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Republicans ready to defeat tax bill to help Trump
February 1, 2024
ROBERT B. HUBBELL
A tax bill with bipartisan support passed in the House on a 357 to 70 to vote. The bill, if approved by the Senate, would be a significant achievement because it expands the amount of the child tax credit available to lower-income families—a key Biden objective. In exchange, the bill would maintain business tax deductions scheduled to expire. The details are here: WaPo, House votes to expand child tax credit, beef up corporate tax breaks. (Accessible to all.)
The fact that the bill made it through the fractious House should be a good sign of likely passage in the Senate. Sadly, it is not. Why? Because Senate Republicans don’t want to give President Biden a “win” in an election year. Sound familiar? See USA Today, GOP senator doesn’t want to pass a tax bill because it could make Biden ‘look good’.
Per USA Today, Senator Grassley said,
Passing a tax bill that makes the president look good — mailing out checks before the election — means he could be re-elected, and then we won’t extend the 2017 tax cuts.
Not to be outdone, Senator Mitt Romney said he would oppose the bill because it would turn into “another entitlement program which is massively expensive.”
Grassley’s comment is telling on many levels. First, it contains the naked admission that Republicans are no longer working to serve the American people but are, instead, concerned only with serving their overlord, Donald Trump.
Moreover, Grassley is wrong in asserting that the bill will “send checks” to Americans in an election year. The child tax credit is just that—a tax credit offsets taxes owed. If a taxpayer owes no tax, then the tax credit can generate a refund (up to $1,600).
Worse, Grassley opposes the bill in the hope that Trump will be able to extend his 2017 tax cuts for millionaires—which added $3.5 trillion to the deficit (through 2033). Extending those tax cuts would increase the deficit even more.
To increase the likelihood of granting windfall tax cuts to the nation’s top income earners in another Trump administration, Senators Grassley and Romney want to deprive tax benefits to the working poor—benefits that Romney derisively calls “entitlements.”
Romney, a former hedge fund manager, has no problem with the “carried interest deduction” for hedge fund managers, which generates billions in tax deductions for the nation’s wealthiest billionaires. In Romney’s view, the carried interest deduction isn’t an “entitlement” because billionaires and millionaires should get to keep their money free of taxes because they are “special.”
We once again stand at the precipice of legislative action that will benefit the American people—but Republicans oppose it because doing so is contrary to Donald Trump's partisan interests. Don’t believe me? Just ask Senator Chuck Grassley.
Robert B. Hubbell Newsletter
#tax bill#US Senate#US House of Representatives#congress#Tax credit#Radical Republicans#Grassley#MAGA Speaker Mike Johnson
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Tax cuts could be announced before summer recess at the end of July, Sky News understands | Politics News | Sky News
Tax cuts could be announced before summer recess at the end of July, Sky News understands | Politics News | Sky News
Ministers have been forced into a rethink after grim economic forecasts and pressure from MPs to tackle the cost of living crisis.
— Read on news.sky.com/story/tax-cuts-could-be-announced-before-summer-recess-sky-news-understands-12610861
For more info about UK tax return service, please visit KS Virtual Assistant
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Top Essential Terms In Taxation
Taxation is an integral part of our financial lives, influencing everything from business decisions to personal finances. However, navigating the complex world of taxes can be daunting without a solid understanding of key terminology. In this comprehensive guide, we’ll demystify taxation by exploring the top essential terms you need to know.
1. Tax: A compulsory financial charge imposed by the…
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#capital gains tax#estate tax#excise tax#income tax#property tax#sales tax#Tax Audit#tax basics#tax credit#Tax evasion#Tax Liability#Tax Planning#tax refund#tax terminology#taxation#value-added tax (VAT)
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Empowering the Self-Employed: A Roadmap to the SETC Tax Credit
In the realm of self-employment, the SETC tax credit has emerged as a beacon of financial relief for freelancers, independent contractors, and gig workers, often standing for more than just "Self Employment Tax Credit." In the aftermath of the COVID-19 pandemic, this credit has proven to be a lifeline for those who may not have been aware of its existence. In this article, we'll delve into what the SETC tax credit is, how much you could be eligible for, and the steps to claim this often overlooked financial support.
