Uber, Lyft, and other rideshare drivers spend their days driving strangers from Point A to Point B. Just like any other business, Uber and Lyft drivers get to claim their mileage, gas, and other day-to-day expenses as business write-offs. Unlike regular businesses, Uber and Lyft drivers get to claim a few extra write-offs come tax
Month: February 2020
TPC’s Steve Rosenthal and American Enterprise Institute resident scholar Aparna Mathur recently debated the corporate tax provisions of the 2017 Tax Cuts and Jobs Act. Steve described his views here. In this blog, Aparna outlines hers. Given the current disagreements on President Trump’s signature tax reform, the Tax Cuts and Jobs Act (TCJA), it may
Investors must take precaution about the stocks they want to put their money in because the coronavirus outbreak is disrupting supply chains of many companies, CNBC’s Jim Cramer warned on Monday. American businesses are “far too dependent” on manufacturing products in China, he said. The comments came after the three major U.S. stock indexes plunged
European finance chiefs arrived at a meeting of their global peers in Riyadh demanding the urgent creation of a new global tax system for the 21st century that would capture the profits of tech multinationals. U.S. Treasury Secretary Steven Mnuchin responded: it’s not that simple. New rules for taxing companies like Alphabet Inc.’s Google and
Oliver Furrer | Cultura | Getty Images The spread of the coronavirus helped to sink the Dow Jones Industrial Average more than 900 points when the market opened on Monday. And if that decline goes past 1,000 points, it could be the biggest one-day drop since 2018. If you’re like many investors, you may be
Updated for tax season 2019* Are you among the many Americans who file your taxes early so you can get your refund sooner? If you claim the Earned Income Tax Credit (EITC) or Child Tax Credit (ACTC) and expect to receive a refund, you’ll have to wait until after mid-February to get it. The Protecting
With Super Tuesday approaching, the six top Democratic presidential candidates continue to hone their tax proposals in order to address income inequality and raise additional federal tax revenue. Some candidates propose changing the tax treatment of deferred assets, specifically assets passed onto heirs after death. For example, shortly after launching his campaign, former Vice President
Warren Buffett David A. Grogan | CNBC Warren Buffett was live on CNBC’s “Squawk Box” for three hours on February 24, 2020. Berkshire Hathaway’s chief and Becky Quick covered many topics, including his thoughts on Democratic presidential contenders Bernie Sanders and Michael Bloomberg, sub-zero interest rates, Bank of America vs. Wells Fargo, cryptocurrencies, and his
The Internal Revenue Service has released a set of proposed regulations for businesses to follow when deducting meals and entertainment, in response to the 2017 tax overhaul. The Tax Cuts and Jobs Act got rid of the deduction for any expenses related to activities typically considered to be for entertainment, amusement or recreation. It also
Last week, Maryland House Majority Leader Eric G. Luedtke (D) introduced HB1628 which, if enacted, would expand the state sales tax base to include services and raise an estimated $2.6 billion annually by 2025. The concept of broadening the sales tax base to include retail service consumption is one that tax economists across the spectrum
An Austrian train was halted in Munich, Germany, after carrying two women with suspected coronavirus from Venice, Italy. picture alliance Global markets are suffering. On Monday, the Dow Jones Industrial Average, the S&P 500 and the Nasdaq Composite all traded sharply lower. Don’t hit the panic button just yet. Within six months, stocks are usually on
Scandinavian countries are well-known for their broad social safety net and their public funding of services such as universal healthcare, higher education, parental leave, and child and elderly care. High levels of public spending naturally require high levels of taxation. In 2018, Denmark’s tax-to-GDP ratio was at 44.9 percent, Norway’s at 39.0 percent, and Sweden’s at 43.9 percent.
“Somebody’s ringin’ the bell.” It’s the IRS! The IRS announced yesterday that revenue agents will make up to 800 surprise face-to-face visits to people with incomes in excess of $100,000 who failed to file tax returns in 2018 or earlier. While estimates vary, there are millions of non-filers each year so this effort is largely
A Deere & Co. John Deere 9560 combine harvester unloads soft red winter (SRW) wheat during a harvest in the village of Kirkland in Dekalb, Illinois, July 9, 2018. Daniel Acker | Bloomberg | Getty Images Shares of Deere spiked Friday morning after the agriculture company topped estimates for its fiscal first quarter and said
Millions of households that hustled to get their tax returns to the IRS early could be waiting until March for their refunds. If you’re claiming the additional child tax credit or the earned income tax credit, the IRS cannot issue your refund before mid-February. An anti-fraud law requires the agency to use that additional time
A contractor prepares a sliding door for a home under construction at the Toll Brothers Inc. Enclave at Rye Brook housing development in Rye Brook, New York Michael Nagle | Bloomberg | Getty Images Owning a home has long been the individual investor’s opportunity to hold real estate. But the American millennial population is waiting
Leaders from the Internal Revenue Service’s Criminal Investigation unit and tax authorities from Australia, the United Kingdom, Canada and the Netherlands met in Sydney, Australia, this week to set priorities for the year ahead in the fight against international tax crimes. In response to a directive from the OECD Taskforce on Tax Crime, the five
Daniel Grill | Getty Images When it comes to retirement, it’s no secret that women face an uphill battle financially. And while women’s retirement readiness is improving, there’s room for much more, according to new research from the Aegon Center for Longevity and Retirement. Women around the world share the same three career challenges: a
A handful of the remaining Democratic presidential candidates remain committed to increasing the earned income tax credit (EITC), particularly for workers without children at home. But former Mayor Mike Bloomberg has proposed a broader innovative expansion – a pilot project to extend the credit to family caregivers even if they don’t have earnings from a
Apple Inc. CEO Tim Cook attends China Development Forum (CDF) 2018 at the Diaoyutai State Guesthouse on March 24, 2018 in Beijing, China. China Development Forum (CDF) 2018 is hosted by the Development Research Center of the State Council of China on March 24-26 in Beijing. Visual China Group | Getty Images The coronavirus continues
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