A post published on President Joe Biden’s official Twitter account has been fact-checked and labeled “incorrect” after the White House claimed the average American billionaire pays just 3 percent in tax. The president’s official account posted a tweet of a photo of Biden on March 18 containing a quote from him which read: “You know the average…
Biden’s Tweet on Taxes That Billionaires Pay Fact-Checked, Labeled ‘Incorrect’ by Twitter
Former Minneapolis Officer Derek Chauvin Pleads Guilty to Tax Evasion
MINNEAPOLIS—The former Minneapolis police officer convicted in the 2020 killing of George Floyd pleaded guilty Friday to two tax evasion counts, admitting that he didn’t file Minnesota income taxes for two years due to “financial concerns.” Derek Chauvin pleaded guilty specifically to two counts of aiding and abetting, failing to file tax returns to the…
Job Plus a Side Gig? Avoid These Mistakes
March 17, 2023
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At the beginning of the year, many people have their eyes set on goals. Some of these goals may include increasing your income, starting a dream business, or both if you’re reaching for the stars. Before you get your hands dirty in the sometimes chaotic combination of formal employment and entrepreneurship, here are a few…
Britain’s Tax Burden on Course to Hit Highest Level Since Second World War
The UK’s tax burden is on course to be the highest since the Second World War, the government’s official economic forecaster has said. The tax burden is expected to reach a post-war high of 37.7 percent of GDP in 2027–28, according to the Office for Budget Responsibility (OBR). The OBR’s document, released on Wednesday to…
Don’t Forfeit Your FSA Money
By Lisa Gerstner From Kiplinger’s Personal Finance Flexible spending accounts, or FSAs, allow employees of companies that offer the accounts to set aside pretax money from their paychecks for out-of-pocket health care or dependent care expenses. A little less than one-fourth of FSAs require account holders to spend all the money by the end of…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent
March 14, 2023
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Biden’s Proposed Cap Gains Tax Would Exceed 100 Percent: Economist
March 14, 2023
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President Joe Biden’s proposed capital gains tax increase could result in an effective tax rate of over 100 percent after adjusting for inflation, according to recent calculations by Laffer Associates. The increase would more than double the tax investors pay on investments held longer than one year. The proposal, outlined as part of Biden’s $6.8…
Travel Expenses and Working in Down Time
Conferences, worksite visits, and other travel may be claimed as a travel deduction. The Internal Revenue Service allows “ordinary and necessary” expenses regarding travel. They also take into account how far you travel from your tax home. But what is a tax home, and what is meant by ordinary expenses? Here are the facts about…
Six Major Changes Made by IRS for 2023 Tax Season
March 10, 2023
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Tax year 2022 saw multiple changes made by the Internal Revenue Service to tax limits, credits, standard deductions, and so on. With the deadline for filing returns fast approaching, here is a list of some of these changes. Marginal Tax Rates The IRS slightly changed tax brackets for the 2022 tax year. The top tax…
The Changing Rules for the Electric Vehicle Tax Credit
By Kelley R. Taylor From Kiplinger’s Personal Finance When the Inflation Reduction Act passed in 2022, it ushered in an electric vehicle tax credit worth up to $7,500. This EV tax credit has caused some confusion ever since partly because of the rules on price limits as well as the manufacturing, sourcing and assembly of…
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