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Americans Write Off the Most Taxes in These States

With strategic planning, Americans can reduce their tax liability via tax deductions and credits. Common deductions include qualified mortgage interest payments, student loan interest, property taxes and other expenses. Taxpayers have the option to itemize deductions above and beyond the standard tax deduction. For the 2023 tax year, the standard deduction is $13,850 for individuals […] The post Where Americans Write Off the Most in Taxes – 2024 Study appeared first on SmartReads by SmartAsset.

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Orlando tax preparation firm facing shutdown from Department of Justice for filing bogus returns: DOJ

The Department of Justice has filed an injunction suit to permanently bar an Orlando tax preparer from filing federal tax returns for others.

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IRS Cracks Down on Filthy Rich Who Evade $150 BILLION in Taxes

J. David Ake/GettyFor years, the IRS was too broke to take on America’s richest and most sophisticated tax filers, the agency’s commissioner, Daniel Werfel, said in a new interview. Now, he says, the government has wealthy tax dodgers squarely in its sights—and it’s using artificial intelligence to aid the crackdown.“When we were underfunded, we lost capacity to figure out what was going on with complex tax returns. We didn't lose that much capacity on simple returns,” Werfel told CNBC. Because

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Próspera Special Economic Zone in Honduras Adopts Bitcoin as Unit of Account

Próspera, a special economic zone in Roatan, Honduras, has officially recognized Bitcoin (BTC) as a unit of account, allowing it to be used to measure the market value of goods and services.

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I'm Downsizing For Retirement And Selling My Primary Home For $1 Million — Will I Owe Capital Gains Taxes?

When selling a primary residence, homeowners often ponder the implications of capital gains tax on their profits. If a homeowner sells their property and realizes a profit of $1 million, they may face a significant tax bill. The amount of tax owed can range from tens of thousands to a hundred thousand or more, depending on various factors. One of the most significant factors is your income. Homeowners need to understand the components of this tax calculation and consider consulting a financial a

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Rudy Giuliani files for bankruptcy after $148M penalty in defamation case

Rudy Giuliani files for bankruptcy days after being ordered to pay $148 million in a defamation case.

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Altamonte Springs dentist headed to prison for hiding $600K in outstanding taxes in his mother's bank accounts

An Altamonte Springs dentist has been sentenced to federal prison for hiding more than $600,000 he was supposed to pay in taxes – in his mother's bank accounts.

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Retirement Savings: 7 Money Moves To Avoid With Your Pension

If you’re ready to retire, don’t make these money mistakes with your pension. Here’s how to maximize your retirement payments and nest egg.

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Scam victims chased by HMRC became 'suicidal'

Pension scam victims became suicidal after being chased by the taxman, an influential group of MPs has said.

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Dial 'T' for telco tax: Supreme Court rings in tweaks, Telecom News, ET Telecom

The order is a setback for older telecom companies Bharti Airtel and Vodafone Idea, and, to a lesser extent, even for Reliance Jio, as they will need to reassess their financial structures and potentially face increased tax liabilities.

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