Tag #Tax Deductions

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forbes.com

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Aug 1, 04:11

Mid-Year Tax Review: Optimizing Your Tax Strategy

A mid-year tax review, ideally in July, helps adjust income, deductions, and withholdings based on life changes (marriage, new job, home purchase) or financial shifts, optimizing tax strategies and avoiding year-end penalties, especially given the One Big Beautiful Bill Act (OBBBA) changes.

Mid-Year Tax Review: Optimizing Your Tax Strategy

A mid-year tax review, ideally in July, helps adjust income, deductions, and withholdings based on life changes (marriage, new job, home purchase) or financial shifts, optimizing tax strategies and avoiding year-end penalties, especially given the One Big Beautiful Bill Act (OBBBA) changes.

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What are the most significant impacts of a mid-year tax review on an individual's overall tax liability?

A mid-year tax review allows for adjustments to income, deductions, and withholdings, impacting your year-end tax outcome. Changes in income, employment, or life events necessitate this review to ensure your tax strategy reflects your current financial situation and goals. Proactive adjustments can prevent underpayment penalties and maximize tax advantages.

forbes.com

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Jul 4, 04:10

Congress Passes Tax Bill, Increasing SALT Cap and Preserving PTET Deductions

Congress passed the One Big Beautiful Bill Act, increasing the SALT cap to $40,000 by 2025 with inflation indexing through 2029 and preserving full PTET deductibility for all pass-through businesses, averting tax increases for many professionals in high-tax states after strong advocacy from various ...

Congress Passes Tax Bill, Increasing SALT Cap and Preserving PTET Deductions

Congress passed the One Big Beautiful Bill Act, increasing the SALT cap to $40,000 by 2025 with inflation indexing through 2029 and preserving full PTET deductibility for all pass-through businesses, averting tax increases for many professionals in high-tax states after strong advocacy from various ...

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How did the legislative process surrounding the SALT cap and PTET deductions evolve, and what factors influenced the final outcome?

Initially, the House version of the bill included restrictions on PTET deductions for specified service trades, impacting traders. However, due to strong advocacy, the Senate revised its position, preserving the SALT workaround and removing these restrictions. The House subsequently approved the Senate's version.

foxnews.com

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May 11, 04:09

SALT Deduction Dispute Threatens Trump's House Bill

House Republicans are divided over raising the SALT deduction cap in President Trump's bill, with New York representatives rejecting a proposed $30,000 cap while others support it, creating tensions that could derail the legislation.

SALT Deduction Dispute Threatens Trump's House Bill

House Republicans are divided over raising the SALT deduction cap in President Trump's bill, with New York representatives rejecting a proposed $30,000 cap while others support it, creating tensions that could derail the legislation.

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How do the arguments for and against raising the SALT cap reflect broader political and fiscal debates within the Republican party?

The dispute centers on the SALT (state and local tax) deduction cap, currently $10,000. Lawmakers from high-tax states argue a higher cap is necessary for fairness, as their constituents contribute more to the federal government than they receive back. This conflict reveals tensions between fiscal conservatism and the needs of specific constituencies.

elpais.com

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Mar 27, 10:11

SAT Reminds Taxpayers of Deduction Limits for 2024 Returns

The Mexican tax authority (SAT) reminds taxpayers of their right to deduct various expenses from their 2024 tax returns, with a deadline of April 30, 2025, and specific limits on total deductions and individual expense categories.

SAT Reminds Taxpayers of Deduction Limits for 2024 Returns

The Mexican tax authority (SAT) reminds taxpayers of their right to deduct various expenses from their 2024 tax returns, with a deadline of April 30, 2025, and specific limits on total deductions and individual expense categories.

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What specific types of expenses are deductible, and what are the limits for each category?

