Author: News Room

Federal Tax vs. State Tax: Definitions and Examples

Most people see taxes come out of their paycheck without thinking much about where the money goes. Federal taxes follow one set of rules no matter where you live, but state taxes vary widely depending on your location. Some states have no income tax at all while others take a…

How Paying Off Your Mortgage Early Can Affect Your Taxes

Paying off your mortgage early saves you money on interest but it can also change your tax situation. Once the mortgage is gone you lose the mortgage interest deduction, which may reduce the total amount you can itemize on your tax return. That could mean a higher taxable income than…

The most iconic sandwich shop in every state

Cheese & Coffee has been an Albuquerque favorite since 2001, earning a devoted following for its generously sized sandwiches.Despite its simple name, the locally owned shop has become one of New Mexico’s most beloved lunch spots.One of its most popular sandwiches is the Chelsea, stacked with turkey, avocado, green chiles,…

Tax Credits and Deductions for Home Improvements

Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…

Alibaba pays 0M in DOJ deal over illegal online marketplace sales

Chinese e-commerce giant Alibaba has agreed to pay $600 million and enter into a non-prosecution agreement with the Department of Justice (DOJ) after admitting it failed to prevent tens of thousands of illegal product sales into the U.S. through its online marketplaces. The DOJ announced Wednesday that Alibaba Group Holding…

What Is the IRS Penalty for Failing to File a Tax Return?

Missing a tax filing deadline can feel like a minor slip, but the financial consequences can snowball quickly. The IRS imposes strict penalties on taxpayers who fail to file on time, and those penalties grow with every month that passes without action. Knowing how these penalties work, whether you owe…

RIP, PlayStation game discs: Sony is pressing eject on physical media

The dustbin of history is about to get a lot shinier.Sony said Wednesday it plans to stop releasing physical disc copies of PlayStation games starting in 2028.”New games will be available on PlayStation Store and at retailers in digital formats only,” the company said.Sony said the change is a response…

Charitable Giving Strategies: Tax Planning Examples

The tax code offers meaningful incentives for charitable giving, but many donors don’t fully benefit from them. Without a deliberate strategy, charitable contributions often provide little to no tax advantage. With the right approach, however, charitable giving can reduce income tax through deductions, capital gains tax through donations of appreciated…