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The Latest Breaking News from Income Tax

States That Won't Tax Your Retirement Income in 2025

Several states don’t tax Social Security benefits, 401(k)s, IRAs, and pensions. But you may still have to pay state taxes on some incomes.

Kiplinger

"A band-aid for bullet wounds, government bankrupt of ideas": Rahul Gandhi slams union budget

Congress leaders have slammed the budget. "A band-aid for bullet wounds! Amid global uncertainty, solving our economic crisis demanded a paradigm shift. Read further on Dynamite News:

Dynamite News

To benefit from income tax relief, you need jobs: Shashi Tharoor takes dig at Budget highlight

During Finance Minister Nirmala Sitharaman Union Budget 2025 speech, announced that no income tax will be payable on income up to Rs 12 lakh, providing significant relief to taxpayers, especially the middle class. Read further on Dynamite News:

Dynamite News

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Modi government slashes income tax for middle classes in India budget

Narendra Modi’s government has presented an annual budget that focuses on wooing the salaried middle class with tax cuts and spurring economic growth by boosting agriculture and manufacturing

The Independent UK

Budget 2025: No tax up to income of Rs 12 lakh, announces FM Nirmala Sitharaman

In major relief for middle class, Nirmala Sitharaman announced that no income tax would be payable up to income of Rs 12 lakh. A must read on Dynamite News

Dynamite News

Budget 2025: New Income Tax Bill to be presented next week, says FM

In her budget speech for 2025, Finance Minister Nirmala Sitharaman made a major announcement on Income Tax. Read further on Dynamite News:

Dynamite News

Sophisticated Planning With Flexible Irrevocable Trusts

A flexible irrevocable trust can minimize taxes on capital gains, ordinary income, estate tax and property tax.

Kiplinger

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Five States With the Largest EITC Checks

Households in these states received a larger Earned Income Tax Credit (EITC) last year.

Kiplinger

The Reporters’ Collective non-profit status revoked: What lies ahead for other media orgs?

With Indian tax authorities revoking the non-profit status of investigative news outlet The Reporters’ Collective, press outfits and experts on tax disputes have expressed concerns about the financial sustainability of news outlets that could face similar action.

Newslaundry

‘Back to the Old Days’? What’s Wrong With Trump’s Plan to Abolish Income Tax

The likelihood of Trump eliminating income tax and the IRS remains low, but the ongoing debate highlights the need for tax reform.

Kiplinger

Kejriwal urges PM Modi to enact law to prevent loan waiver for billionaires

Kejriwal claimed that if the loan waivers of the billionaires are "stopped", then the income tax and GST rates on several items can be halved. Read further on Dynamite News:

Dynamite News

Ease the Tax Bite When You Tap Retirement Accounts

Savvy retirees tap retirement accounts with a tax plan. Each type of account may have different tax rules and rates, so know before withdrawing funds.

Kiplinger

Tax Season 2025 Is Here: Key IRS Changes to Know Before You File

Tax deductions, tax credit amounts, and some tax laws have changed since you filed your last federal income tax return.

Kiplinger

Americans Continue Migrating From High-Tax to Low-Tax States

Increasing mobility and remote work make taxes an important consideration in where to live.

Reason

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Kiplinger

Ready to File Taxes? What to Do Before the IRS Starts Accepting Returns

Now is a good time to review your financial situation and prepare to file your 2024 federal income tax return.

Reason

Athletes Find New Way To Avoid Taxes

Restructured contracts may help franchises who have a certain competitive disadvantage.

Kiplinger

5 Ways the Second Trump Term Could Affect Your Finances

Income tax cuts are likely to be extended, but electric vehicle tax credits could disappear.

Kiplinger

State Tax Changes for 2025: Key Reforms and What They Mean for Your Finances

It’s important to stay informed of state tax changes that can impact your budget.

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Reason

Jimmy Carter's Gift to Hollywood Was No Gift to Georgia Taxpayers

He set a process in motion that led to the state's wasteful and expensive film tax credits.

Kiplinger

Does Your State Have a Child and Dependent Care Tax Credit?

Over two dozen states, plus the District of Columbia offer tax credits or deductions for working families.

Investors Business Daily

Retirement Planning Strategies: Boost Your Income, Cut Your Taxes In 2025

Retirement planning for the year ahead? Laws are set to change in 2025. Here's how to lower your income tax and grow your portfolio with these smart investment strategies.

Evening Standard

Fact check: Savers have long had to pay tax if earning more than £1,000 interest

A widely shared claim stated that the Government would now tax you if you have more than £10,000 in savings.

Fortune

Amazon founder Jeff Bezos kept his base salary modest during his 20 years as CEO. It likely saved him millions in taxes

Billionaires are able to skirt income taxes through this tax loophole, finds ProPublica.

The Independent UK

New Mexico's oil income investments now surpass personal income tax revenue

For the first time, New Mexico’s investment income is expected to surpass its revenue from personal income taxes

Evening Standard

Income tax will be frozen until 2026, Finance Secretary promises

Shona Robison said more people will also be pulled into paying lower rates of tax as thresholds increase by around double the rate of inflation.

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