UK finance minister Rishi Sunak has been cleared of breaching the ministerial code by Boris Johnson’s standards adviser after considering the tax affairs of the Chancellor and his family. Ministerial interests adviser Lord Geidt also ruled in Mr Sunak’s favour over allegations of conflicts of interest relating to the Chancellor having held a US permanent…
British Finance Minister Cleared by Standards Adviser Over Wife’s Tax Status
Biden’s Proposal to Limit Like-Kind Exchanges Impacts Small Business
By Tom Wheelwright If you’ve ever owned real estate, you’ve likely heard of the 1031 exchange, also known as a like-kind exchange. Essentially, this allows business owners or investors to sell a property, acquire a new one and not pay tax on the property they sold as long as it is equal to or greater in…
Australian PM Says No New Taxes From His Government
April 23, 2022
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The prime minister has doubled down on the coalition’s promise not to introduce new taxes as Labor pledges to throw more than A$500 million (US$362.36 million) at Veterans’ Affairs to fix a backlog in support claims. Both sides have kicked off Sunday’s campaigning with big cash pledges as Opposition Leader Anthony Albanese remains in isolation…
Grover Norquist on How Republicans Plan to Fight Inflation
Grover Norquist is an American political activist and tax reduction advocate. He is the founder and president of Americans for Tax Reform, an organization that opposes all tax increases. Norquist founded the group in 1985 at President Reagan’s request. The group’s Taxpayer Protection Pledge has been signed by 125 sitting members of Congress. Norquist sat…
Non-Qualified Deferred Compensation: Retirement Savior or Risky Strategy?
April 20, 2022
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When it comes to taxes, the higher your income, the more you pay. If you’re employed and you are provided with the option of deferred compensation, the best option is to weigh the pros and cons to decide if it will work for you or not. Qualified Versus Non-qualified Deferred Compensation A deferred compensation plan…
Report: Low-Tax States Grow at Faster Pace Than High-Tax States
A newly released report examines the tax burden and economic climate of all 50 states and ranks them, with Utah coming in first and New York coming in last. The report, released by the American Legislative Exchange Council (ALEC), says that “cutting taxes, paying down debt and maintaining free market policies have significantly helped states…
What Homeowners Need to Know About Property Taxes
April 18, 2022
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When you purchase your first home, you become aware that you are required to pay for the privilege of owning a home. That payment comes in the form of property taxes. Property taxes are a revenue source for most local governments. Whether you live in a city, a town, a village, or a parish, you…
Shanghai Backlogs May Hit Supply Chains; Norquist: Economy Needs Pro-Growth Policies | NTD Business
China reports its new G-D-P number today, what is it and how is the severe lockdown there impacting its economy and Americans? we ask an expert. It’s tax day, we talk to Grover Norquist, president of Americans for Tax Reform, long time advocate of tax reduction, about how to tackle inflation, and rein in government spending. Power companies…
Tax Reduction Strategies to Help Your Portfolio During a Crisis
When events such as COVID-19 occur, investors often feel at the mercy of wildly fluctuating portfolios. Investing in the market involves risk—your portfolio will go down. And according to the math of percentages, the more significant your losses, the more returns you’ll need to break even. If you lose 10 percent, you’ll need to gain…
Tax Credits for Your 2022 Tax Return (The One You File in 2023)
April 15, 2022
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The mistake many taxpayers make when considering tax credits is they don’t think about tax credits from the previous year until they are filing their taxes. Start planning early. Whether they are credits new for the tax year 2022, or old ones that have changed, you need to know what is available to you so…
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