In a significant bipartisan move, lawmakers announced a proposal on Tuesday that seeks to expand the child tax credit and extend crucial business tax deductions. The urgent goal is to secure Congressional approval before the commencement of the tax season […]
As the 2024 primary season approaches, candidates from both political parties have started to outline their tax proposals. However, the details remain scarce and largely undefined. This article examines the tax plans of Florida Governor Ron DeSantis, former South Carolina […]
The IRS has once again delayed implementing a new reporting rule that would significantly impact taxpayers receiving business income through payment apps and online marketplaces like Venmo, CashApp, Etsy, and Airbnb. Background of the Rule Change Originally part of the […]
The Internal Revenue Service (IRS) has updated the rules for electric vehicle (EV) tax credits as of January 1, 2024, presenting a mix of limitations and benefits for consumers. Decreased Eligibility but Immediate Benefits The primary change is the reduction […]
Being self-employed means managing your own business and taxes, which can be a bit challenging but very rewarding. This article simplifies what you need to know about your tax responsibilities and how to file them, ensuring you stay compliant and […]
Individuals who previously received a tax benefit by itemizing deductions no longer do, because taking the standard deduction is more advantageous.
Los Angeles is a city where hard-working ride-sharing drivers are the norm. Driving for a rideshare company makes you an independent contractor and will qualify you as self-employed. Keep in mind that in the eyes of the IRS, you are […]
Consulting a Tax preparation professional is key essential in filing your taxes the right way. The primary reason you need a tax preparer is to file your returns accurately and on time.
Here’s a list of common tax break savings that you can take advantage of.
Maximize your tax benefits. From deductions to credits, let Local Tax walk you through the process and save time and money in the long run.