Taxes
This is a published version of our weekly Forbes Tax Breaks newsletter. You can sign-up to get Tax Breaks in your inbox here. What’s in a name? The Social Security Administration (SSA) has released its list of the most popular names for babies born in the United States in 2023,…
2024 Long-Term Capital Gains Tax Rates RateSingleMarried Filing JointlyMarried Filing SeparatelyHead of Household0%$0 – $47,025$0 – $94,050$0 – $47,025$0 – $63,00015%$47,026 – $518,900$94,051 – $583,750$47,026 – $291,850$63,001 – $551,35020%$518,901+$583,751+$291,851+$551,351+ How Capital Losses Can Offset Gains Investing in the stock market inherently involves both potential gains and the risk of losses.…
California is poised to make a significant change to its gas tax policy — potentially raising the price of diesel by an average of $0.47 per gallon and gasoline by an average of $0.37 per gallon. These taxes would attach as part of the Low Carbon Fuel Standard (LCFS) which…
The IRS is warning taxpayers about a series of tax scams and inaccurate social media advice that led thousands of taxpayers to file inflated refund claims during the past tax season. The most recent alert focuses on scams targeting the Fuel Tax Credit, the Sick and Family Leave Credit, and…
Health insurance premiums can be tax deductible when you retire, but it depends on several factors such as your age, the type of health insurance plan that you have and whether you are self-employed or not. Even medicare premiums can be tax deductible if you qualify, so it’s just as…
In a recent New York Times New York Times column (paywall), Berkeley economist Gabriel Zucman calculated that the highest-income Americans pay only about 23% of their income in taxes, and, as a result, “for the first time in the history of the United States, billionaires had a lower effective tax…
Once again, the most popular names for babies born in the United States are Liam and Olivia. The rankings are determined by Social Security Administration (SSA) data based on applications for Social Security cards. According to their data, Social Security numbers were recorded for 3,580,350 new babies, with male births…
Libin Zhang and Kristin Hickman discuss the broader implications of Moore v. United States and the challenges to the Chevron doctrine during a live recording from the American Bar Association Section of Taxation May meeting. This transcript has been edited for length and clarity. David D. Stewart: Welcome to the…
After reportedly not being able to sell his DC area mansion, former NFL owner Dan Snyder donated his $35 million mansion to charity. That’s a nice tax write-off, and it created some talk about this unusual strategy. There was more talk when it developed that the American Cancer Society that…
“To begin with, it should be stressed that this incident was unacceptable. Any improper access or disclosure of confidential taxpayer information is unacceptable, and it is completely at odds with the IRS’s values and the agency’s commitment to taxpayers.” That’s the message to taxpayers from the IRS concerning the unauthorized…
