Americans view President Trump’s tax-and-spending law as a win for wealthy households and large corporations, according to a new WSJ poll on.wsj.com/4kZVsWO
Now that President Trump’s One Big Beautiful Bill Act is law, the fight has begun over who wins and who loses from its tax-and-spending changes on.wsj.com/4mc9WnB
So, so many tax pros in my area got this wrong, and I even lost a client in 21 over it because he didn't believe me that his Goodwill donations didn't count.
.@Saunderswsj has a taxpayers' guide to the revamped charitable incentives Congress just passed.
One key thing before this starts next year: Non-itemizer deduction is cash-only. The new itemizer deduction has a floor limiting deductions.
So... donate those old T-shirts now.
My latest:
Congress is addicted to giving with one hand and taking away with the other through phaseouts, time limits and more.
Bottom line: many people won't be getting the new tax breaks they're hoping for.
wsj.com/personal-finance/tax…
Republicans’ tax-and-spending megabill would give more money to middle-income and high-income households while taking benefits away from low-income people, according to a new CBO analysis on.wsj.com/3Ztj5PT
My latest:
The GOP tax-and-spending bill would expand tax-free 529 plan withdrawals.
Now they're mostly for college, but the expansion would cover more K-12 expenses and trade certificates, such as for HVAC tech.
wsj.com/personal-finance/tax…
My latest:
Why Pope Leo's strict vow of poverty could get him out of onerous U.S. tax-filing requirements for expats.
We even have a photo of his vow, from 1981!
wsj.com/personal-finance/tax…
My latest:
Philanthropist Oscar Tang has just emerged from a long, bruising battle with the IRS over $74 million gift of Chinese paintings to New York's Metropolitan Museum.
Here's what that means for your donation deductions.
wsj.com/personal-finance/tax…
The IRS and immigration officials are nearing an agreement under which the tax agency would share limited taxpayer data with border-security authorities on.wsj.com/4hJadvO
Philosophically this is a very big shift for IRS, which has encouraged people here illegally to file and pay taxes and said it doesn’t get involved in immigration enforcement. 3/3