The Daily Deduction

Weekly Tax Inventory - 11/30/2012

Think Again: Tax Cuts: The Faith and the FactsEric Alterman - The Huffington Post 

 

If there's one thing that unites conservative politicians, it's the economic value to all of society of tax cuts that disproportionately benefit the wealthy, such as those passed in 2001 and 2003 under President George W. Bush. 

Superstorm Sandy strains budgets, tax bases as towns spend to clean up and rebuild – Wayne Perry  (AP) – Daily Reporter 

Superstorm Sandy may have one more nasty surprise still to come: higher taxes.

The math is simple and cruel. The storm left fewer properties standing, often wrecking waterfront communities that paid the highest taxes because of the desirability of living near the water.

Tax Tips for Charitable Giving During the HolidaysWilliam PerezAbout.com: Tax Planning U.S. 

Giving to charity can be tax-deductible, and charitable giving can be utilized as part of your year-end tax planning if you're looking to boost your deductions. Here's some tips to help you preserve your charitable deductions.

IRS Announces Revised FATCA Implementation Timelines - Lowenstein Sandler PCJD Supra 

On October 24, 2012, the IRS released Announcement 2012-42 (the “Announcement”), which modifies several aspects of the proposed regulations issued earlier this year.1 The IRS intends to incorporate the guidance in the Announcement into the final regulations, which are expected by year-end.

How Much Tax Would You Owe On A $550 Million Powerball Jackpot?Janet NovackForbes.com 

If you read the fine print at the Powerball site, you’ll see that you only get the full $550 million million if you’re the only player to match all six balls and you agree to take the payout in 30 inflation adjusted payments over 29 years.  If you’re the sole winner and want all your money now, you’ll get a $360.2 million payout—which would still qualify as the largest single lottery payout in U.S. history, since the $656 million Mega Millions jackpot was split among three winning tickets.

Posted To: The Daily Deduction By: Lauryn on 11/29/2012 02:00:00 PM
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