Tag: Direct Taxation

When can I deduct business meal and entertainment expenses under current tax rules?

The federal income tax treatment of business-related meal and entertainment expenses has been a moving target. If you’re confused about what rules currently apply, I don’t blame you. This column aims to eliminate confusion. That’s an optimistic goal, but here goes. A 2020 COVID-19 relief bill made taxpayer-friendly changes A taxpayer-friendly change in the CAA […]

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Under $1.9 trillion stimulus bill, jobless Americans who earned less than $150,000 last year will save an average of $1,000 in taxes

This time, it’s different. Unlike the first two COVID-19 stimulus packages, the new $1.9 trillion stimulus package adds tax relief onto another round of federal jobless benefits. The American Rescue Plan authorizes $300 weekly jobless benefits from the federal government that run through Sept. 6. Crucially, the bill says the first $10,200 received in jobless […]

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Need to report bitcoin trades on your taxes? Here are 5 things to know first

Treasury Department Secretary Janet Yellen is not big on bitcoin, a point she reiterated recently when she called the digital currency speculative and “inefficient.” That doesn’t mean Yellen and the department she leads — which includes the Internal Revenue Service — don’t care about the cryptocurrency. Now that it’s income tax filing season, people holding […]

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