Owning one or more rental properties is an excellent way to ensure an ongoing income. Knowing the best tax reduction strategies and applying them can make your investment even sweeter. First, a Note About Record-keeping To ensure that you can claim as many tax write-offs as possible on your investment property, keep all your receipts–and…
Passing Your Real Estate on Successfully: Avoiding Probate
When you want to leave a valuable asset behind for your beneficiaries, real estate makes an excellent gift. However, if you do not plan carefully, the property may have to go through probate court. Once it is in probate court, the court decides how to divide your estate and property. This means it may have…
Biden Tests Positive for COVID-19; House GOP and Hungary Against Global Tax | NTD News Today
The White House trying to clarify, after President Biden suggests he has cancer due to the oil industry. This, as the president takes climate issues into his own hands. How does a global minimum tax on corporations sound? Over a hundred countries support the plan, including the Biden administration. But some House Republicans and one…
Anaheim Rejects 2 Percent Gate Tax for Disneyland
July 20, 2022
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A proposal to charge a 2 percent gate tax at Disneyland and sporting venues failed to get enough support from Anaheim city councilors on July 19. The measure, proposed by Councilman Jose Moreno, would have gone to voters on the Nov. 8 ballot—but it died without the support of any of his colleagues. “This is…
Your New Gig: Taxes. Navigating Taxes if You’re Self-Employed
Maybe you call it freelancing, or you call it contract work, or you call it gig work. Maybe you have multiple part-time jobs in which you are paid hourly, with no benefits. Perhaps you have started your own business out of your home. In any of those scenarios, you are considered “self-employed’’ by the Internal…
Ex-F1 Boss Ecclestone to Be Charged With Fraud Over Assets
LONDON—Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation following a government investigation into his overseas assets, British prosecutors said Monday. Chief Crown Prosecutor Andrew Penhale said after reviewing evidence from the tax office, authorities have authorized a charge against Ecclestone over his failure to declare overseas assets worth more…
Small Business Group Calls for Relief at Pumps Amid High Fuel Costs
A Canadian small business group is calling on the federal and provincial governments to temporarily eliminate or lower fuel taxes. The Canadian Federation of Independent Business says record gas prices, supply chain snarls and labour shortages have pushed the cost of doing business through the roof. It says higher transportation and fuel costs have driven…
Airbnb Obliged to Provide Information to Tax Authorities, EU Court Adviser Says
BRUSSELS—Short-term accommodation services company Airbnb is obliged to provide information in rental contracts to tax authorities, an adviser to Europe’s top court said on Thursday, in another potential legal setback in Europe for the company. Airbnb has in recent years found itself at loggerheads with authorities in several European Union countries, arguing that taxation and…
California Approves Lithium Tax Despite Industry’s Warnings
July 2, 2022
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California on Thursday approved a plan to tax the electric vehicle battery metal lithium to generate revenue for environmental remediation projects despite industry concerns that it will harm the sector and delay shipments to automakers. Governor Gavin Newsom, a Democrat, approved the tax as part of a must-pass state budget on Thursday. The state legislature…
In Unusual Mid-Year Move, IRS Raises Standard Mileage Deduction
The Internal Revenue Service (IRS) made an unusual announcement on June 9, raising the optional standard mileage rate for the final six months of 2022. The move comes as sky-high gas prices continue across the country. The IRS hasn’t changed the mileage rate mid-year since 2011. Typically such increases are enacted in the fall, for…
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