Forget the hacks and social media shortcuts promising unbelievable tax results. A former IRS insider explains the real traps that could trip up taxpayers this filing season—and how to avoid them: https://t.co/cYWGus3TrYIllustration: Scott Olson via Getty Images https://t.co/inV34LocVH ...

Listen and subscribe to The Big Idea with Elizabeth Gore on Apple Podcasts, Spotify, or wherever you find your favorite podcast. From S-Corp, to LLC - this expert breaks down which entity is right for your business… In a special segment from this week’s episode of The Big Idea with Elizabeth Gore, Elizabeth is joined by H&R Block Chief Small Business Officer Jamil Khan to discuss business entities and what founders should consider when considering their business structures. Khan offers expert tips regarding ...

But you say you're going to do it. It's a part of your plan. It's not just part of your plan to discuss it.>> No, no, we're gonna do it. >> 20 at least 20 billion. >> We're going to do it.>> Tax the banks 20 billion. >> Some of the banks won't like it. You're quite right.>> They will all pass their consumers. >> Well, I don't like the banks very much because they debanked me, didn't they. And didn't and wouldn't give me wouldn't give me an account and try to force me out of the country.No, look, this will b ...

The UK government announced a support package to help British pubs with rising tax bills, the latest U-turn from Keir Starmer’s struggling administration https://t.co/9Wv9MnBoIy ...

Taxpayers should prepare for major tax-policy shifts this year. Forbes’ expert contributors explain how—and when—key rule changes may affect you. https://t.co/VjqmElcEyx ...

Core Insights - The family is focused on funding their daughter's medical school while also considering the wife's early retirement [3][5][6] - They have a solid financial foundation with no debt and significant savings, including $700,000 in brokerage accounts and $1.8 million in retirement accounts [2][5] - The family is concerned about the potential financial burden of medical school on their daughter and the implications of early retirement for the wife [3][6] Financial Situation - The family has approximately $700,000 in brokerage accounts and $1.8 million in retirement accounts, along with a 529 plan for their daughter with a balance of $100,000 [2] - They track their finances meticulously and have no debt, paying all credit card balances in full each month [2] Retirement Considerations - The wife, currently 56, is considering early retirement, which may require private medical insurance until she qualifies for Medicare [5][6] - The volatility of health insurance premiums and the expiration of enhanced premium tax credits are significant factors in planning for retirement [6] - It is advised to plan for unexpected expenses and inflation, as the purchasing power of money will decrease over time [5][6]

"No Tax on Tips" Bill Overview - The "No Tax on Tips" provision in the "One Big Beautiful Bill" allows tipped employees to deduct up to $25,000 from their federal tax filing each year, starting in 2025 and lasting through 2028 [1][6] - Individuals earning $150,000 or joint filers earning $300,000 are disqualified from this deduction [6] - The IRS has provided penalty relief for the tax year 2025 as taxpayers adjust to the new policy [9] Potential Benefits - The provision is projected to increase average take-home pay for tipped workers by $1,300 per year [2] - Small businesses may benefit from improved employee retention, as replacing a tipped employee is estimated to cost around $8,000 [14][15][16] - Nevada, with approximately 25% of its workforce in tipped jobs, stands to benefit significantly [11][12][13] Criticisms and Concerns - 37% of tipped workers may not benefit as they already face zero federal income tax burden [4] - Low-income households may not benefit and could be negatively impacted by Medicaid and other social services cuts associated with the bill [5] - The policy exacerbates the existing tipping system, which is viewed negatively by nearly 90% of Americans who believe tipping has gotten out of control [3][4] - Experts argue that the bill creates unequal tax treatment compared to other professions [17] - The policy excludes auto gratuities and service charges, which could be shared with the entire staff, not just customer-facing employees [26][27] Alternative Solutions - Some suggest increasing the minimum wage to provide more stable earnings for low-income workers [20] - Eliminating the subminimum wage is proposed as a way to address wage inequality [22] - Innovative pay models, including auto gratuities and service charges, are being explored to ensure fair wages while allowing businesses to thrive [25][26]

The bosses of some of Britain’s biggest companies predict a fresh wave of challenges next year, as they absorb the impact Chancellor of the Exchequer Rachel Reeves’ tax-raising budget in November https://t.co/zIgEj02a3w ...

Updated postmark rules are redefining what we think of as “on time.” This could have big implications for year-end givers and for taxpayers at tax time. https://t.co/8FRhh7i4EP ...

Indonesia is seeking to plug an unusually deep revenue shortfall before year-end by scrutinizing wealthy individuals and big businesses for extra tax payments. https://t.co/WbBEpBqbb6 ...