to Consider Before Year-End for Larger Deductions
Important points Taxpayers can benefit from the new SALT cap by prepaying estate taxes and paying state and local taxes before the year’s end. Those who don’t itemize might want to postpone charitable contributions planned for 2025 to next year, whereas itemizers may consider making contributions due in 2026 sooner. Homeowners have just a month […]
Choosing a start-up for investment to receive a 20% tax deduction
With the tax burden at a record high, affluent investors who have maxed out their ISAs and pensions might be exploring alternative ways to reduce their tax obligations. One popular avenue is investing in startups through a venture capital trust (VCT). These investments can bolster small and medium-sized enterprises in the UK. Typically, VCTs purchase […]
Discover Your Eligibility for the New Senior Tax Relief
Important points From 2025 to 2028, individuals aged 65 and older can claim an extra $6,000 deduction whether they choose itemized or standard deductions. However, seniors with higher incomes, specifically those earning over $75,000 or couples making more than $150,000, won’t be able to claim the full deduction. The Senior Tax Credit could potentially lower […]