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The Latest Breaking News from Income Tax

How to Handle Irrevocable Trust Assets Tax-Efficiently

Irrevocable trusts can be structured so that trust property is either included in the potentially taxable gross estate or removed. What are the pros and cons?

Kiplinger

Filing ITR? Tax benefits you and your spouse can avail if you have kids

As the deadline for filing Income Tax Returns (ITR) approaches on July 31, it is crucial to be aware of the various exemptions available. One key area where taxpayers can benefit from exemptions is when they have children.

The Times of India

Clarifying the Uncertainty over Direct and Indirect Taxes in Moore v. United States

A guest post from Professor Rob Natelson

Reason

From analysis to the latest developments in health,
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Woman Gets $475K Out Of $800K Game Show Prize After Taxes; Dave Ramsey Slams 'Thieving Government'

Soon after winning, Tyler faced challenges like state and federal taxes, entitled cousins wanting their fair share, and whether she should buy a new house.

International Business Times UK

Project 2025 Tax Overhaul Blueprint: What You Need to Know

Some people wonder what Project 2025 is and what it suggests for taxes.

Kiplinger

The Taxes That Come out of Your Paycheck

Your take-home pay is often less than expected due to several payroll tax withholdings you need to know.

Kiplinger

Before Doing a Roth Conversion, Evaluate These Three Thresholds

To avoid getting flattened by higher taxes or Medicare premiums related to Roth conversions, make sure you look both ways on your tax rates.

Kiplinger

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Brickbat: Not-So-Sweet 16

The Chicago City Council is considering hiking 16 different taxes and fees. The ideas the council has been asked to consider include an income tax surcharge, a vacant lot tax, traffic congestion charges, and higher taxes on groceries and alcoholic beverages.

Reason

New Georgia laws regulate hemp products, set standards for rental property and cut income taxes

Georgia is imposing new restrictions on the sale of hemp products, requiring some basic standards for rented residences, cutting income taxes and requiring cash bail for dozens of new crimes

The Independent UK

Should You or the Trust Pay a Trust's Income Taxes?

Irrevocable trusts can be set up so that the trust maker no longer pays income taxes, and the taxes are instead paid by the trust. What are the pros and cons?

Kiplinger

Developing a Charitable Giving Strategy: Where to Begin

Knowing what to give, how to give and where to give can help ensure your charitable giving aligns with your values and maximizes your impact.

Kiplinger

If Rachel Reeves hikes capital gains tax, she’ll be more in line with Nigel Lawson than Gordon Brown

With Labour heavily predicted to win the upcoming UK election, there has been much talk about future tax plans.

The Conversation

Number of UK income tax payers leaps by 4.4m in three years due to threshold freeze

HMRC data shows 26% more people over state pension age paying tax on earnings than in 2021-22

The Guardian - UK

8.5m people over state pension age are income tax payers

Between the tax years 2023-4 and 2024-5, there was a 660,000 increase in income tax payers over state pension age, according to HMRC figures.

The Independent UK

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Kiplinger

New 401(k) Withdrawal Rules to Know

More people are taking early emergency withdrawals from retirement savings accounts. New rules might offer some relief.

Kiplinger

How to Donate Your Life Insurance Policy to Charity

Donating an unneeded life insurance policy to charity can extend your charitable legacy. To maximize that gift, consider methods that may reduce your tax burden.

The Independent UK

Where do all the parties stand on tax cuts and spending – and are their manifestos fully costed?

Everything you need to know about the tax cuts proposed in the 2024 manifestos – and how they’re costed

The Guardian - UK

Tax giveaways, rent caps and childcare: what the manifestos would mean for your finances

We look at general election pledges from Labour, the Tories and the Lib Dems on tax, spending and benefits

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The Independent UK

General election manifestos: Where do the main parties stand on key areas from NHS to immigration

The Independent’s guide to all the major party manifestos ahead of the general election

The National (Scotland)

SNP 'right that rejoining EU could bring £30bn boost to UK coffers', IFS says

THE SNP’s claim rejoining the EU would boost revenues by £30 billion a year is “not unreasonable”, financial experts have said.

Evening Standard

What Is capital gains tax? Upcoming changes after Autumn Budget 2024 explained

Chancellor Rachel Reeves announces a capital tax gains raid in her Autumn Budget — here’s what it means for you

Salon

Trump tariffs would hike taxes for most

Trump has proposed to get rid of income taxes altogether at the cost of taxing poor people more than the top 0.1%

The Guardian - UK

Sarwar effectively starts Scottish Labour’s Holyrood campaign with tax pledge

Scottish Labour leader, launching Westminster manifesto, promises party will not raise income tax if it comes into power in 2026

Top News

Kansas Legislators Debate Tax Benefits Of Attracting Sports Teams

Kansas lawmakers are considering using state bonds to attract the Chiefs and Royals for new stadiums to boost income tax revenue.

The National (Scotland)

Anas Sarwar: No money to end two-child cap, but Labour want to cut taxes

LABOUR would not have the money to bin draconian Tory welfare rules – but want to cut taxes, Anas Sarwar has said.

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