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Cedar Rapids, Iowa — Feb. 18, 2020 — TaxAct is giving customers free access to a proprietary tax-analyzer that suggests how to get bigger refunds while adding to their retirement savings. The software tool, called My Tax Plan, is free to all online TaxAct filers, including those who use TaxAct Free Edition. The free, downloadable
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Loss carryover provisions allow businesses to either deduct current year losses against future profits (carryforwards) or deduct current year losses against past profits (carrybacks). Many companies have investment projects with different risk profiles and operate in industries that fluctuate greatly with the business cycle. Carryover provisions help businesses “smooth” their risk and income, making the
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The following was presented at the European Economic and Social Committee’s hearing, “The Collaborative Economy – Data Exchange with Tax Authorities.” When designing their supply chains and investing across borders businesses generally follow what makes most sense from an economic point of view. Nevertheless, over past decades there has been a significant shift in how
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Monday, the Office of Management and Budget (OMB) released the White House’s fiscal year 2021 budget proposal, kicking off the first step of the budget process for the next fiscal year. The president’s budget, while only a set of recommendations sent to Congress, communicates the White House’s policy priorities and is an opportunity to highlight
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As culture shifts, so does language. “Intentional living” started trending recently, and now there’s an entire movement behind it. The concept is wide-reaching, but the core idea is quite simple: Our daily actions, when purposeful, can build to create meaningful, thoughtful futures.  Or, to take it another way:  Self-discipline equals self-care. When you practice intentional
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The benefits of itemized and standard deductions shifted during the 2019 tax reform, leaving most filers with even more questions. In order to file your return with confidence, it’s important to stay informed.   The standard deduction The standard deduction simplifies the filing process by assigning an easy, no-proof-required, flat-dollar adjustment to your gross income.
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Thursday, the OECD is expected to present preliminary results on the impacts of both Pillar 1 and Pillar 2 approaches to changing international tax rules. The results will be preliminary mainly because the actual policy parameters of the proposals are yet to be determined. Ahead of that presentation from the OECD, two recent pieces of
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Gross income. Adjusted gross income. Earned income. Net income. Taxable income. When you’re trying to do your taxes, they all sound the same. And like all things in the world of taxes, it’s the small differences between them that power your return. Think of income categories as bags of money. Gross income has potential to
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Many countries incentivize business investment in research and development (R&D), intending to foster innovation. A common approach is to provide direct government funding for R&D activity. However, a significant number of jurisdictions also offers R&D tax incentives. These generally take two forms, namely patent boxes—taxing income derived from intellectual property at a rate below the
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The average 2019 tax refund was $2,833 — that’s a big pay day. Regardless of the amount, refunds can do big things when used wisely. Consider your family goals: Want to be able to pay cash for college? Want a house that’s all yours? Or maybe you’d like to find more peace in your day-to-day
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Tucked inside the Pennsylvania town of Punxsutawney, a magical burrow awaits. Its resident, respected by many as the nation’s leading voice in weather prediction, readies himself for the spotlight. At 7:25 a.m., February 2, a tuxedoed man will reach into the dwelling, pull the furry meteorologist out by the scruff, and place him in front of dozens of news cameras.   Punxsutawney Phil may be a groundhog, but he still
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The world is full of secret heroes — everyday people who silently put more good into the world. Some perform everyday acts of kindness. Others save lives through organ donation. A generous offering that sometimes results in physical and financial challenges for the donor. From a tax perspective, living donors may qualify for resources to
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Over the last few years, concerns have been raised that the existing international tax system does not properly capture the digitalization of the economy. Under current international tax rules, multinationals generally pay corporate income tax where production occurs rather than where consumers or, specifically for the digital sector, users are located. However, some argue that
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