These deductions aim to lessen the tax burden on individuals. Specific limits apply to each category: medical expenses (various caps), funeral expenses (one UMA), donations (7% or 4% of income), tuition (varying by level), and others. Taxpayers must have receipts or electronic proof of payment.

elpais.com

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Mar 12, 07:12

Spanish Housing Tax Implications: Primary Residence vs. Second Homes

Spanish tax laws on housing vary depending on property use; primary residences are tax-exempt, while second homes incur a tax based on cadastral value, and rental income is taxable but allows for deductions. Tax breaks are available for specific situations, like those involving mortgage payments and...

Spanish Housing Tax Implications: Primary Residence vs. Second Homes

Spanish tax laws on housing vary depending on property use; primary residences are tax-exempt, while second homes incur a tax based on cadastral value, and rental income is taxable but allows for deductions. Tax breaks are available for specific situations, like those involving mortgage payments and...

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What are the primary tax implications for homeowners in Spain regarding their primary and secondary residences?

In Spain, the tax declaration process for housing is complex, varying based on property use and ownership. Homeowners don't pay extra taxes on their primary residence but can deduct mortgage payments made before 2013. Second homes incur a tax based on their cadastral value, regardless of rental status.

forbes.com

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Jan 20, 22:10

Maximize Small Business Tax Deductions to Reduce Taxable Income

Small businesses can significantly reduce their tax liability by claiming deductions for various expenses, including office supplies, utilities, rent, employee wages, travel, vehicle use, home office expenses, professional services, insurance premiums, education, advertising, charitable donations, b...

Maximize Small Business Tax Deductions to Reduce Taxable Income

Small businesses can significantly reduce their tax liability by claiming deductions for various expenses, including office supplies, utilities, rent, employee wages, travel, vehicle use, home office expenses, professional services, insurance premiums, education, advertising, charitable donations, b...

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What are the most impactful tax deductions small businesses can claim to reduce their taxable income?

Small business owners can significantly reduce their tax burden by utilizing often-overlooked deductions. These include deductions for ordinary and necessary business expenses such as office supplies, utilities, and employee wages.

kathimerini.gr

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Jul 23, 01:12

Greek Council of State Rules on Tax Deduction Order and VAT on Gifts

The Greek Council of State (StE) ruled on tax deduction order under the previous and current Income Tax Codes, clarifying that foreign taxes paid under a DTAA are now prioritized, impacting corporate tax calculations; it also rejected a 1% turnover threshold for deducting input VAT on small gifts an...

Greek Council of State Rules on Tax Deduction Order and VAT on Gifts

The Greek Council of State (StE) ruled on tax deduction order under the previous and current Income Tax Codes, clarifying that foreign taxes paid under a DTAA are now prioritized, impacting corporate tax calculations; it also rejected a 1% turnover threshold for deducting input VAT on small gifts an...

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How did the Council of State rule on the 1% turnover threshold for deducting input VAT on gifts under €10, and what are the implications for businesses?

The StE decision clarifies the precedence of tax deductions in Greece, impacting corporate tax calculations. Foreign tax credits under DTAAs are now prioritized under the current law, unlike the previous code where they were deducted last. This impacts corporate tax liabilities.

smh.com.au

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May 13, 22:12

Australian Tax Record-Keeping Requirements for Work Deductions

This article details Australian tax record-keeping requirements for various work deductions for the 2024-2025 financial year, including travel, overtime meals, working from home, and vehicle expenses.

Australian Tax Record-Keeping Requirements for Work Deductions

This article details Australian tax record-keeping requirements for various work deductions for the 2024-2025 financial year, including travel, overtime meals, working from home, and vehicle expenses.

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What are the potential consequences of insufficient or inaccurate record-keeping for work-related deductions in Australia?

The complexity of Australian tax record-keeping underscores the need for proactive planning. Failure to maintain proper records can lead to disallowed deductions. The shift toward stricter substantiation suggests a trend of increased ATO scrutiny on expense claims, emphasizing the importance of accurate and thorough documentation.

elmundo.es

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Mar 30, 13:15

2025 Spanish Tax Campaign: Key Dates, New Rules, and Filing Methods

The 2025 Spanish tax campaign starts April 2nd and ends June 30th, featuring new payment methods, self-correction tools, and changes to deductions for donations, rental income, and digital platform transactions.

