Senate Democrats on Thursday introduced legislation that would strip private equity firms and other large corporate landlords of key real estate tax advantages, in a move that could materially reshape the economics of institutional housing portfolios.The American Homeownership Act would eliminate depreciation and mortgage interest deductions for private equity firms, hedge funds, private real estate investment trusts and large investment managers that buy up housing, according to a press release from the Un ...

While taking advantage of tax breaks is a smart move for lowering your tax bill or boosting your refund, you can land in trouble if you’re not careful about which advice you follow online. In a news release from September 2025, the IRS noted that it had penalized taxpayers for more than $162 million for misusing tax credits, including some that didn’t even exist. Here are four tax breaks to watch out for if you don’t want to deal with a rejected return, costly penalties or other problems with the IRS. F ...

If you're going to save for retirement (which you should, since you'll need income to supplement Social Security), you might as well snag some tax breaks along the way. That's why retirement plans like traditional IRAs and 401(k)s are so popular. With a traditional IRA or 401(k), you get to fund your savings on a pre-tax basis, allowing you to pay the IRS less tax each year you make contributions. Plus, investment gains in these accounts are tax-deferred, so you don't have to pay the IRS year after year. ...

Group 1 - The article discusses the benefits of saving for retirement in an IRA, highlighting tax advantages such as pre-tax contributions and tax-deferred investment gains [1][2] - It mentions drawbacks of traditional IRAs, including required minimum distributions and penalties for early withdrawals before age 59 and a half [2][4] - An exception exists for first-time homebuyers, allowing a penalty-free withdrawal of up to $10,000 from an IRA at any age, but this option is cautioned against [3][4] Group 2 - The article warns that using IRA funds for a home down payment can lead to financial risks, particularly if the individual lacks adequate emergency savings [5][8] - A hypothetical scenario illustrates that withdrawing $10,000 from a $50,000 IRA could result in a loss of over $46,000 in potential gains if the IRA earns an 8% annual return over 25 years [6][7] - It concludes that individuals should consider saving longer for a down payment instead of tapping into their IRA, as early withdrawals could jeopardize retirement savings [8]

Millions of taxpayers may be in line to receive larger tax refunds in 2026. Thanks in large part to the One Big Beautiful Bill Act (OBBBA), many Americans will see some kind of tax break when they file taxes in 2026. President Trump promised many of these breaks before retaking office, and the passage of the OBBBA made them a reality. While many taxpayers will realize benefits, one group in particular will likely do so more than others. What Changes in 2026? The OBBBA made many of the tax changes imple ...

RT Echo Chamber (@echo_chamberz)Larry Summers: are there any tax breaks for the wealthy in the 2017 Tax Act?Jeffrey Epstein “I dont know of any. they did a great job of closing most. . at least for the goyim” https://t.co/MVo4kWB6iM ...

Key Takeaways - Taxpayers may experience refund delays this year due to staffing cuts and changes in tax laws, particularly the "One Big Beautiful Bill" which introduced over 100 changes to the tax code [1][1] - The IRS workforce has been reduced by 27%, leading to concerns about the agency's ability to handle the upcoming tax season effectively [1][1] - Experts recommend filing tax returns electronically and opting for direct deposit to expedite refund processing [1][1] IRS Staffing and Management - The IRS has 27% fewer employees than in 2025, resulting from layoffs and buyouts [1] - There have been seven different IRS commissioners in 2025, which is unusual as the role typically has a five-year term [1] - The turnover in management positions raises concerns about the loss of experience within the agency [1] Changes in Tax Laws - The "One Big Beautiful Bill" includes retroactive changes for the 2025 tax year, which may confuse taxpayers [1] - New tax breaks, such as the 'no tax on tips' policy and a deduction for car loan interest, have specific income thresholds that limit eligibility [1][1] - Fewer than 3% of tax filings are expected to qualify for the tip deduction, complicating the filing process for many [1] Recommendations for Taxpayers - Taxpayers are encouraged to utilize the IRS website and online tools for assistance, as the agency has 1,000 fewer customer service employees than planned [1] - The IRS is transitioning to digital payments, and taxpayers should include their bank account information on their returns to avoid delays [1] - In-person appointments at local IRS offices and free tax help programs are available for those needing additional assistance [2]

Although the foundations of the tax code remain fairly similar from year to year, the rules are constantly evolving. Many Americans still file their taxes based on deductions and credits they remember from years ago, only to discover those tax breaks quietly expired, phased out or were sharply narrowed. For example, temporary pandemic relief programs have long since ended and several long-standing deductions have been recently changed or been eliminated. Here’s a look at some of the most commonly assumed ...

Core Insights - The child tax credit is a federal tax break designed to assist families with the costs of raising children, increasing to $2,200 for the 2025 tax year from $2,000 in 2024 for each qualifying dependent under age 17 [2][4] - Taxpayers may receive up to $1,700 of the credit as a refund through the additional child tax credit [2] Tax Credit Overview - The child tax credit is distinct from other tax credits such as the child and dependent care credit and the earned income tax credit [3] - There is also a credit for other dependents worth up to $500 for those who do not qualify for the child tax credit [3] Qualification Criteria - To qualify for the child tax credit, specific requirements must be met, including income limits that phase out the credit for married couples filing jointly with incomes above $400,000 and for all other filers above $200,000 [4][5] - The eligibility rules have changed, requiring both the parent and the child to have Social Security numbers [4][5] Child Eligibility - Each qualifying child must be under age 17 at the end of the tax year, meaning they must be 16 or younger at the end of 2025 to qualify for the credit on the 2025 tax return [5] - The child must be a U.S. citizen, U.S. national, or resident alien with a valid Social Security number and must not have provided more than half of their own financial support for the year [5][6]

Group 1 - The article emphasizes the importance of taking advantage of tax breaks offered by the IRS through retirement savings accounts like IRAs and 401(k)s [1][2] - Contributions to traditional IRAs and 401(k)s are made on a pre-tax basis, allowing income to be shielded from taxes, and investment gains grow tax-deferred until withdrawals are made [2] - However, there are significant drawbacks to relying solely on these accounts for retirement savings, including a 10% early withdrawal penalty before age 59 and a requirement to start taking minimum distributions at age 73 or 75 [4] Group 2 - It is recommended to diversify retirement savings by including a taxable brokerage account, which offers more flexibility despite not providing the same tax benefits as IRAs and 401(k)s [5][8] - Taxable brokerage accounts allow for penalty-free withdrawals at any age and do not impose required minimum distributions, making them a viable option for retirees [9] - The flexibility of taxable accounts can be beneficial in various scenarios, such as unexpected job loss or the ability to avoid tapping into retirement accounts, thus preventing unnecessary tax burdens [6][7]