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Tax Law Archives

Reimbursement for business meals and entertainment

Even minor changes to the tax code can leave people scrambling to understand what they can and cannot do. Tax law can change how businesses and employees interact with one another. They can change how an individual entrepreneur operates her business. They can affect the way businesses interact with their clients. Among the recent changes introduced by the Tax Cuts and Jobs Act (TCJA) are several that are confounding taxpayers when it comes to business expenses.

MLB cries foul on change to tax code

Like a perfect change-up, the new tax code has Major League Baseball wrong-footed and looking foolish. The change did not target professional sports, specifically, but it has the potential to cause a major shift in the way teams do business. The calculus behind when or whether to make a trade could be altered, depending on how leagues, the IRS and Congress respond.

Wondering how to plan for taxes? So is everyone.

The only thing financial advisers know for certain about the new Trump tax plan is that nothing is very certain at all. While some workers in some tax brackets can expect to have less money deducted from their paychecks, that doesn’t mean they will necessarily see a real reduction in their actual tax liability when they fill out their 1040 next April, 2019.

Tax law changes and Detroit's blue-collar workers

Recently named "America's Comeback City," Detroit has a lot to be proud of. As the economy evolves, Michigan's largest city is thriving. The poverty rate is lower than the national average, its unemployment rate continues to drop and revitalization efforts are infusing new blood into neighborhoods.

Reading the tea leaves: How your taxes might change in 2018

[UPDATE: This article has been revised to reflect the changes to the tax bill that made it into the final version passed by the House and the Senate. At the time of this update, the only remaining step is that the President must sign the bill, so the changes outlined below will become law soon.]

Tax Changes in 2018

As we near the end of 2017, you can’t turn anywhere without hearing about taxes. Tax reform is in the news. Ads for Black Friday and Christmas deals on tax software start to flood the airwaves. Businesses start to send their employees notices that they need to have all of their expenses in by the end of the calendar year or their soon-to-arrive end of the tax year.

Gifting And Estate Taxes

The federal estate tax exemption has hovered near $5.5 million (almost $11 million per couple) for years. If an estate that cross this threshold, the federal tax rate is 40 percent. This does mean that all states follow the same approach. Currently, there are 15 states and the District of Columbia that assess an estate tax and six have an inheritance tax.

How will Donald Trump's tax plan affect me?

President Donald Trump's first few weeks in office have been met with a flurry of activity from the White House. Among the many proposals President Trump has for his administration is a tax plan that could cut the total number of tax brackets from seven to three and eliminate the estate tax.

Did you know it's required to report gambling winnings on your taxes?

Gambling is more than just a form of entertainment or hobby; according to the IRS it is also considered a form of income. Since income must be reported for taxes, any winnings you receive from gambling must also be reported. These winnings can be anything from casinos, lotteries, horse races and raffles to cars, trips and other cash prizes.

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