Individuals Scrambling Before New Tax Law Goes Into Effect
With tax reform officially in the books, there are a lot of questions for the average taxpayer.LEARN MORE
The Internal Revenue Service says taxpayers can file taxes and have their property assessed in 2017 to avoid a 2018 tax rule.
According to the IRS, taxpayers in 2018 can still claim a tax deduction rolled back in the GOP's new tax law — if they jump through a few hoops before the new year rolls around.
In 2018, the Tax Cuts and Jobs Act will put a new $10,000 cap on federal deductions of property taxes levied by state and local governments. That's left people scrambling to file their local property taxes early and squeeze in one last year of unlimited deductions.
The IRS says that approach will work — but there's a catch. If you want to file your property taxes under 2017 tax laws, the property in question has to have been assessed in 2017 as well.
That ruling could put a lot of pressure on local governments to quickly assess properties in the final days of the year. That in turn might create an administrative nightmare for the IRS in 2018, when it has to figure out how many of these year-end assessments are actually legally compliant.
And the fight over state and local deductions isn't over just yet: New York Gov. Andrew Cuomo signed an order authorizing early tax collection in the state, calling the GOP's tax bill "an all-out assault on this state."
Dozens of companies who adopted a four-day workweek in 2022 share how it has affected the business and their employees one year later.
According to the U.S. Bureau of Labor, foreign-born individuals now make up over 18% of the American workforce.
Winfrey, who has served on the board since 2015, says she plans to participate in future events advocating for "Weight Health."
Officials said Saturday the train derailed just before 8 a.m. in Lower Saucon Township, which is about two hours from Philadelphia.
Three planes from U.S. Air Forces Central dropped 66 bundles containing about 38,000 meals into Gaza. It's expected to be the first of many drops.
Britt Reid's three-year prison sentence is converted to house arrest, over a 2021 incident where he drove drunk and seriously injured a 5-year-old.