Taxes | featured news

Need a Tax Deduction? Pay Legal Fees by Year-end

No one likes paying legal fees, but tax deductions can make them a lot less painful. With a 40% tax rate, $10,000 in deductible legal fees costs you only $6,000. But if your legal fees are to get divorced or because a family member sues you for slander, the legal fees are purely personal and non-deductible. See How To Make Divorce Less Taxing. Distinguish purely personal expenses from investment expenses.

 

"Fiscal cliff" efforts in disarray as U.S. lawmakers flee

Efforts to avoid the looming U.S. "fiscal cliff" were thrown into disarray on Friday with finger-pointing lawmakers fleeing Washington for Christmas vacations even as the year-end deadline for action edged ever closer.

 

House GOP plans vote on fiscal cliff 'Plan B'

John Boehner

The GOP-controlled House is moving ahead Thursday on a bill that would raise taxes on people earning over $1 million a year, sparing most workers from a tax hike but leaving in place painful budget cuts to the military and domestic agencies as "fiscal cliff" talks appear stalled.

 

Boehner's 'Plan B' immediately encounters opposition

House Speaker John A. Boehner’s "Plan B" on the budget talks, bringing to a vote his proposal to extend expiring tax breaks for all but those Americans who earn more than $1 million a year, ran almost immediately into stiff resistance Tuesday.

 

John Boehner has placed tax increases for the wealthy on the table

John Boehner and Barack Obama

Politico is reporting that one of its sources claims John Boehner has placed tax increases for the wealthy on the table. He has been adamant that Republicans would never agree to a tax increase for anyone. President Obama has said that there would be no agreement to end the chance of falling over the “fiscal cliff”, without increasing taxes on the wealthiest 2 percent.

 

Few signs of 'fiscal cliff' progress as leaders continue posturing

John Boehner

Voters looking for signs of progress toward a deal to resolve the "fiscal cliff" got none on Thursday, as congressional leaders appeared as far apart as ever.

 

Republicans losing public opinion wars in "fiscal cliff" talks

Negotiations are expected to continue Thursday on the "fiscal cliff" with Republicans at a growing public opinion disadvantage and approval ratings for President Barack Obama rising to levels not seen since the killing of Osama bin Laden.

 

NBC/WSJ poll: Two-thirds support balanced deficit deal

First Read: As the Obama White House and Congress negotiate to avoid the so-called fiscal cliff, nearly two-thirds of Americans say they favor a balanced deal, consisting of both higher tax rates and cuts key entitlement programs.

 

House GOP press Obama for balanced fiscal deal

House Republican leaders are pressing President Barack Obama to come up with plan they can accept for spending cuts and tax revenue to avoid the so-called "fiscal cliff" of automatic tax hikes and budget reductions.

 

GOP throws Obama's old deficit stands back at him

Some of the best Republican arguments against President Barack Obama's proposals to avoid a "fiscal cliff" come from the president himself, in comments he made months or years before his re-election. Stung by the GOP's midterm election gains in 2010, Obama took stands that differ from his current positions on raising tax rates, adjusting Social Security and other topics now dominating Washington as a Dec. 31 deadline nears.

 

Subscribe to this RSS topic: Syndicate content