45% of tax filers will owe nothing in federal income taxes this year

They’re not dodging their tax obligations. It’s just the way the US tax code works. This year, an estimated 45% of tax filers — or just under 79 million households — are likely to have zero federal income tax liability, according to the Tax Policy Center. If the new tax law hadn’t gone into effect, the percent would have been closer to 43%. Put another way, the law added another 2.3 million households to the rolls of non-payers. Both figures, … Continued

Supreme Court allows sports betting across the country

The court, in a 6-3 ruling, struck down a federal law that required states to ban gambling on the outcome of sporting events. The Professional and Amateur Sports Protection Act was highly unusual: It did not ban sports gambling nationwide as a matter of federal law, but it said the states were not allowed to permit it. (Nevada was grandfathered in when the law was passed in 1992.) Supreme Court allows sports betting across the country

New Tool Provides More Information About Exempt Organizations

The IRS launched a new tool on IRS.gov that gives taxpayers fast and easy access to information about exempt organizations. The new Tax Exempt Organization Search replaces the EO Select Check tool. Here are some things taxpayers will find when they use the new TEOS tool: Images of an organization’s forms 990, 990-EZ, 990-PF and 990-T filed with the IRS. Initially, only 990 series forms filed in January and February 2018 will be available. New filings will be added monthly. … Continued

6 Pet-Related Tax Deductions | ThinkAdvisor

  Here is a list of six potential tax deductions (or changes under the new law) for pet owners. ADVERTISEMENT 1. Business animals There may be deductions available for business animals if the animal lives at the trade or business. For example, dogs that work as a security measure for a business can fall into the category of business animals. A cat “employed” for rodent control at a business may also qualify. These working dogs or cats often live at … Continued