2025 Spanish Tax Campaign: Key Dates, New Rules, and Filing Methods

The 2025 Spanish tax campaign starts April 2nd and ends June 30th, featuring new payment methods, self-correction tools, and changes to deductions for donations, rental income, and digital platform transactions.

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What are the key dates and filing methods for the 2025 Spanish tax campaign, and what are the main novelties for taxpayers?

The 2025 Spanish tax campaign runs from April 2nd to June 30th. Online filing starts April 2nd, phone filing (with prior appointment) from May 6th, and in-person filing (also with appointment) from June 2nd. New this year are credit/Bizum payment options and a self-correction tool for errors.

forbes.com

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Mar 21, 01:13

IRS 2025 "Dirty Dozen" Tax Scams: Prevention and Loss Deduction Guidance

The IRS's 2025 "Dirty Dozen" list details twelve prevalent tax scams—phishing, fake social media advice, impersonation, fraudulent online accounts, fake charities, refund fraud, "ghost" preparers, false fuel tax credits, business email compromise, fake W-2s—costing taxpayers millions and causing sig...

IRS 2025 "Dirty Dozen" Tax Scams: Prevention and Loss Deduction Guidance

The IRS's 2025 "Dirty Dozen" list details twelve prevalent tax scams—phishing, fake social media advice, impersonation, fraudulent online accounts, fake charities, refund fraud, "ghost" preparers, false fuel tax credits, business email compromise, fake W-2s—costing taxpayers millions and causing sig...

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How do the evolving tactics of tax scammers, such as the use of AI and social media, affect taxpayers?

Sophisticated phishing scams, often employing AI, are increasingly successful in targeting taxpayers. The abuse of social media platforms to spread false tax information exacerbates the problem, leading to many individuals filing inaccurate tax returns. This underscores the need for improved tax education and awareness campaigns.

mk.ru

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Feb 7, 13:10

Russia's 2025 Tax Reform: Increased Deductions for High Earners and Mortgage Holders

Russia's new tax deduction system, effective 2025, increases returns for high-income earners and mortgage holders, potentially exceeding one million rubles; deductions vary with income and mortgage rates, aiming for income proportionality.

Russia's 2025 Tax Reform: Increased Deductions for High Earners and Mortgage Holders

Russia's new tax deduction system, effective 2025, increases returns for high-income earners and mortgage holders, potentially exceeding one million rubles; deductions vary with income and mortgage rates, aiming for income proportionality.

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What are the key changes to Russia's tax deduction system, and how will these affect high-income individuals and mortgage holders?

Russia is implementing a new tax deduction system in 2025, allowing taxpayers to receive deductions exceeding one million rubles for high-income earners and mortgage holders. This system adjusts deductions based on individual tax rates, not a flat 13%.

kathimerini.gr

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Jan 10, 16:11

Greece Offers Tax Breaks for Home Renovations and Electronic Payments

Greece introduces tax breaks for home renovations, insurance, and electronic payments, offering deductions on income tax and property tax (ENFIA), varying by income and expense, aiming to boost specific sectors and reduce tax evasion.

Greece Offers Tax Breaks for Home Renovations and Electronic Payments

Greece introduces tax breaks for home renovations, insurance, and electronic payments, offering deductions on income tax and property tax (ENFIA), varying by income and expense, aiming to boost specific sectors and reduce tax evasion.

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How do these tax incentives aim to influence consumer behavior and market dynamics in specific sectors?

These tax incentives aim to stimulate specific sectors, reduce tax evasion, and boost demand for certain services and products. The effectiveness of these incentives is subjective, depending on individual tax burdens and income levels. However, the amount of tax deduction is objectively determined by law.

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