Taxes

Unemployment benefits are taxable income

As the longest federal government shutdown in U.S. history drags on with no end in sight, furloughed workers are looking at any and all ways to pay their bills. Some have taken hardship withdrawals from their workplace retirement accounts. Thousands of others have applied for unemployment. Few of us can blame folks who are struggling financially for taking these steps. At some point, many of us or our family members and friends have done the same. There's no shame in taking available help when ...
Tags: Taxes, Congress, District Of Columbia, Irs, Fed, Don, Office of Personnel Management, Internal Revenue Service

IRS explains how the new 20% pass-through tax deduction for small businesses works

We're almost 13 months into the largest tax reform measure enacted in more than 30 years and one thing is clear. The Tax Cuts and Jobs Act (TCJA) is in no way tax simplification. In fact, taxpayers and the professionals they pay to help make filing less taxing in every sense of the word have been struggling with just what Congress meant in way too many of the tax bill's hastily drafted provisions. Big business bill, with small biz break and confusion: Although the TCJA contains many changes t...
Tags: Taxes, Congress, United States, Capitol Hill, Irs, Forbes, Treasury Department, Tony Nitti, Nitti, TCJA, National Tax Service Group