Taxes

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Accountants and financial advisors may be breathing a sigh of relief that there were no major new tax-law changes this year, but that doesn’t mean they’re happy about the higher taxes their clients are paying now compared to just a few years ago. “Some clients whose situation did not change at all paid $6,000 or …

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The president’s goal is lifting the incomes of middle-class families that have stagnated in recent decades while more affluent Americans have benefited from economic growth. To do that, he proposed decreasing some tax benefits from the affluent in order to increase benefits for the less well off. Specifically, the president proposed to raise $1 billion …

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Attendees at the Cannabis Tax and Law Symposium in San Diego.

Pot may be illegal in the eyes of the federal government. But the people selling it legally still have to pay their taxes. Owners of recreational “adult use” marijuana operations in Colorado and Washington are preparing to file their first federal tax returns, and they’re learning some hard lessons. The IRS is not allowing all the …

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Did you mail out those checks to charities before year-end? Did the beneficiaries of your annual tax-free gifts cash their checks? Did you sell those energy stocks and use the losses to offset gains elsewhere in your portfolio? There are plenty of tax-smart strategies that required action before the end of the year, but it’s …

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Amazon’s tax arrangement in Luxembourg may have run foul of European Union (EU) rules by giving it an unfair advantage over its competitors, regulators said on Friday. The U.S. online retailer is being investigated for its tax arrangements in Luxembourg alongside three other companies including Starbucks. The tiny European state – at 999 square miles …

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You donate to charity during the gift-giving season. You purchase presents for loved ones. You may even tip your postal worker. But it’s no doubt safe to assume that the Internal Revenue Service is not on your holiday list. Indeed, by failing to take advantage of all tax breaks to which you are entitled, you …

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Taxpayers, it’s time to sharpen your pencils. Between uncertain tax breaks and the Affordable Care Act, the end of the year is again bringing a complicated set of tax considerations. The moves you make now will have a decided effect on your tax bill for 2014. Alison Flores, a principal at The Tax Institute at …

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Don’t let the hustle and bustle of the holiday season distract you into a hefty tax penalty come April. The Internal Revenue Service expects consumers to begin taking distributions from their retirement accounts starting in the year they turn 70-and-a-half or the year when they retire, whichever is later. Fail to do so and the …

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Accelerate deductions, harvest losses and time your investment income if you’re teetering close to the Medicare surtax line. Taxpayers who deploy such year-end planning strategies could significantly lower the 2014 tax bite from Uncle Sam. But they’d better act fast. The deadline for claiming current year deductions, in most cases, is Dec. 31. And it …

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Luxembourg old city

Here’s an international money riddle for you: What country is smaller than Rhode Island yet is the most attractive place for companies and investors to park their money behind the United States? Ireland? Cayman Islands? Try Luxembourg. The little grand duchy tucked away in the heart of Europe saw about $95 billion moved into the …

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It’s among the most popular tools available for maximizing after-tax returns. But unbeknownst to many investors, the practice of harvesting losses to offset capital gains also comes with some pretty sizable downside risks. Some say the benefit of tax-loss harvesting is overstated, that the net effect of selling securities that are down and buying them …

Coburn reveals Wastebook 2014

Senator Tom Coburn’s “Wastebook” outlines the top “wasteful” federal projects that cost taxpayers billions of dollars.

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There may be fewer changes to the federal tax code this year than in 2013, but the handful that exist could still impact what you owe. Some, like the new health insurance tax credit, could put more jingle in your pocket, while the expiration of more than four dozen temporary tax breaks that Congress has …

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A planned $2.7 billion deal between pharma companies Salix and Cosmo, motivated in part by the opportunity to do a tax inversion, has fallen through. “There has been a change in the environment after we struck the deal,” Alessandro Della Cha, chief executive of Cosmo, told CNBC in a phone call. “The (U.S.) administration has …

New tax rules may lead Medtronic to restructure deal

Medtronic will likely restructure the terms of its Covidien acquisition after the U.S. Treasury Department introduced new rules aimed at curbing tax inversions.