Understanding the SETC Tax Credit:
The SETC tax credit gained prominence with the expansion of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Designed to provide support to the self-employed, this credit compensates for income lost due to COVID-19-related challenges. If you missed claiming these credits in 2020 and 2021, fret not – they are still available, and services like SETCTaxCredit.org can assist you in reclaiming them in a timely manner.
How Much is the SETC Tax Credit?
The potential windfall from the SETC tax credit is substantial, reaching up to $32,220. This amount is calculated based on your net earnings from self-employment in the years 2020 and 2021. Essentially, it acts as reimbursement for income lost during periods of self-employment work affected by the pandemic.
Reasons to Receive SETC Credits:
You may qualify if you experienced work interruptions due to quarantine or isolation orders, self-quarantine based on medical advice, COVID-19 symptoms while awaiting a doctor's appointment, waiting for test results, getting vaccinated, or dealing with vaccine side effects.
Who Qualifies?
If you fall under the self-employed umbrella – be it a sole proprietor, independent business owner, 1099 contractor, freelancer, gig worker, or single-member LLC – you are likely eligible. The key criterion is having missed work due to COVID-19-related issues.
Fast-Track Your Refund:
Although the standard waiting period for SETC credits is 18-23 weeks, there's an expedited option available. SETCTaxCredit.org provides a platform where you can receive the money upfront, bypassing the usual lengthy wait time.
Claiming Your Credits:
To access the SETC tax credits, assess your eligibility and amend your 2020 and/or 2021 tax returns. Opting for certified professionals like Certified Public Accountants (CPAs) or services like SETCTaxCredit.org can streamline the process, ensuring a hassle-free experience.
Tax Credit Duration:
Covering the period from April 1, 2020, to September 30, 2021, the SETC tax credit provides relief for up to 110 days for childcare-related time off and 20 days for personal or family care.
Average Refund and Waiting Period:
Users of SETCTaxCredit.org have reported an average refund of $16,658. While the standard refund process takes 16-20 weeks, the advance option at SETCTaxCredit.org provides a faster resolution.
Why Haven't You Heard of SETC Before?
Originally tailored for employers with W-2 employees, the SETC tax credit for the self-employed wasn't widely publicized. Shockingly, more than 80% of self-employed individuals are unaware of their entitlement to these credits.
In conclusion, it's time to seize what's rightfully yours. Explore and claim the federal SETC tax credits you deserve today at SETCTaxCredit.org, ensuring you secure the financial support you are owed. Don't let this hidden gem pass you by – uncover the SETC tax credit and take control of your financial destiny.
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How to Claim the $7,500 Electric Vehicle Tax Credit in 2024
Here is what you need to know about claiming up to $7,500 back from the IRS when you purchase an eligible electric vehicle this year.
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New Income Limit Increase for Child Tax Credit in 2024
TRAVERSE CITY, MI, US /EINPresswire.com/ — The Child Tax Credit has been a valuable resource for many families in the United States, providing financial assistance to those who need it most.
And now, with the recent announcement of an income limit increase for 2024, even more families will be able to take advantage of this program.
For 2023 and 2024, the income limit for the Child Tax Credit…
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The money trail
#Canada#Israel#IDF#funding#Indigo#Heather Reisman#tax credit#CRA#illegality#lobby#protesters#arrests
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New mothers who get back to work quickly earn more. This happens not because they work more hours but because they get more experience, which increases their earning power.
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Although Tax Day has passed, many taxpayers have not filed their IRS Form 1040 to file their annual income tax returns. The IRS advises individuals who failed to file by the deadline of April 18 to do so as soon as possible. As an internal revenue service in Connecticut, below are some justifications for you to complete your overdue tax filing:
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Tax Planning Strategies for Small Business Owners: Minimizing Tax Liability
As a small business owner, it's important to understand and utilize tax planning strategies to minimize your tax liability. Here are some effective strategies to consider:
Structure your business appropriately: Choosing the right business structure can have significant
. Options include sole proprietorship, partnership, limited liability company (LLC), S corporation, and C corporation. Each structure has different tax rules and benefits, so consult with a tax professional to determine the most advantageous structure for your business.
Take advantage of tax deductions: Identify and claim all eligible business expenses as deductions to reduce your taxable income. Common deductions include office rent, utilities, salaries, marketing expenses, professional fees, and equipment purchases. Keep detailed records and consult with a tax professional to ensure you are maximizing your deductions.
