The Internal Revenue Service released inflation-adjusted tax rates and standard deductions for 2025 Oct. 23, with annual income thresholds increasing about 2.8%. Tax rates are adjusted each fall and with inflation cooling in recent months, next year’s adjustments are smaller than in 2023 and 2024. The new tax brackets, standard deduction, and other policies apply
A tax break for Trump EDITOR: Donald Trump says he will eliminate income taxes on Social Security. But it turns out 60% of people already don’t pay taxes on Social Security. Who pays? Wealthy people. Who would benefit from this tax break? Wealthy people like … Donald Trump. Just another Trump tax break for himself. BOB HESSE
Picture this: the year is 2017, the Tax Cuts and Jobs Act (TCJA) had just passed into law under President Donald Trump, and elite institutions across the nation were in an uproar. For the first time since the 1950s, certain colleges and universities were forced to bear a 1.4 percent excise tax on their endowment investment income.
GREENVILLE, S.C. (FOX Carolina) – Greenville County voters have an important decision to make on their ballots, do you want the county to impose a one-percent sales tax to fix roads? Councilors first began discussing the penny sales tax a year ago and now the decision is in your hands. Out of the 46 counties
Trump is considering scrapping income taxes entirely. The former president has frequently expressed admiration for a time in U.S. history when there was no income tax, and the government was funded through tariffs. “It had all tariffs — it didn’t have an income tax,” Trump told The New York Times during a campaign event at
In an ever-changing world of complex tax regulations, tailoring a tax strategy for your business and personal tax situation requires acute attention to detail and a deep knowledge of the rules that guide the construction industry. Contractors play in one of the most unique and complex areas of accounting and taxation. Working closely with an
Former President Donald J. Trump has spent much of the presidential campaign brainstorming new, and sometimes untested, ways to cut taxes. In the election’s final stretch, he raised the possibility of going even further: eliminating income taxes entirely. During a Fox News segment on Monday, Mr. Trump took questions at a barbershop in the Bronx.
The IRS finalized rules for the advanced manufacturing production tax credit Thursday detailing what qualifies for the credit. The regulations ([REG-107423-23, RIN 1545-BQ85) finalize proposed rules issued in December 2023 and provide additional details on credit amounts and what qualifies for the credit under Section 45X. The tax credit—one of many the Treasury and IRS
Artificial intelligence is becoming a bigger part of tax practice and policy every day. The Big Four are spending billions of dollars on AI models, and even mid-tier accounting firms seem willing to at least tread into generative AI transformation, albeit slowly. Listen here and subscribe to Talking Tax on Apple Podcasts, Spotify, Megaphone, or
LAS VEGAS, Nev. (FOX5) – Diapers and incontinence products are a necessity for hundreds of thousands of Nevada families. Question 5 asks voters to amend the Sales and Use Tax Act of 1955 to exclude diapers. It‘s passage would lower the cost of these essential items but would also lower the state’s sales tax income.