By Elliot Raphaelson From Tribune Content Agency If you have reached 70 1/2, have a traditional IRA, do not itemize your tax return and make charitable contributions, you should consider taking advantage of the Qualified Charitable Deduction (QCD) option to save on income taxes. For example, if you contribute $10,000 to a qualified charity, and…
Avoid Mistakes With Qualified Charitable Contributions
October 23, 2022
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IRS Releases Inflation Adjustments for 2023 Taxes: Here’s What It Means for You
As the cost of living has soared for Americans battling against chronic inflation, the Internal Revenue Service (IRS) may be bringing some welcome relief. The federal agency announced on Oct. 18 a string of new annual inflation adjustments that will impact the 2023 tax year, potentially bringing a boost to your paycheck, particularly if your salary hasn’t kept up…
Where to Stash Your Investments
October 17, 2022
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By Nellie S. Huang From Kiplinger’s Personal Finance Which investments you hold matters, but so, too, does where you hold them, whether it’s in a tax-advantaged account or a taxable one. The strategy of divvying up your assets into certain types of accounts to lower your tax bill is called asset location. The general advice…
Charitable Contributions for 2022: How to Save on Taxes
In 2020 and 2021, you could deduct up to $300 for cash donations to charity without itemizing. This came under the standard deduction. It didn’t apply to those who itemized, but at least you could take a deduction without pulling out Schedule A. But that charitable standard deduction wasn’t extended past 2021. So that leaves…
Rebate Checks Wrong Way to Help California Taxpayers
October 12, 2022
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Commentary Like most Californians, any day now my bank account will be augmented by the tax relief the Legislature passed earlier this year. Gov. Gavin Newsom’s office enthused on Oct. 6, “Starting tomorrow, $9.5 billion in Middle Class Tax Refund payments will begin going out to Californians, with refunds of up to $1,050 that will…
Federal Budget Deficit Shrinks to Still Eye-Popping $1.4 Trillion: CBO
October 12, 2022
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The U.S. federal budget deficit was $1.4 trillion for this past fiscal year, which ended Sept. 30, according to estimates released on Oct. 11 by the Congressional Budget Office (CBO). That figure is roughly half of the nearly $2.8 trillion deficit from the prior year, marking a roughly $1.4 trillion decline, CBO said. According to the CBO, the decline was…
10 Million Low-Income Americans May Still Be Eligible for COVID-19 Stimulus Payment
October 12, 2022
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Millions of Americans are still eligible for COVID-19 relief payments, the Government Accountability Office (GAO) said on Tuesday. According to a report from the GAO, Americans with little or no income who are not required to pay taxes have until Nov. 15 to complete a simplified tax return in order to get their stimulus checks. The report found that…
Pennsylvania Man Has Not Filed Income Taxes in 17 Years
The Pledge of Allegiance states that America is “one Nation under God, indivisible, with liberty and justice for all.” Liberty, the dictionary says, is living free from oppressive restrictions imposed by authority on one’s way of life, behavior, or political views. Pennsylvania author Barry Durmaz says he is living his life in liberty. That means,…
Ministers Coy on Tax Cut Changes
With a recession looming and rate hikes hurting hip pockets, a fight over tax cuts is ramping up as Labor prepares to deliver its first budget in almost a decade. Government ministers have consistently stood by legislated stage-three tax cuts, which will largely benefit high-income earners. But there is now speculation the government is considering…
Most Americans Support Biden’s Student Loan Handout Until They Realize It Raises Taxes: Poll
September 27, 2022
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A majority of Americans would oppose President Joe Biden’s plan to “forgive” billions of dollars of federal student loan debt if it led to higher taxes, according to a recent poll. The survey (pdf), conducted by British data company YouGov on behalf of the libertarian Cato Institute, found that 64 percent of American adults said…
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