Expense prepayment and deferral: Consider prepaying some expenses, such as rent or insurance, before the end of the tax year to accelerate deductions. Alternatively, you may defer the receipt of income until the following year to lower your current tax liability.
Maximize retirement contributions: Contributing to retirement plans, such as a Simplified Employee Pension (SEP) IRA or a solo 401(k), allows you to save for retirement while reducing your taxable income. These contributions are generally tax-deductible, and earnings within the plan grow tax-free until withdrawal.
Employ family members: If you have family members who can legitimately contribute to your business, consider employing them. This strategy can allow you to shift income to lower tax brackets and take advantage of various deductions and exemptions.
Utilize Section 179 expensing: Section 179 of the Internal Revenue Code allows businesses to deduct the full cost of qualifying equipment and software purchases in the year they are placed in service, up to a specified limit. Take advantage of this provision to accelerate deductions and reduce taxable income.
Explore tax credits: Research available tax credits that your business may qualify for, such as the Research and Development Tax Credit or the Work Opportunity Tax Credit. These credits directly reduce your tax liability and can result in significant savings.
Monitor estimated tax payments: Stay on top of your estimated tax payments throughout the year to avoid underpayment penalties. Accurately project your income and consult with a tax professional to ensure you are making sufficient payments.
Keep up with tax law changes: Stay informed about changes in tax laws and regulations that may impact your business. Tax laws are subject to revision, so it's essential to stay up to date to take advantage of any new opportunities for tax savings.
Read more: https://myefilings.com/tax-planning-strategies-for-small-business-owners-minimizing-tax-liability/
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UK income tax bands and rates explained – 2024/25
Every year, the Government raises around £1 trillion in revenue from taxes. The lion’s share, according to the Institute for Fiscal Studies (IFS), comes from income tax and National Insurance.
— Read on finance.yahoo.com/news/uk-income-tax-bands-rates-130000177.html
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#bookkeeping#capital gain tax#HMRC#local business#personal-finance#personal-finance-software#self-assessment#small business uk#tax credit#UK TAX#workingfromhome#Xero
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Enrolling your child in summer camp? You might be entitled to a tax credit.
Susan calculates that she paid a total of $5,000 in dependent care expenses, and her income level entitles her to a 22% reimbursement ($1,100) of the amount paid for care.
Photo by RDNE Stock project on Pexels.com
Here in our Chicago South Loop Tax Preparation, and our Homewood Il, Tax preparation offices, we specialize in helping taxpayers legally reduce their taxable income, claim every tax deduction they are entitled to, and maximize tax credits. Through our work of helping taxpayers, we’ve come to find that many people often miss the Federal Child and…
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#entrepreneur#self employment#small business#tax credit#TAX DEBT#tax deductions#tax help#tax preparation#TAXES
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NYTimes: This Guide Can Help You Save Money and Fight Climate Change
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Community Reinvestment: Low Income Based Scholarships Providing Private School Vouchers to Arizona's Low-Income Families
Community Reinvestment: Low Income Based Scholarships is a new School Tuition Organization in Arizona that is making a positive impact on low-income families. The organization’s mission is to provide private school vouchers to students in low-income families, and to create a positive impact within communities.
Photo by Julia M Cameron on Pexels.com
Community Reinvestment: Low Income Based…
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#Arizona#community impact#Community Reinvestment#corporate donations#data-driven decisions#Education#education access#Low Income Based Scholarships#low-income families#Montessori education#private school vouchers#School Tuition Organizations#special needs#STEM education#tax credit
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IRS Issues Guidance on "Qualified Manufacturer" Requirements for New Electric Vehicle Tax Credits
IRS Issues Guidance on “Qualified Manufacturer” Requirements for New Electric Vehicle Tax Credits
The Inflation Reduction Act of 2022, Public Law 117-169, created three new electric vehicle (EV) tax credits:
the clean vehicle tax credit (Section 30D) for consumers;
the commercial clean vehicle tax credit (Section 45W) for businesses; and
the previously owned clean vehicle tax credit (Section 25E).
All of these new EV tax credits begin in 2023, with the clean vehicle tax credit replacing…
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#Cars#Clean Vehicle#Electric vehicles#Environmental Law#EV tax credit#IRA#IRS#Manufacturing#pollution#Tax#tax credit
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