Tax

Addressing Tax System Failings That Favor Billionaires and Corporations

Dannette Saltzgaber September 4, 2021

Introduction and summary

Recent bombshell reports from ProPublica have confirmed what tax experts have long known and what many Americans have long suspected: Many of the country’s wealthiest people pay little or no tax because the U.S. system preferences income from wealth and offers the wealthy and corporations avenues to avoid tax that are not available to working people. These fundamental flaws in the tax code existed many years before the 2017 Tax Cuts and Jobs Act (TCJA) took things from bad to worse by giving massive new tax cuts to the highest-income Americans and largest corporations. These flaws have

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Tying the knot sometimes means paying a marriage tax penalty

Dannette Saltzgaber July 26, 2021

antongvozdikov / 500px | 500Px Plus | Getty Images

Some newlyweds get an unwelcome gift from the IRS: a bigger tax bill.

While many couples end up paying less in taxes after tying the knot, some face a “marriage penalty” — that is, they end up paying more in taxes than if they had remained unmarried and filed as single taxpayers.

The penalty occurs when tax-bracket thresholds, deductions and credits are not double the amount allowed for single filers — and it can impact both high and low earners, as well as younger or older taxpayers.

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Biden’s Payroll Tax Hike Strategy: Outside of the Donut Hole

Dannette Saltzgaber July 16, 2021

What You Want to Know

Biden’s approach to impose payroll taxes on significant earners would generate a
Substantial-earning consumers could possibly be capable to offset, defer or reclassify profits to steer clear of the more tax.
Although there has been minimal chat about this approach recently, lawmakers are properly mindful that the Social Stability and Medicare trust resources have shortfalls that want to be dealt with.

If you stroll via the streets of Chicago, you have very likely heard from the locals and longtime transplants about the well-known Stan’s Donuts & Coffee on North Damen Avenue. Nevertheless skeptical and deviant

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Tax Changes and Key Amounts for the 2021 Tax Year

Dannette Saltzgaber June 29, 2021

Now that this year’s tax filing season is over, it’s time to start thinking about next year’s return. After all, the more tax planning you do, the more money you may be able to save. But proper tax planning requires an awareness of what’s new and changed from last year — and there are plenty of tax law changes and updates for the 2021 tax year that smart taxpayers need to know about.

The recent pandemic relief bills signed into law include a number of provisions that could impact your 2021 tax return. Other 2021 tweaks are the

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Biden Budget And Treasury Green Book Add Details To Expected Far-Reaching 2021 Tax Changes – Tax

Dannette Saltzgaber June 27, 2021

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The White House and Treasury today released the Fiscal Year 2022
Federal Budget and the Treasury Green Book, which include new details
regarding the Biden administration’s American Families Plan and
proposed 2021 tax changes – including a proposed retroactive
capital gains tax increase to 37 percent to the extent household
adjusted gross income exceeds $1 million. The tax changes expected
to be enacted this year could be substantial and far-reaching and
include corporate, individual and capital gains tax rate increases;
international tax changes;

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Medicare Tax Definition

Dannette Saltzgaber June 24, 2021

What Is Medicare Tax?

Medicare tax, also acknowledged as “hospital insurance policy tax,” is a federal work tax that funds a portion of the Medicare insurance application. Like Social Safety tax, Medicare tax is withheld from an employee’s paycheck or paid out as a self-work tax.

Medicare tax pays for Section A of the Medicare method, which consists of hospital insurance plan for people age 65 or more mature and men and women who have particular disabilities or medical conditions. Medicare clinic insurance policy covers clinic visits, hospice and nursing house care, and some home healthcare.

Vital Takeaways

Medicare taxes

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