Tax strategies

A lucrative deduction for luxury vehicles used at least half the time for business will start tapering come 2023.

The Internal Revenue Service has raised tax brackets and the standard deduction by about 7% for 2023 as the soaring cost of food, energy and housing continues to batter Americans.

Inflation adjustments to tax brackets mean many Americans will owe less money to the IRS. But persistent inflation may erode the boost.

An extra $80 billion over 10 years will have major repercussions — though not necessarily the expected ones.

The three lawmakers vying to chair the powerful Ways and Means Committee — Vern Buchanan of Florida, Jason Smith of Missouri and Adrian Smith of Nebraska — embody the ideological tension within the Republican Party.

Benefits will be going up the most in 40 years as part of the annual cost of living adjustment in response to inflation.

While many new tax provisions don't take effect until 2023, tax advisors will be expected to alert their clients to issues affecting them.

Banks and other financial institutions are starting to look at "embedded tax" to give people more control over their taxes.

Beneficiaries won't get hit with a 50% penalty for not making withdrawals in 2021 and 2022 — an unexpected move by the IRS. But questions still remain.

Private foundations are using donor-advised funds to sidestep federal laws designed to make sure the wealthy donate money to the needy in a timely fashion, not defer the gifts for generations.

Some favorite techniques used by the wealthy in recent years aren't looking so good amid higher interest rates.

ERC "mills" have come out of the woodwork to lure small business owners into taking a lucrative tax credit they don't qualify for. Here's what advisors need to know.

Yvon Chouinard described his decision to give away the outdoor apparel-maker as his last-ditch effort to do all he could to protect the planet, but the deal is structured in ways that bring his family tax perks.

The Act provides higher deductions for meeting prevailing wage and apprenticeship requirements.

Business Roundtable Chief Executive Officer Joshua Bolten on Wednesday flagged concerns that reviving the deduction for R&D will fall off of Congress's agenda later this year, despite it having bipartisan support.

Kreston Global introduced a Global Transfer Pricing Group, led by David Whitmer, who leads the National Transfer Pricing Practice at Kreston's U.S. member firm CBIZ.

What happens if your client invests in a Roth IRA? What about buying a home? Or even donating to charity?

Investors tend to "chase yield" in tough economic times, but there's a price to that.

A recent study has found that the number of people who overestimate how savvy they are has grown.